Can a listed company set up multiple subsidiaries?

1 to 2 years, the company's intention is probably to transfer assets, because every time a subsidiary is established, most of them use the previous subsidiary as collateral to borrow money from the bank, forming a company chain. If the parent company is not well managed, it is entirely possible to cancel the parent company or file for bankruptcy, but the subsidiary will continue to operate. If the company is a listed company, the interests of shareholders will be harmed and its assets have been quietly transferred to subsidiaries. The discovery of this phenomenon should arouse high vigilance. Finally, once again, this operation is in full compliance with the current company law.