No. It belongs to a brokerage subsidiary supervised by China Securities Regulatory Commission and controlled by CITIC Securities Co., Ltd. Cinda Futures, as a futures brokerage company, provides futures trading, consulting, research and other services, mainly focusing on futures varieties such as nonferrous metals, energy, chemicals and agricultural products. The company was established in 1992 and its headquarters is located in Shanghai. There are branches and sales offices all over the country, covering major cities and international markets. Although Cinda Futures is not a state-owned enterprise, it has a high reputation and status in China's futures market and has made important contributions to the development of national economy and financial industry.