Secondly, we need to know the ownership structure and business model of Beijing Hualian Department Store Co., Ltd. The company is a listed company with diversified ownership structure, including public shareholders and institutional investors. The state does not hold a majority stake in the company, so it does not meet the definition of state-owned enterprises.
In addition, the management of Beijing Hualian Department Store Co., Ltd. is also carried out in a market-oriented way, and its decision-making is driven by market rules and commercial interests, rather than government administrative orders.
To sum up, Beijing Hualian Department Store Co., Ltd. is not a state-owned enterprise, because its shareholding structure is diversified and its management is carried out in a market-oriented way.