It is a state-owned enterprise.

Guangzhou Pharmaceutical Group Co., Ltd. is a wholly state-owned company authorized by the Guangzhou Municipal Government to operate and manage state-owned assets. That is to say, He Jigong Pharmaceutical Factory, a subsidiary of GPHL, is also a state-owned enterprise.

He Jigong Pharmaceutical Factory was originally affiliated to Guangzhou Pharmaceutical Group, but now it belongs to Baiyunshan, another listed pharmaceutical company in Guangzhou, through asset swap. It is now called He Jigong of Guangyao Baiyun Mountain. Guangyao Baiyunshan is also a state-controlled state-owned enterprise.

So He Jigong has always been a state-owned enterprise.