Does the wholly-owned subsidiary of a listed company constitute the same horizontal competition as the business scope of a listed company?

Don't buy it. Horizontal competition refers to what the controlling shareholders and actual controllers of listed companies are engaged in.

Of course, the business scope of subsidiaries can be the same as that of listed companies, and subsidiaries themselves are also included in the report scope of listed companies, so there will be no report problems of listed companies because of unfair related party transactions.

However, there is horizontal competition in the parent company of listed companies, and related transactions will affect the statements of listed companies. However, the consolidated statement of its parent company will offset the related transactions.