No, Article 4 of the Company Law stipulates: "Shareholders of a company shall enjoy the right to return on assets, participate in major decisions and choose managers according to law." The parent company has the right to decide on major issues of its wholly-owned subsidiaries. It often formulates business policies for wholly-owned subsidiaries, and even issues instructions for the business activities of wholly-owned subsidiaries controlled by the parent company. Although controlling and being controlled, dominating and being dominated are the portrayal of the true relationship between the parent company and the wholly-owned subsidiary, from a legal point of view, the parent company and the wholly-owned subsidiary still belong to independent legal entities. The parent company and wholly-owned subsidiaries each have independent property and debts. The parent company shall be liable to the wholly-owned subsidiary to the extent of its capital contribution or shares held, and the debts of the parent company shall be paid off by the parent company with its own assets; As an independent legal person, a wholly-owned subsidiary is liable for its debts with all its assets.
Legal objectivity:
Article 14 of the Company Law stipulates that a company may set up subsidiaries, which have legal personality and independently bear civil liabilities according to law.