Legal analysis: (1) In principle, fund subsidiaries should be wholly owned by fund management companies; (2) Fund subsidiaries jointly established before the implementation of these Provisions may be exempted from this wholly-owned requirement, but within 65,438+02 months from the date of implementation of these Provisions, the shareholding ratio of fund management companies shall be adjusted to not less than 565,438+0%; (3) The shareholder qualification of the participating subsidiaries has been deleted.

Legal basis: Branch companies can be established in Article 14 of People's Republic of China (PRC) Company Law. The establishment of a branch company shall apply to the company registration authority for registration and obtain a business license. A branch company does not have legal person status, and its civil liability shall be borne by the company. A company may set up subsidiaries, which have legal personality and independently bear civil liabilities according to law.