The mixed reform of state-owned enterprises (SOEs) in China is the type of SOE reform most focused by the country's government. Reuters reported that Alibaba and Tencent will participate in the lead investment in the $US10 billion financing of China Unicorn, which commences the private capital participation of the mixed reform of SOEs. China Unicom is the first batch of SOE mixed reform experiment, and this is of demonstrative significance. Anbound believes that SOE reform should focus on mutual fund approach; to ensure the success of the reform, the government and SOEs should be sincere, providing the right environment from the political, legal, institutional and market-oriented aspects. It will be the test to the Chinese government and to private enterprises to expand the mixed reform of SOEs.