what is ultimate holding company?

最終控股公司 -------------------- 簡單說，母公司及最終控股公司再沒有一間實體公司可控制個「董事局」，就是最終公司

" ultimate holding company " , in relation to a body corporate, means a body corporate that:

(a) is a holding company of the first‑mentioned body; and
(b) is itself a subsidiary of no body corporate.

A subsidiary company is a company that is controlled by another company through the composition of the board of directors, by having more than half the voting power, or by owning more than half the issued capital of the company. That another company is called "immediated holding Company"

An ultimate holding company is a holding company but it is not a subsidiary of any other company.

FOR EXAMPLE 1

A (person) -----> hold 100% of B LTD (called 「ultimate holding company」 ) -------> 80% of C LTD (「intermediate holding company」) -----> 51% of D LTD ( 「immediate holding company」) -------> 51% of E Ltd (「a subsidiary」)

i.e.B Ltd -----> 20.81% of E Ltd (0.8x0.51x0.51), B Ltd is also a ultimate holding Company of E Ltd

FOR EXAMPLE 2
Additional information
B LTD -------> 49% of D LTD

i.e.B Ltd -----> 40.80% of E Ltd (0.8x(0.51+0.49)x0.51), B Ltd is also a ultimate holding Company of E Ltd

2007-01-23 19:49:19 補充：
I corrected example 2 is:-FOR EXAMPLE 2Additional informationB LTD ---directly hold ----> 49% of D LTD i.e.B Ltd -----> 45.80% of E Ltd [(0.49 x ( 0.8x0.51)) x 0.51], B Ltd is also a ultimate holding Company of E Ltd

2007-01-23 20:10:27 補充：
listing example (#1199)China Ocean Shipping (Group) Company ('COSCO') (國i企公司) s the ultimate holding company of COSCO Pacific Limited. It is China's largest shipping company and one of the world's leading international shipping entities.

2007-01-23 20:10:46 補充：
http://www.hkex.com.hk/listedco/listconews/sehk/20060419/01199/F104.pdf

2007-01-23 20:55:16 補充：
example formula = [(0.49 ＋ ( 0.8x0.51)) x 0.51],

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