Legal analysis: In practice, the CSRC has expanded the connotation of the actual controller, and defined the actual controller as the person who has the control right of the company, and is no longer restricted by "not a shareholder of the company". According to the understanding and application of Article 12 of the Measures for the Administration of Initial Public Offering and Stock Listing-1,the CSRC defines corporate control as "the power that can have a significant impact on the resolutions of the shareholders' meeting or actually control the company's behavior, and its source is the direct or indirect equity investment relationship with the company". According to the above provisions, the direct or indirect owner can be defined as the actual controller. In practice, the CSRC defines the controlling shareholder and the actual controller as the same person.
Legal basis: Article 216 of People's Republic of China (PRC) Company Law refers to the person who can actually control the company's behavior through investment relationship, agreement or other arrangements, although he is not a shareholder of the company. Controlling shareholders refer to shareholders whose capital contribution accounts for more than 50% of the total capital of a limited liability company or whose shares account for more than 50% of the total share capital of a joint stock limited company; Although the capital contribution or the proportion of shares held is less than 50%, but according to their capital contribution or shares held, shareholders have enough voting rights to the shareholders' meeting and the resolutions of the shareholders' meeting.