Reference Case: Nanjing Xuanwuhu Credit Union v. Chemical Container Factory, Xianjiao Chemical Company, and New Chaoyang Company

Even if supervisory documents used the language of 'division,' the transaction should still be characterized as an investment in a new legal person rather than a corporate split where the registration materials, capital verification, and formation process show that the predecessor merely invested personnel, funds, and assets into a separate entity. Creditors of the predecessor may seek recovery by executing the predecessor's equity interest, but cannot automatically demand direct joint liability from the later restructured company for pre-division debt.