COMPANIES ACT 2016 - Holding Company 《2016 年公司法》控股公司
COMPANIES ACT 2016
(4) A reference in this Act to the holding company of a company or other corporation shall be read as a reference to a corporation of which that company or corporation is a subsidiary.
Meaning of “Holding Company” — Section 4(4)
Section 4(4) of the Companies Act 2016 provides that where the Act refers to the holding company of a company or other corporation, the reference means a corporation of which that company or corporation is a subsidiary.
In simple terms, once a corporation qualifies as a subsidiary of another corporation under the tests set out in section 4, the other corporation is regarded as its holding company.
Accordingly, the concepts of “subsidiary” and “holding company” are directly connected:
If Corporation B is a subsidiary of Corporation A, Corporation A is the holding company of Corporation B.
The determination of whether Corporation B is a subsidiary must therefore be made by applying the relevant tests and attribution rules contained in the preceding provisions of section 4.
Relationship with Section 4(1)
Section 4(1) establishes the principal circumstances in which one corporation becomes a subsidiary of another.
Subject to the other provisions of section 4, Corporation B may be a subsidiary of Corporation A where Corporation A:
Direct Holding Company
A straightforward holding-subsidiary relationship may be illustrated as follows:
Corporation A (Holding Company)
↓
Corporation B (Subsidiary)
If Corporation A satisfies one of the relevant control or ownership tests in section 4(1) in relation to Corporation B, Corporation A is the holding company and Corporation B is its subsidiary.
Indirect Holding Company
The definition also operates together with the indirect subsidiary rule in section 4(1)(b).
For example:
Corporation A
↓
Corporation B
↓
Corporation C
If:
Consequently, Corporation A may be regarded as a holding company of Corporation C, even though Corporation A does not directly hold shares in Corporation C.
This is important for corporate groups containing multiple tiers of subsidiaries.
Holding Company Is Not Determined by Name Alone
A corporation does not become a holding company merely because:
For example, Corporation A may own 30% of Corporation B but have no control over its board or majority voting power. The shareholding alone would not necessarily make Corporation A the holding company of Corporation B.
Conversely, Corporation A may potentially be Corporation B's holding company without directly owning more than 50% of Corporation B's shares if another statutory control test is satisfied.
Practical Significance
Identifying the correct holding company is important for determining the structure of a corporate group and applying provisions of the Companies Act 2016 relating to matters such as:
Relationship Between Sections 4(1)–4(4)
Sections 4(1) to 4(4) operate together as a framework for identifying holding-subsidiary relationships:
Section 4(1)
Determines when a corporation is a subsidiary through board control, voting control, majority shareholding, or an indirect subsidiary relationship.
Section 4(2)
Explains when the composition of the board is regarded as controlled by another corporation.
Section 4(3)
Determines which shares and powers are counted, attributed, or disregarded when assessing subsidiary status.
Section 4(4)
Establishes the corresponding concept of a holding company—namely, the corporation of which the relevant company or corporation is a subsidiary.
Together, these provisions ensure that corporate relationships are determined by the substance of ownership and control, including direct and indirect control, rather than merely by corporate labels or registered share ownership.
(4) A reference in this Act to the holding company of a company or other corporation shall be read as a reference to a corporation of which that company or corporation is a subsidiary.
Meaning of “Holding Company” — Section 4(4)
Section 4(4) of the Companies Act 2016 provides that where the Act refers to the holding company of a company or other corporation, the reference means a corporation of which that company or corporation is a subsidiary.
In simple terms, once a corporation qualifies as a subsidiary of another corporation under the tests set out in section 4, the other corporation is regarded as its holding company.
Accordingly, the concepts of “subsidiary” and “holding company” are directly connected:
If Corporation B is a subsidiary of Corporation A, Corporation A is the holding company of Corporation B.
The determination of whether Corporation B is a subsidiary must therefore be made by applying the relevant tests and attribution rules contained in the preceding provisions of section 4.
Section 4(1) establishes the principal circumstances in which one corporation becomes a subsidiary of another.
Subject to the other provisions of section 4, Corporation B may be a subsidiary of Corporation A where Corporation A:
- controls the composition of Corporation B's board of directors;
- controls more than half of Corporation B's voting power;
- holds more than half of the relevant issued shares of Corporation B; or
- controls Corporation B indirectly through another subsidiary.
