Is the subsidiary of a wholly state-owned enterprise wholly state-owned?

Legal analysis: the wholly-owned subsidiary of a wholly state-owned company is not a wholly state-owned company, but a one-man company.

Legal basis: Branch companies can be established in Article 14 of People's Republic of China (PRC) Company Law. The establishment of a branch company shall apply to the company registration authority for registration and obtain a business license. A branch company does not have legal person status, and its civil liability shall be borne by the company. A company may set up subsidiaries, which have legal personality and independently bear civil liabilities according to law.