State-owned holding publicDepartment ofARefer tozhengfuAOr state-owned enterprises (units) have more than 50% of the share capital, or although the proportion of shares is less than 50%, but has actual control (can control the business decisions and assets of the financial situation of the enterprise, and thus the right to obtain capital gains), or according to its shares are enough to have a significant impact on the resolutions of the shareholders' meeting and shareholders' meeting.¹²

The definition of a state-controlled listed company covers two situations: first, the government or state-owned enterprises hold more than 50% of the company's shares, in which case the state capital dominates the company's decision-making; Second, although the proportion of state-owned capital is less than 50%, through the shares it holds, it can have a significant impact on the company and achieve actual control of the company.

State-owned listed companies are characterized by the particularity of their ownership structure and control rights. Such companies usually occupy an important position in the national economy and have far-reaching influence on the development of the industry. At the same time, state-owned listed companies are also facing challenges such as how to balance economic benefits and social responsibilities, and how to improve the efficiency and transparency of corporate governance.

The existence and development of state-holding listed companies is of great significance for promoting national economic development, optimizing industrial structure and improving international competitiveness. For example, the listed company controlled by Sinopharm Group A, as a member of the state-owned listed company, not only reflects the state's control over a specific industry, but also shows the role of state-owned capital in improving the overall competitiveness of the industry.