Can a holding subsidiary be listed?

Legal analysis: Yes, as long as it meets the requirements, it can be listed.

Legal Basis: 7.2.3 Listing Rules of Growth Enterprise Market of Shenzhen Stock Exchange A legal person or other organization is an affiliated legal person of a listed company in any of the following circumstances:

(1) A legal person or other organization that directly or indirectly controls a listed company.

(2) Legal persons or other organizations other than listed companies and their holding subsidiaries directly or indirectly controlled by the legal persons listed in the preceding paragraph;

(3) A legal person or other organization other than a listed company and its holding subsidiaries directly or indirectly controlled by an affiliated natural person of a listed company listed in Article 7.2.5 of these Rules, or serves as a director (except an independent director) or senior manager;

(4) A legal person or person acting in concert who holds more than 5% of the shares of a listed company; (5) Other legal persons or other organizations identified by the China Securities Regulatory Commission, the exchange or the listed company as having a special relationship with the listed company according to the principle that substance is more important than form, which may lead to the inclination of the interests of the listed company.