Company logos of China Unicom are displayed at a news conference during the company's announcement of its annual results in Hong Kong, China March 16, 2016. Photo: Reuters/Bobby Yip

State-owned China Unicom announced on Wednesday that it was raising funds from a dozen investors, including tech giants Alibaba, Tencent, Baidu and The US$11.7 billion share sale is a sign the government is testing the waters for similar moves by other state-owned firms as Beijing continues its reform push.

The unlisted state-run parent company will remain the largest stake-holder once the deal is complete, but will for the first time relinquish majority shareholding.

Trading of China Unicom in Shanghai and Hong Kong remains suspended, pending further details on share placement to be released within three days, the company said.