Listing needs to bear certain costs and risks, including listing costs, disclosure requirements, market fluctuations and so on. If companies think that the current capital structure is sufficient to support their business development and there is no urgent financing demand, then they may choose not to go public. In addition, listing may also have a certain impact on the company's governance structure and business strategy, and the company may decide not to go public considering these factors. In short, the reason why Ningxia * * * enjoys the group's non-listing may be because they think that the current capital structure has met their business needs and does not need to be adjusted or optimized through listing.