Yes Whether a securities company is a state-owned enterprise or a private enterprise depends on who is the controlling shareholder. The State-owned Assets Supervision and Administration Commission (SASAC) controls the securities companies in China, so it is a state-owned enterprise. Caida securities business: securities investment consulting, financial consultant related to securities trading and investment activities, securities underwriting and sponsorship, securities self-management, securities asset management, margin trading and securities investment fund consignment, providing intermediary referral services for futures companies.