The shareholders of ZTE Holdings were Xi'an Microelectronics (; a subsidiary of the state-owned China Academy of Aerospace Electronics Technology) with 34%, Aerospace Guangyu (; a subsidiary of the state-owned China Aerospace Science and Industry Corporation Shenzhen Group) with 14.5%, Zhongxing WXT (; aka Zhongxing Weixiantong) with 49%, and a private equity fund Guoxing Ruike () with 2.5%. The first two shareholders are state-owned enterprises, nominating 5 out 9 directors of ZTE Holdings, while Zhongxing WXT was owned by the founders of ZTE, including Hou Weigui, which Zhongxing WXT nominated the rest of the directors (4 out 9) of ZTE Holdings.