Wenhua Futures Co., Ltd. is not a state-owned enterprise. State-owned enterprises refer to enterprises that are owned or controlled by the state, and their operations and decisions are influenced and supervised by the government.

Wenhua Futures Co., Ltd. is a professional futures company established in accordance with the modern enterprise system. Its shareholding structure is diversified, and it is not controlled by the state alone. Therefore, from the perspective of ownership structure, Wenhua Futures Co., Ltd. does not meet the definition of state-owned enterprises.

In addition, Wenhua Futures Co., Ltd. operates in accordance with the market-oriented mechanism in its operation and management, and its decision-making and operation are not directly interfered by the government. This further confirms the non-state-owned enterprise nature of Wenhua Futures Co., Ltd..

To sum up, Wenhua Futures Co., Ltd. is not a state-owned enterprise, because its ownership and control are not controlled by the state, and its management is also carried out in accordance with the market-oriented mechanism.