Why are all wholly-owned subsidiaries of state-owned enterprises invested by natural persons?

Because the nature and mode of its investment are different from the general enterprise investment behavior. In China, state-owned enterprises (including state-owned holding enterprises and wholly state-owned enterprises) are usually enterprises funded by the government or government departments, and their ownership belongs to the state, while wholly-owned subsidiaries of state-owned enterprises are subsidiaries funded by state-owned enterprises themselves, and their ownership still belongs to state-owned enterprises. The investment mode of wholly-owned subsidiaries of state-owned enterprises also has certain particularity. Because its parent company is a state-owned enterprise, it may be restricted or guided by its parent company in investment decision-making and financing.