Lvfa Fund Private Equity Investment Management (Shanghai) Co., Ltd. is a private equity investment management company, not a state-owned enterprise. The Green Development Fund is the first fund in China with green finance as its main development direction, which supports and promotes the development of green development in China.

State-owned enterprises, in international practice, only refer to enterprises invested or controlled by the central government or the federal government of a country. In China, state-owned enterprises also include enterprises invested and controlled by local governments.