The subsidiary has shareholders, but the branch does not. A subsidiary company has the status of a legal person and can bear civil liability independently. When it goes bankrupt and liquidates, it does not need the parent company to repay the debt. According to relevant laws and regulations, subsidiaries have legal representatives.
Legal objectivity:
Article 3 of the Company Law A company is an enterprise legal person, with independent legal person property and legal person property rights. The company is liable for its debts with all its property. Shareholders of a limited liability company shall be liable to the company to the extent of their subscribed capital contribution; Shareholders of a joint stock limited company shall be liable to the company to the extent of the shares subscribed by them. Article 4 Shareholders of a company shall enjoy the right to return on assets, participate in major decisions and choose managers according to law.