(Yicai Global) July 24 -- China United Network Communications Ltd. [SHA:600050], better known as China Unicom, denied reports it has selected investors for its mixed-ownership reform or signed any legally binding agreements with potential investors.

The firm's controlling shareholder, China Unicom Group, decided to introduce strategic investors through a private share offering to push forward its reform, it said in a statement via the Shanghai Stock Exchange. The National Development and Reform Commission recently green-lit the move, and other state departments also need to give it the thumbs up.

Negotiations between the company and potential investors are still ongoing, the statement said.

On Friday, press reports said a number of Chinese tech firms will invest a total of USD12 billion into the telecoms provider. Baidu Inc. [NASDAQ:BIDU] and JD.Com In. [NASDAQ:JD] were pegged to be investing USD1.47 billion and USD735 million respectively.