Mixed Ownership Reform has just entered the initial stage of exploration but already encountered "unproceedable" dilemma. ANBOUND's senior researcher He Jun pointed out that mixed ownership reform was executed in a rush without clearly identify the ideas and pre-conditions. Thus, it is difficult to generate a comprehensive plan under such circumstances and might lead to failure. If SOEs reform really aims for genuine breakthrough, it should adopt the “mutual fund” model that suggested by ANBOUND in order to overcome the limitations of current reform plans.