China Railway is selling 49 percent of the equity of its WiFi service subsidiary at a floor price of 3.049 billion yuan on Sunday, according to an announcement issued by the China Beijing Equity Exchange (CBEX).

The open bidding is seen as a significant step in China Railway’s mixed-ownership reform. In January 2018, Lu Dongfu, general manager and secretary of the party leadership group of China Railway, said mixed-ownership reform would be promoted this year.

The announcement said the transfer recipient must be an enterprise registered and operating in China, with sound finances, payment capacity and business credit. That means the mixed-ownership equity transfer is not open to foreign enterprises, the announcement added.

The company, High Speed Train Network Technology Company (CRH), has been providing WiFi service to Fuxing high-speed trains running between Beijing and Shanghai, and will be servicing all high-speed trains and major railway stations of high-speed train routes.

The Beijing-Zhangjiakou high-speed trains, set up for the 2022 Beijing Winter Olympics, will be equipped with WiFi, as well as the stations.