No, a wholly state-owned company refers to a limited liability company that is solely funded by the state and authorized by the State Council or the local people's government to perform the responsibilities of the investor by the state-owned assets supervision and administration institution of the people's government at the corresponding level. A wholly state-owned enterprise means that all the assets of the enterprise are owned by the state, and the state grants the enterprise management right according to the principle of separation of ownership and management right. Therefore, a wholly state-owned company is not a state-owned enterprise. There are the following differences: 1. Legal basis Different wholly state-owned enterprises follow the enterprise law of ownership by the whole people, and wholly state-owned companies follow the company law. 2. Wholly state-owned enterprises with different management systems are funded by the government and subordinate to the government. The factory director is responsible for the implementation of government appointment or employee election. With the approval of the government, it pays attention to the subordinate relationship; Under the guidance of the modern property rights system with clear property rights, clear rights and responsibilities, strict protection and smooth circulation, a wholly state-owned company establishes a clear modern state-owned property rights management system with assets as the link. 3. The board of supervisors of state-owned key large enterprises with different governance structures is dispatched by the State Council, responsible for the State Council, and supervises the state-owned assets of state-owned key large enterprises on behalf of the state. The general board of directors of state-owned enterprises is sent by the government at the same level. The board of supervisors of a wholly state-owned company shall be appointed by the state-owned assets supervision and administration institution. 4. Different roles of managers The factory director of a wholly state-owned enterprise is appointed by the superior, and is the legal representative of the enterprise, which is in the core position in the production and operation of the enterprise. The general manager of a wholly state-owned company is appointed by and responsible to the board of directors, and is fully responsible for the daily operation and management of the enterprise according to the decision of the board of directors. There is an employment relationship between the board of directors and the general manager.
Legal objectivity:
Article 64 of the Company Law The concept of a wholly state-owned company The provisions of this section shall apply to the establishment and organization of a wholly state-owned company; Where there are no provisions in this section, the provisions in the first and second sections of this chapter shall apply. A wholly state-owned company as mentioned in this Law refers to a limited liability company which is solely funded by the state and authorized by the State Council or the local people's government to perform the responsibilities of the investor.