What do you mean by indirectly holding a subsidiary?

Legal analysis: indirect holding: an enterprise group structure that does not directly hold shares, but holds more than 50% of the shares through its directly controlled subsidiaries, thus gaining control over the financial and operating policies of another company or companies.

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.