No, Qixin Private Equity Fund Management Company is not a state-owned enterprise. Private equity funds are private enterprises. Private placement is a fund made by private enterprises, and public offering is a fund made by state-owned enterprises. Private fund management companies are wholly state-owned, and there are two kinds of fund companies, one is Public Offering of Fund, and the other is Public Offering of Fund, which are corporate fund companies, and most of them are controlled by state-owned securities companies. Private equity fund companies adopt both corporate system and limited partnership system. Whether such fund companies are state-owned enterprises.