Jiuzhou Qi Hang (Beijing) Equity Investment Fund (Limited Partnership) is a wholly-owned subsidiary of China Aerospace Science and Technology Corporation, an investment institution authorized by the state and directly managed by the central government, so Jiuzhou Qi Hang can be classified as a state-owned enterprise. Jiuzhou, as a state-owned enterprise, set sail under the supervision of national policies and regulations, and its operation and investment activities were also guided and supported by the state. State-owned enterprises play an important role in economic and social development and have the characteristics of stability and reliability.