A straightforward holding-subsidiary relationship may be illustrated as follows:
Corporation A (Holding Company)
↓
Corporation B (Subsidiary)
If Corporation A satisfies one of the relevant control or ownership tests in section 4(1) in relation to Corporation B, Corporation A is the holding company and Corporation B is its subsidiary.
The definition also operates together with the indirect subsidiary rule in section 4(1)(b).
For example:
Corporation A
↓
Corporation B
↓
Corporation C
If:
- Corporation B is a subsidiary of Corporation A; and
- Corporation C is a subsidiary of Corporation B,
Consequently, Corporation A may be regarded as a holding company of Corporation C, even though Corporation A does not directly hold shares in Corporation C.
This is important for corporate groups containing multiple tiers of subsidiaries.
A corporation does not become a holding company merely because:
- its name contains the words “Holdings” or “Holding”;
- it describes itself as a holding company;
- it owns some shares in another corporation; or
- the corporations are commercially associated.
For example, Corporation A may own 30% of Corporation B but have no control over its board or majority voting power. The shareholding alone would not necessarily make Corporation A the holding company of Corporation B.
Conversely, Corporation A may potentially be Corporation B's holding company without directly owning more than 50% of Corporation B's shares if another statutory control test is satisfied.
Identifying the correct holding company is important for determining the structure of a corporate group and applying provisions of the Companies Act 2016 relating to matters such as:
- holding and subsidiary relationships;
- related corporations;
- group structures;
- corporate reporting and financial statements;
- ownership and control;
- transactions within corporate groups;
- directors' interests and corporate governance;
- corporate restructuring and acquisitions; and
- statutory disclosures and compliance obligations.
Sections 4(1) to 4(4) operate together as a framework for identifying holding-subsidiary relationships:
Section 4(1)
Determines when a corporation is a subsidiary through board control, voting control, majority shareholding, or an indirect subsidiary relationship.
Section 4(2)
Explains when the composition of the board is regarded as controlled by another corporation.
Section 4(3)
Determines which shares and powers are counted, attributed, or disregarded when assessing subsidiary status.
Section 4(4)
Establishes the corresponding concept of a holding company—namely, the corporation of which the relevant company or corporation is a subsidiary.
Together, these provisions ensure that corporate relationships are determined by the substance of ownership and control, including direct and indirect control, rather than merely by corporate labels or registered share ownership.
《2016 年公司法》
第4(4)条——“控股公司（Holding Company）”的涵义
