Neither. At the end of 2004, Xuchang Tengfei Group took the lead in reorganizing the municipal public utilities in Henan Province. It was transformed from a state-owned enterprise into a private joint-stock enterprise, that is, it was neither a state-owned enterprise nor a private enterprise, and it was renamed Xuchang Tengfei Municipal Company, with the first-class qualification of municipal public works construction general contracting. Tengfei Municipal Group has developed into a group enterprise integrating municipal engineering construction, real estate development, construction and installation, urban investment and construction, property management, commercial concrete sales, bridge slab prefabrication, cement component prefabrication, asphalt concrete mixing, concrete brick production, furniture sales and other diversified industries.