Legal analysis: there is no necessary connection between holding company and listed company. A listed company may also be a holding company of other companies. A holding company refers to a company that holds more than 50% of the company's equity or otherwise controls the voting rights of the company's shareholders' meeting and board of directors. A listed company refers to a joint stock limited company whose shares are listed and traded on the stock exchange with the approval of China Securities Regulatory Commission, so the holding company is not necessarily a holding company.
Legal basis: Article 120 of the Company Law of People's Republic of China (PRC) The listed company mentioned in this Law refers to a joint stock limited company whose shares are listed and traded on the stock exchange.