Being in conflict with the refinancing regulations, the mixed-reform program of China Unicom was forced to be taken back and readjusted triggering market dissatisfaction. On August 20, China Securities Regulatory Commission announced that in view of China Unicom's mixed-reform is of significance as it is the first to do so, in which China Unicom’s non-public offering of shares in the mixed-reform is treated as an individual case, and the regulations prior the refinancing regulations set on February 17, 2017 are applicable in this case. This means that the policy department has opened a special policy hole for China Unicom’s mixed-reform.