The mixed-ownership model is an equity structure that allows non-state, private and even foreign investors to hold shares in a company. The structure adopted by many foreign listed firms primarily features the absence of a shareholder with the absolute majority of the firm's shares. The central government discussed introducing mixed-ownership reforms to state-owned enterprises (SOEs) under the Third Plenum of the 18th Communist Party of China Central Committee. The mixed-ownership model is expected to allow non-state capital investment in more state projects and address the preferential treatment and poor efficiency of state-owned enterprises. In July, the central government selected six SOEs to carry out mixed-ownership reform in July.