Xinjiang Hehe Mining Co., Ltd. was jointly established by three major shareholders: Xinjiang Bayi Iron and Steel Co., Ltd., Xinjiang Huaxing Mining Co., Ltd. and Xinjiang Jinte Iron and Steel Co., Ltd.
Among them, Bayi Steel holds 35%, Jinte Steel holds 35% and Huaxing Mining holds 30%. Bayi Iron and Steel is affiliated to Baosteel, and Jinte Iron and Steel is affiliated to Xinxing Jihua Group Co., Ltd., and both Baosteel and Xinxing Jihua Group Co., Ltd. are state-owned enterprises supervised by the State Council SASAC, that is, central enterprises. This is enough to ensure the holding position of state-owned capital in Hehe Mining. So Hehe Mining is a state-owned enterprise.