Is Zhuzhou AVIC Precision Casting a State-owned Enterprise?

AVIC Power (600893, SH) and AVIC Capital (600705, SH), two listed companies of AVIC, both announced that eight companies, including AVIC Power and its subsidiaries and AVIC Aviation Industry Investment Co., Ltd., a subsidiary of AVIC Capital, will jointly invest to establish AVIC Precision Casting Technology Co., Ltd. (hereinafter referred to as AVIC Precision Casting) with a total investment of 2.947 billion yuan. AVIC precision casting will integrate the original scattered precision casting resources within AVIC. The internal precision casting business of AVIC is distributed in Xi 'an, Guiyang, Shenyang and Zhuzhou, respectively belonging to AVIC Power and its three subsidiaries, so there are problems such as scattered resources and difficulty in coordination. Zhuzhou Precision Casting Company will be a subsidiary of the newly established AVIC Precision Casting Company, headquartered in Beijing, still belonging to AVIC Power, but will centrally manage its subordinate precision casting companies.