A wholly state-owned company is a limited liability company, which refers to a limited liability company funded solely 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. The articles of association of a wholly state-owned company shall be formulated by the state-owned assets supervision and administration institution or by the board of directors and submitted to the state-owned assets supervision and administration institution for approval.
legal ground
Article 64 of the Company Law of People's Republic of China (PRC)
The provisions of this section apply to the establishment and organization of wholly state-owned companies; 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.