In early December 2014, the senior team of Pudong Science and Technology Investment (hereafter, Pudong S&T) gathered in the offices of their chairman, Dr. Xudong Zhu. Before competing its cross-border acquisition of Montage Technology, Pudong S&T-wholly owned by the Chinese state-had to reduce the government's risks in this investment. To Zhu, the best option seemed to be mixed ownership: that is, involving private shareholders in the business. But was he right? And even if he was, how should it be done?