No. Xing Zheng Global Fund is a private enterprise. Industrial Capital Investment Co., Ltd., controlled by Industrial Bank, was established in 2007 with a registered capital of 50 million yuan, providing professional bidding services for all walks of life and government agencies. It is a large private enterprise, so it is not a state-owned enterprise. State-owned enterprises refer to wholly state-owned enterprises, wholly state-owned companies and state-owned capital holding companies that the State Council and local people's governments perform the responsibilities of investors on behalf of the state respectively.