Whether the holding ratio of the parent company to the subsidiary company can reach 20%, but whether it can be actually controlled through the contract. Must it reach more than 50%?

For example, there are five shareholders, four of whom are 15%, and the fifth 25% can also be said to be holding.

The so-called holding, as long as you can really control the subsidiary.

In addition, according to the provisions of the Company Law, for a limited liability company, the voting right is generally exercised according to the shareholding ratio, unless otherwise stipulated in the articles of association. In other words, it can be stipulated in the company's articles of association not to exercise voting rights according to the shareholding ratio. In that case, holding 20% may also be a holding company. Note that it is stipulated in the articles of association, not an ordinary contract.