The ultimate controlling party shall be a natural person or legal person who can actually control the merged party according to the equity investment relationship and other agreements or arrangements. In IPO, the actual controller should check the last natural person, except state-owned enterprises. The ultimate controlling party in a business combination cannot consider a company as the ultimate controlling party just because it is controlled by the same company. The most common is the merger of enterprises within the central enterprise group, the merger of four or five subsidiaries, and the final controlling party is directly defined as the group company. Generally, the definition of the ultimate controlling party in the merger of enterprises under the same control within the central enterprise group will not involve natural persons.
If there is a parent company above the parent company, the parent company is not the ultimate controlling party.
If there is no parent company above the parent company, the parent company is the ultimate controlling party.