Over the past two months, the mixed reforms of China's state-own-enterprises (SOE) in the electricity, oil and gas, railways, military and other sectors have been accelerated. In this regard, Anbound’s chief researcher Chan Kung reminded SOEs that there are several areas of concern: employee holdings; foreign and foreign business intervention; "state-owned entrepreneurs" becoming the real bosses; post- reform issues like debt black hole, as well as management, capital and SOE supervision problems; status and role of involved private enterprises; the trap of SOE asset structure; and the uncontrolled expansion of SOEs. If these issues can be properly solved, the mixed-reform’s testing point will be more successful. However, if problems of the mixed system persist, especially those caused by the institutional mechanisms, then changes need to be made and shifted to the mutual fund method proposed by Anbound.