Due to historical reasons, the classification of state-owned enterprises is very complicated. Usually, those who invest in or hold more than 50% of the state-owned assets in an enterprise are collectively called state-owned enterprises, and so are the subsidiaries of state-owned enterprises. If you want to subdivide, it can be divided into three categories:
1. State-owned enterprises: If a subsidiary of a state-owned enterprise is wholly owned by a state-owned enterprise, it is also a state-owned enterprise, because the contribution ratio of state-owned assets is 100%.
2. Holding state-owned enterprises or absolutely holding state-owned enterprises: If the shares of subsidiaries of state-owned enterprises exceed 50% and belong to the largest controlling party, then such subsidiaries are called holding state-owned enterprises or absolutely holding state-owned enterprises and still belong to state-owned enterprises.
3. State-owned joint-stock enterprises: If there is a certain proportion of state-owned assets investment in the shares of subsidiaries of state-owned enterprises, but the proportion is lower than 10%, then such subsidiaries are called state-owned joint-stock enterprises, which usually do not belong to state-owned enterprises, because state-owned assets are just ordinary investments here.
In short, whether a subsidiary of a state-owned enterprise belongs to a state-owned enterprise depends on the proportion of shares of state-owned assets in this subsidiary. More than 50% is considered a state-owned enterprise.