Changsha Xianghang Asset Management Co., Ltd. is a wholly-owned subsidiary of Changsha Communications Investment Holding Group Co., Ltd., a wholly state-owned company funded by Changsha Municipal Government, and authorizes SASAC to perform the investor's duties on behalf of the government.
Therefore, Changsha Xianghang Asset Management Co., Ltd., as a wholly-owned subsidiary of Changsha Communications Investment Holding Group Co., Ltd., is also a state-owned enterprise.