State-owned China United Network Communications Group, better known as China Unicom, denied a media report that internet majors Alibaba Group Holding Ltd and Tencent Holdings Ltd will be among its new investors.

Unicom has been stepping up efforts to push forward a structural reform to introduce mixed ownership, something that triggered speculation about possible private sector investors.

Reuters news agency reported on Thursday that Alibaba and Tencent will likely partner others to invest $10 billion in the listed Shanghai unit of Beijing-based Unicom.