本法令中凡提述某公司（Company）或其他法人团体（Corporation）的“控股公司（Holding Company）”，应解释为该公司或法人团体作为其附属公司（Subsidiary）的法人团体。
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“控股公司”的涵义——第4(4)条
根据《2016年公司法令》第4(4)条，当法令提述某公司或其他法人团体的控股公司（Holding Company）时，是指该公司或法人团体属于其附属公司的另一法人团体。
简单而言，一旦某法人团体根据第4条所规定的法定测试，被认定为另一法人团体的附属公司（Subsidiary），则该另一法人团体即被视为其控股公司（Holding Company）。
因此，“附属公司”与“控股公司”这两个法律概念具有直接对应关系：
如果B法人团体是A法人团体的附属公司，则A法人团体就是B法人团体的控股公司。
因此，在确定A法人团体是否属于B法人团体的控股公司之前，必须首先根据第4条前述各款所规定的控制测试及股份或权力归属规则，判断B法人团体是否构成A法人团体的附属公司。
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与第4(1)条的关系
第4(1)条规定一个法人团体在何种主要情况下会成为另一法人团体的附属公司。
在符合第4条其他规定的前提下，如果A法人团体：
• 控制B法人团体董事会的组成；
• 控制B法人团体超过一半的投票权；
• 持有B法人团体超过一半的相关已发行股份；或
• 透过另一附属公司间接控制B法人团体，
则B法人团体可能被视为A法人团体的附属公司。
一旦B法人团体符合法定条件，并被视为A法人团体的附属公司，第4(4)条便相应确认A法人团体属于B法人团体的控股公司。
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直接控股公司
最基本的控股公司与附属公司关系可以表示如下：
A法人团体（控股公司）
↓
B法人团体（附属公司）
如果A法人团体就B法人团体符合第4(1)条所规定的任何一项相关控制或拥有权测试，则：
• A法人团体属于控股公司；而
• B法人团体属于A法人团体的附属公司。
例如，如果A法人团体控制B法人团体超过一半的投票权，在符合第4条其他规定的情况下，B法人团体可被认定为A法人团体的附属公司，而A法人团体则属于B法人团体的控股公司。
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间接控股公司
第4(4)条亦须结合第4(1)(b)条有关间接附属公司的规定理解。
例如：
A法人团体
↓
B法人团体
↓
C法人团体
如果：
• B法人团体是A法人团体的附属公司；以及
• C法人团体是B法人团体的附属公司，
则根据第4(1)(b)条：
C法人团体亦被视为A法人团体的附属公司。
因此：
A法人团体亦可被视为C法人团体的控股公司。
即使A法人团体并未直接持有C法人团体的股份，仍可透过多层附属公司关系成为C法人团体的控股公司。
此项规定对于具有多层附属公司架构的**企业集团（Corporate Group）**尤其重要。
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控股公司身份并非仅由名称决定
某法人团体不会仅因以下原因而自动成为另一法人团体的控股公司：
• 公司名称中包含“Holdings”或“Holding”字样；
• 公司自行将其描述为“控股公司”；
• 公司持有另一法人团体的部分股份；或
• 两个法人团体之间存在商业联系。
控股公司与附属公司的法律关系，必须根据另一法人团体是否符合第4条规定的附属公司法定测试作出判断。
换言之：
“控股公司”是一种根据实际控制及拥有权关系确定的法律地位，而不仅仅是一种公司名称或商业称谓。
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实务示例一——持有少数股份未必构成控股公司
假设：
A法人团体持有B法人团体30%的股份。
但是：
• A法人团体不能控制B法人团体董事会的组成；
• A法人团体不能控制B法人团体超过一半的投票权；以及
• 不存在其他符合第4条规定的控制关系。
在这种情况下，仅凭30%的持股比例，并不一定足以使A法人团体成为B法人团体的控股公司。
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实务示例二——未持有超过50%股份仍可能成为控股公司
相反，假设A法人团体虽然没有直接持有B法人团体超过50%的股份，但A法人团体依法拥有委任B法人团体董事会过半数董事的权力。
在符合第4条其他规定的情况下：
• A法人团体可能被视为控制B法人团体董事会的组成；
• B法人团体可能因此成为A法人团体的附属公司；以及
• A法人团体相应成为B法人团体的控股公司。
因此：
判断控股公司身份不能仅依据直接持股比例。
董事会控制、投票权控制及间接控制等因素同样可能形成控股公司与附属公司的法律关系。
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实务上的重要性
正确识别一个法人团体的控股公司，对于确定企业集团结构及适用《2016年公司法令》的相关规定十分重要，包括：
• 控股公司与附属公司的法律关系；
• 关联法人团体（Related Corporations）的认定；
• 企业集团结构；
• 公司报告及财务报表；
• 集团财务报告及合并事项；
• 公司拥有权及控制权；
• 企业集团内部交易；
• 董事利益及企业管治事项；
• 企业重组及收购；以及
• 法定披露及其他合规义务。
因此，在判断某法人团体是否属于控股公司时，应依据第4条所规定的附属公司法定测试，而不能仅依赖：
• 股份登记册所显示的直接持股比例；
• 公司名称；
• 企业自行采用的商业称谓；或
• 各方对其关系的描述。
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第4(1)条至第4(4)条之间的关系
《2016年公司法令》第4(1)条至第4(4)条共同构成判断控股公司与附属公司关系的完整法律框架。
第4(1)条-规定何时一个法人团体属于另一法人团体的附属公司，包括：
• 董事会控制；
• 投票权控制；
• 多数持股；以及
• 间接附属公司关系。
第4(2)条-规定在何种情况下，另一法人团体被视为控制董事会的组成，特别是涉及委任或罢免全部或过半数董事的权力。
第4(3)条-规定在判断附属公司身份时，哪些股份及权力应被计算、归属于另一法人团体，或不予考虑，包括：
• 受信身份持股；
• 代名人持股；
• 附属公司间接持股；
• 债权证安排；以及
• 贷款担保安排。
第4(4)条- 确定与“附属公司”相对应的**“控股公司”**概念，即：
如果某公司或法人团体属于另一法人团体的附属公司，则该另一法人团体就是其控股公司。
07 Aug 2026
