holding company

Holding Company 意思為控股公司，咁你得30%點樣控制間公司？從會計角度睇，控制唔一定以以股權確定，因為C可以係A或者B擁有，而有授權C去處理公司業務決策等，咁亦可視為控制。Intermediate/ultimate holding company 就似乎更加唔符合定義啦！由於問題講得太簡單，唔夠資料深入剖析，所以祇可以咁樣回答，希望見諒！

(1) Strictly speaking, yes, an immediate holding company. But it is a minority holding. The company is an
associate company but not a susidiary, more than 50% of C.

(2) No. The ultimate holding company means the top holding of the company of
C and not for this company. Moreover, we normally means the subsidiary relationship. For example, if C is held by B by 80% and B is held by D by 80%, more than 50%, and there is no more further holding, D is then the ultimate holding company.