The article offers re-reading of one of the most prominent writings on logic in ancient China notorious for its ambiguous and evasive nature--Gongsun Long's Baima lun--from the logical semantics and linguistic semiotics point of view. Previous interpretations of Baima lun, which attributed to its alleged author either bringing in of abstract universals or introducing of nominalistic speculations into the philosophical debate of the day, serve asa point of departure for the interpretative theory based on re-examination of the two debating points in the contemporary philosophical discussion--Doctrine of Rectification of Names and Debate of Name and Substance. Present rereading suggests that Gongsun Long's dialogue effectively challenges the Neo-Mohists' non-problematic assessment of conditions needed for a successful logical discourse by stressing the key importance of a semiotic aspect of the logical reasoning. Moreover, the possibility of restating Gongsun Long's arguments in the wording of Saussurean semiotics indicates the conceivability of Baima lun's interpretation as an implicit theory of linguistic signs.