According to Tianyancha, the reason why Jinneng Holding Group is not a state-owned enterprise is that although Shanxi State-owned Operation Company holds part of the equity of the group, the shareholders of Jinneng Holding Group are not limited to Shanxi Provincial Government and State-owned Operation Company, but also include other social capital. Therefore, Jinneng Holding Group is not a state-owned enterprise, but a diversified limited liability company.