I don't know, but from the Wine ARM wiki:

"""Possible goals: run the assembler parts of x86 in qemu and call function in Wine compiled for ARM"""

Wine is not an emulator. ;)

This is misleading, since it means it's not a CPU emulator, however it's an emulator of Windows in a sense that it mimics the Windows environment and system libraries.

I always just assumed it was a tongue-in-cheek joke à la GNU.