Is the wholly-owned subsidiary of a listed company a listed company?

Legal analysis: subsidiaries are generally independent legal persons, so they are definitely not listed companies, but if they are branches, that is.

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.