State-owned enterprises.

The controlling shareholder of BAIC Foton is BAIC Group, and the actual controlling stake of BAIC Group belongs to the Beijing State-owned Assets Supervision and Administration Commission. According to this reasoning, Beijing Municipal State-owned Capital has the final control over Beiqi Foton, and Beiqi Foton should be regarded as a Beijing Municipal State-owned Enterprise. However, Beiqi Foton has non-state-owned shareholders, so it is not a wholly state-owned enterprise, but a state-owned joint-stock enterprise controlled by state-owned assets.