Why does Wahaha have state-owned shares?

The reason why this brand has state-owned shares is because the shareholding structure includes the shareholding of local state-owned assets in Hangzhou.

Wahaha owns state-owned shares, but the ownership structure includes Hangzhou local state-owned shares. Hangzhou Shangcheng Wen Shang Tourism Investment Holding Group Co., Ltd. holds 46% shares in Wahaha, making state-owned assets in a relatively controlling position in Wahaha.

Although Zong Houqing personally holds a certain percentage of shares and Wahaha employees also hold some shares, the shareholding ratio of state-owned assets is still relatively high.