Legal analysis: it is impossible to pay off the debt of the parent company with the assets of the subsidiary, but it can be used as the execution target of the equity and equity income of the parent company in the wholly-owned subsidiary. According to the Company Law, a subsidiary is an independent legal person organization, and the company bears limited civil debts with its property, so the debts of the parent company are paid off with the property of the parent company, but the property of the subsidiary company cannot be executed. The relationship between parent company and subsidiary company is the relationship between shareholders and company. Parent company and subsidiary company are independent legal subjects. Both the parent company and the subsidiary company have the qualifications of enterprise legal persons, enjoy the property rights of the company respectively, and should also bear their own debts with their own property. No matter how much equity the parent company owns in the subsidiary, no matter whether it actually controls the subsidiary, it is only a shareholder of the subsidiary, and it cannot directly control and dispose of the property of the subsidiary. Judicial enforcement should not force the property of the subsidiary to repay the debts of the parent company.
Legal basis: Branch companies can be established in Article 14 of People's Republic of China (PRC) Company Law. The establishment of a branch company shall apply to the company registration authority for registration and obtain a business license. A branch company does not have legal person status, and its civil liability shall be borne by the company. A company may set up subsidiaries, which have legal personality and independently bear civil liabilities according to law.