Key Points
- Formal start (Nov 11, 2025): CSRC record shows Liántōng Zhìwǎng Kējì 联通智网科技股份有限公司 has begun IPO counseling (上市辅导).
- Counseling institution: China International Capital Corporation (CICC, Zhōngjīn Gōngsī 中金公司) appointed to lead pre-IPO compliance and documentation.
- Ownership & control: China Unicom (中国联合网络通信有限公司) holds 68.88% directly + 0.33% indirectly via Unicom Venture Capital (Liántōng Chuàngtóu 联通创投), a combined 69.21%, confirming controlling shareholder status.
- Why it matters: Marks the formal move into pre-IPO work—expect deep-dive audits, prospectus drafting, and regulatory review; watch CSRC filings and prospectus disclosures for timing and business detail.
Unicom Zhinet IPO
Quick summary — Unicom Zhinet IPO and what changed on Nov 11, 2025
On November 11, 2025, the China Securities Regulatory Commission (CSRC) website showed that Unicom Zhinet Technology Co., Ltd. (Liántōng Zhìwǎng Kējì 联通智网科技股份有限公司) has started formal IPO counseling.
China International Capital Corporation (CICC, Zhōngjīn Gōngsī 中金公司) has been appointed as the counseling institution.
The filing confirms ownership details:
• China United Network Communications Co., Ltd. (China Unicom, Zhōngguó Liánhé Wǎngluò Tōngxùn Yǒuxiàn Gōngsī 中国联合网络通信有限公司) directly holds 68.88% of Unicom Zhinet’s shares.
• China Unicom also indirectly holds another 0.33% through its wholly owned subsidiary Unicom Venture Capital (Liántōng Chuàngtóu 联通创投).
Together, those stakes make China Unicom the controlling shareholder of Unicom Zhinet.
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What exactly is “listing counseling” (上市辅导)?
Listing counseling is the pre-IPO phase where a licensed sponsor or securities firm helps a company prepare for a public offering.
It covers regulatory compliance, internal controls, disclosure readiness, and the practical steps needed to meet listing rules.
A counseling filing on the CSRC site signals the company’s formal start of that preparatory phase.
In this case, CICC will guide Unicom Zhinet through the compliance checks and documentation required before a prospectus and subsequent listing steps.
Key facts at a glance
- Event: Unicom Zhinet begins IPO counseling with CICC.
- Date on CSRC record: November 11, 2025.
- Controlling shareholder: China Unicom — 68.88% direct + 0.33% indirect via Unicom Venture Capital.
- Counseling institution: China International Capital Corporation (CICC, Zhōngjīn Gōngsī 中金公司).
- Meaning: Formal start of pre-IPO advisory and compliance preparation.
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Why investors, founders, and market watchers should care
For investors: The counseling filing is the first visible regulatory step in a pathway to a public listing.
It doesn’t guarantee timing or valuation, but it does mean the company is moving from planning to execution.
For founders and tech teams: This is a reminder that corporate governance, disclosure readiness, and audit trails become high-priority items during counseling.
For telecom and China-tech watchers: Unicom Zhinet’s move matters because it keeps state-linked telecom assets active in the capital markets.
It also highlights ongoing appetite for IPOs among subsidiaries of major telecom operators.
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Practical next steps in the IPO process (what usually happens after counseling)
- Deep-dive audits and remediation — fix compliance or governance gaps uncovered during counseling.
- Prospectus drafting — prepare detailed disclosures for regulators and investors.
- Regulatory review — submit to the CSRC (or the relevant exchange) and respond to inquiries.
- Pricing, roadshow, and listing — once approvals are secured, move to investor marketing and then listing.
What to watch next
- Announcements from the CSRC about counseling progress or filings.
- Prospectus publication and details on revenue, margin and business segments.
- Any changes in the ownership structure from China Unicom or related parties.
- Timing of CICC-led milestones, which indicate how quickly the company moves toward a formal IPO application.
Bottom line
Unicom Zhinet IPO — Unicom Zhinet Technology has formally restarted its IPO process with CICC as the counseling institution, and China Unicom remains the controlling shareholder with a combined stake of 69.21% (68.88% direct + 0.33% indirect).
This filing marks the official kickoff of pre-IPO compliance and advisory work, and it’s the signal investors and market watchers want to track closely as the company moves toward prospectus filing and regulatory review.
References
Unicom Zhinet IPO
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