In contrast to state holding companies, private holding multi-listed companies form a pyramid-like controlling chain, thus vulnerable to management risks, especially financial risks.

与国有控股公司相比，民营控股多家上市公司形成超级金字塔控制链条，易导致经营和管理上的风险，尤以财务风险最为突出。

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As a financier, he was a little too imaginative: His complex pyramid of holding companies collapsed in the Depression, even as the underlying electric operations remained financially robust.

FORBES: American Pyramids

To see how this works, picture a pyramid at the top of which sits a private holding company owned by the patriarch and his family.

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Hours after the announcement, police closed 59 offices of DMG Grupo Holding, which evolved from a simple pyramid into a sophisticated investment scheme with a claimed 200, 000 clients.

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