The Target company does not have any subsidiaries or branches and does not hold any participation, shares or equity interest in any joint venture, company or other legal entity.
目标公司无任何子公司或分支机构，未参与任何合资企业、公司或任何法人实体、或拥有任何上述实体的股份或股本权益。
The term joint venture 'is used to refer to a multitude of arrangements and relationships, some fairly loose, others characterized by formal equity participation in a new third entity.
“合营企业”这一术语被用来指多种多样的安排和关系，有的较松散，有的却是以对新的第三实体进行正式的股份投入为特征。
The local equity participation in the joint venture must be at least 51 percent, but the profit and loss distribution can be prescribed.
地方参与股权在合资企业必须是至少51%，但企业经营情况的发行能被规定。
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