Many state-owned enterprises have set up new companies to invest and list, and there are many precedents, which are feasible. In fact, many companies that invest in new companies are not related to each other. For the new companies they invest in, their business is often indirectly related to the enterprise, not directly related (most state-owned enterprises invest in new companies to meet the needs of national policies). In fact, at present, some new companies that invest in setting up new companies are related to the enterprises that set up them.
What needs to be noted here is that for the invested enterprises, their role in the new company is only the role of shareholders, and they cannot force the company to buy the materials of the enterprise, but need to go through normal procedures. Most of the legal effect of the new company will not be related to the enterprise that invested in it (because it is a different legal person, it generally has no real joint effect).
I hope I can help you ~ ~