According to Tianyan, Haitong Securities Company is not a state-owned enterprise. Haitong Securities (Haitong) is a securities company in China, established in 1988 and headquartered in Shanghai. Haitong Securities is a member of China Securities Association and a legal securities company operating under the supervision of China Securities Regulatory Commission (China Securities Regulatory Commission for short). Although Haitong Securities is a domestic securities company, it is not a state-owned enterprise. State-owned enterprises are state-owned or controlled enterprises, while Haitong Securities is a joint-stock enterprise, and its shares are held by multiple shareholders, including institutional investors and individual investors.