First of all, Xinhua Company had a big problem in its early operation, which was mainly related to the personal behavior of the chairman Guan at that time. For details, please check Baidu Weekly's in-depth evaluation and investigation of this incident.

Secondly, the CIRC has not taken over for a long time. As early as last year, central huijin became the new major shareholder of Xinhua Company. In view of the background of Central Huijin Company, it should be said that it is state-controlled ... This explanation is a bit far-fetched, but it is true.