No, according to Aiqi's inquiry, Guangfa Futures Co., Ltd. was established in March 1993, and it is one of the large-scale professional futures companies established earlier in China and registered in the industrial and commercial administration department. At present, the registered capital of the company is 654,380.9 billion yuan, which is a wholly-owned subsidiary of Guangfa Securities Co., Ltd. Guangfa Futures is not a state-owned enterprise, but a futures company with brokerage background.