Use <slot></slot>
to pass HTML markup from parent to child Lightning Web Component.
Child
<template>
<h4>This is a child component</h4>
<slot name="slot1"></slot>
<slot name="slot2"></slot>
</template>
Parent
<template>
<c-slot-child>
<div slot="slot1">
Hello
</div>
<div slot="slot2">
<span>
<p>
World!
</p>
</span>
</div>
</c-slot-child>
</template>