The largest shareholder is the controlling shareholder. The controller of the controlling shareholder is the actual controller and the controller of the actual controller is the ultimate controller.
For example, Vanke A, the controlling shareholder: China Resources (14.73%), the actual controller: China China Resources Group Corporation (holding 99.98% of China Resources), and the final controller: the State Council State-owned Assets Supervision and Administration Commission.
Guonong Technology 000004, the controlling shareholder: Shenzhen Peking University High-tech Investment Co., Ltd. (26. 1%), the actual controller: Anqing Chengfeng Pharmaceutical Co., Ltd. (holding 60% equity of Shenzhen Peking University High-tech Investment Co., Ltd.), and the final controller: Tang Bin. Tang Bin, a Canadian Chinese, is the actual controller of Anqing Chengfeng Pharmaceutical, so he is the ultimate controller of Guonong Technology.
Type of ultimate controller: state, state-owned legal person, social legal person and individual.
For reference.