Are the subsidiaries in liquidation included in the merger?

We can find the answer to this question from China's first legal document, Enterprise Bankruptcy Law. According to the law, if the subsidiary has entered the bankruptcy stage, it is mainly to repay all debts at this time. However, once the subsidiary faces bankruptcy, it means that the assets of the subsidiary can no longer repay the debts owed. Therefore, when the subsidiary enters the liquidation stage, as the shareholders of the company, there is no chance to regain the shareholders' rights and interests because the assets are not enough. At this time, the merger of the parent company will no longer include this subsidiary. If the subsidiary of the company is not in bankruptcy liquidation, its liquidation belongs to the spontaneous organization within the company, which is decided by the shareholders' meeting. In the inner life, the company may go to property inspection for some reasons. As the parent company of a subsidiary, it still has certain management power over the subsidiary, which involves the decision-making power on some major issues. Because of this liquidation organized by shareholders, if there is surplus property available for distribution after liquidation, this scattered property will affect the interests of the parent company, and the control of the parent company over the subsidiary will dominate the final liquidation result of the subsidiary company. At this point, when the parent company merges again, it still includes this subsidiary. When the subsidiary has not reached bankruptcy and property liquidation, legally speaking, the subsidiary can still belong to the merger category of the parent company. When the liquidation group of the company conducted property inspection, it was found that the assets of the company could not repay all debts. The liquidation group shall apply to the people's court for bankruptcy at this time. As long as the subsidiary goes bankrupt at this time and the parent company merges, it will no longer include this subsidiary.