State-owned enterprises such as Guoji Heavy Industries and Southern Power Grid have established energy development companies.

The Qichacha APP shows that recently, Shangda Daineng Energy Development Co., Ltd. was established, with Xiao Ping as the legal representative and a registered capital of 2.19 billion yuan. Its business scope includes: hydropower generation; investment activities with its own funds; and enterprise management consulting. According to Qichacha's equity penetration display, the company is jointly held by China National Machinery Industry Corporation's wholly-owned subsidiary China Heavy Machinery Co., Ltd., and Southern Power Grid Co., Ltd.'s subsidiary Southern Power Grid Lanmei International Energy Co., Ltd.