Key Points
- Restarted listing guidance (2025-11-11): Liantong Zhiwang Keji (联通智网科技股份有限公司) has formally re-entered the CSRC listing guidance phase.
- Advisor: China International Capital Corporation (中金公司, CICC) is listed as the guidance institution.
- Ownership: Controlling shareholder 中国联合网络通信有限公司 (China Unicom) directly holds 68.88%, and 联通创投 holds an indirect 0.33%.
- Key missing details: The public filing disclosed no financing size, valuation, or timetable; the prospectus will be required for concrete financials.
What happened — CSRC listing guidance starts for Liantong Zhiwang Keji IPO
On November 11, the China Securities Regulatory Commission (CSRC) website shows that Liantong Zhiwang Keji Gufen Youxian Gongsi (联通智网科技股份有限公司) has restarted its listing advisory process in preparation for an initial public offering (IPO).
This filing signals the formal start of the listing guidance phase.
That is an early procedural step and does not mean a stock-market listing date is set.
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Who’s advising — CICC named as the guidance institution
The advisory (guidance) institution listed on the filing is China International Capital Corporation (Zhongjin Gongsi 中金公司, CICC).
CICC is a major local and international investment bank frequently involved in Chinese state-linked IPOs and listings.
Shareholder structure — who controls the company
The guidance-filing documents indicate that China United Network Communications Co., Ltd. (China Unicom) (Zhongguo Lianhe Wangluo Tongxin Gongsi 中国联合网络通信有限公司) is the company’s controlling shareholder, directly holding 68.88% of the shares.
In addition, China Unicom’s wholly owned subsidiary LianTong Chuangtou (联通创投) holds an indirect stake of 0.33%.
- Controlling shareholder: China Unicom (Zhongguo Lianhe Wangluo Tongxin Gongsi 中国联合网络通信有限公司) — 68.88%.
- Indirect stake: LianTong Chuangtou (联通创投) — 0.33%.
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Context and notes — what the filing does and does not say
- The filing entry on the CSRC site signals the company has formally started the listing guidance phase; it is an early step in an IPO process and does not yet mean a stock-market listing date has been set.
- No financing size, valuation or timetable was disclosed in the public filing excerpt reported by the aggregator.
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Why this matters — implications for investors, founders, and the telecom sector
This move puts a China Unicom-controlled company back into the IPO pipeline at a time when state-linked tech and telecom listings are closely watched by global investors.
A restart of the listing guidance phase often means the company has revisited its readiness and regulatory materials with a lead adviser.
What this could mean strategically:
- For China Unicom (Zhongguo Lianhe Wangluo Tongxin Gongsi 中国联合网络通信有限公司): an IPO could monetize a non-core or strategic asset while keeping control via a majority stake.
- For investors: the company’s eventual prospectus will be the real signal on revenue, margins, and valuation — the current filing does not include those figures.
- For the market: a successful IPO would add another telecom-linked technology company to public markets, which can influence sector multiples and comparative valuations.
What to watch next — signals that move the needle
- Any updates to the CSRC that move beyond the “listing guidance” phase should be tracked closely.
- An announced underwritten offering or prospectus filing will provide concrete details on financing size and valuation.
- Changes in China Unicom’s stake, or additional strategic investors joining the cap table, would be material for valuation and control dynamics.
- Public disclosures of revenue, profitability, and customer base in the prospectus will determine investor appetite.
Quick takeaways
- Fact: Liantong Zhiwang Keji (联通智网科技股份有限公司) restarted its CSRC listing advisory process on November 11, 2025.
- Advisor: China International Capital Corporation (Zhongjin Gongsi 中金公司, CICC) is listed as the guidance institution.
- Ownership: China Unicom (Zhongguo Lianhe Wangluo Tongxin Gongsi 中国联合网络通信有限公司) directly holds 68.88% and LianTong Chuangtou (联通创投) holds an indirect 0.33%.
- Missing from the filing: financing size, valuation, and timetable were not disclosed in the public excerpt.
Investor and founder notes
If you’re an investor, flag the company for a future prospectus review.
If you’re a founder or operator in telecom tech, watch for comparable IPO structures and how state-linked owners balance control versus capital raising.
If you’re a marketer or analyst, track messaging around product differentiation, enterprise customers, and 5G/edge/cloud integration in future disclosures.
Final word
Liantong Zhiwang Keji IPO has restarted its listing guidance with the CSRC, and the market will be watching for concrete details in subsequent filings.
