境内企业股权代持问题均是审核部门关注的重点，构成上市审核的法律障碍。签署股权代持协议后，将会给被代持股份的权属以及被代持股份对应股东权利的行使带来不确定性，从而不符合《首发管理办法》《股转系统业务规则》《基本标准指引(试行)》《股票上市规则》等规范性文件的相关要求。
The issue of proxy holding of equity in domestic enterprises is a key concern of the review department, which constitutes a legal obstacle to the listing review. After signing the equity proxy agreement, it will bring uncertainty to the ownership of the proxy shares and the exercise of the corresponding shareholder rights of the proxy shares, which does not comply with the relevant requirements of normative documents such as the "Initial Issuance Management Measures", "Stock Transfer System Business Rules", "Basic Standard Guidelines (Trial)", "Stock Listing Rules", etc.
监管机构对
山东股权代持问题的审核关注点主要包括以下:
The regulatory authorities' review focus on the issue of Shandong equity proxy holding mainly includes the following:
(1)历史沿革中历次股权代持形成的真实原因及合理性，代持关系是否真实。
(1) The true reasons and rationality of the formation of equity proxy holding in the historical evolution, and whether the proxy holding relationship is true.
(2)规范委托持股的过程是否真实、合法、有效，是否存在纠纷或潜在纠纷。
(2) Whether the process of regulating entrusted shareholding is true, legal, and effective, and whether there are disputes or potential disputes.
(3)目前公司股权权属是否清晰。
(3) Is the ownership of the company's equity clear at present.
清理代持问题，解决难点在于对其形成原因、演变及解除过程(真实性、合法性、彻底性)的确认，确保不存在因此而发生的潜在纠纷。基于此，对股权代持进行核查及清理时可以从以下三个方面进行:
The difficulty in resolving the issue of proxy holding lies in confirming the reasons for its formation, evolution, and dissolution process (authenticity, legality, and thoroughness) to ensure that there are no potential disputes arising from it. Based on this, the verification and clearance of equity holdings can be carried out from the following three aspects:
(1)投清代持原因。详细披露股权代持发生的原因、股权代持形成和变动的过程以及股权代持确认的依据等。通过与名义股东和实际股东的面读、对公司共他股东、董事、高级管理人员的访谈，详细了解股权代持的具体情况，比如股权代持发生的原因、是否答署过股权代持协议、股权对应出资额的微付情况、所代持股权的变动情况、公司历史上的分红情况等。要合法有效地将股权代持还原，就必须把股权代持的来龙去脉了解清楚，这是解决代持问题的基础。
(1) Reasons for submitting to the Qing Dynasty for holding. Detailed disclosure of the reasons for the occurrence of equity proxy holding, the process of formation and changes in equity proxy holding, and the basis for confirming equity proxy holding. Through face-to-face reading with nominal and actual shareholders, as well as interviews with other shareholders, directors, and senior management personnel of the company, a detailed understanding of the specific situation of equity proxy holding can be obtained, such as the reasons for the occurrence of equity proxy holding, whether the equity proxy holding agreement has been signed, the micropayment situation of the corresponding capital contribution, changes in the equity held by the proxy, and the historical dividend situation of the company. To legally and effectively restore equity proxy holding, it is necessary to have a clear understanding of the background of equity proxy holding, which is the foundation for solving the problem of proxy holding.
(2)提出解决方案。股权代持清理的基木方式都是股权转让，即名义股东将所代持的股权无对价转让给实际股东或实际股东拟要转让的受让人，或者由实际股东将股权转让给名义股东或有关联的第三方，或者将股权转让给无关第三方等。
(2) Propose a solution. The fundamental method of equity clearing through proxy holding is equity transfer, which means that the nominal shareholder transfers the equity held without consideration to the actual shareholder or the transferee that the actual shareholder intends to transfer, or the actual shareholder transfers the equity to the nominal shareholder or an affiliated third party, or transfers the equity to an unrelated third party.
除股权转让协议和工商变更外，还需要股权转让各方就股权代持的相关事宜予以再次书面确认，以避免日后发生股权纠纷。有的案例中由公司针对其设立以来的股权变动、委托持股关系演变等事项，由现全部股东和退出的原股东签署《访谈记录》，并确认对所持公司股权形成及变动情况无异议，这种方法也是可以的，在效果上更加彻底。
In addition to the equity transfer agreement and industrial and commercial changes, it is also necessary for all parties involved in the equity transfer to reconfirm in writing the relevant matters related to equity holding, in order to avoid future equity disputes. In some cases, the company has signed an "Interview Record" with all current shareholders and exiting original shareholders regarding changes in equity and the evolution of entrusted shareholding relationships since its establishment, and confirmed that there is no objection to the formation and changes of the company's equity held. This method is also feasible and more thorough in terms of effectiveness.
关于上市的股权代持问题，常见于掌握核心技术的外籍人员通过境内主体代持股权的情形。根据的审核标准和要求，发行人的股东所持股份应当权属清晰，发行人律师应重点关注该类外籍技术人员及其关联方的持股情况，从资金来源、决策表决、劳动关系等方面就是否存在股权代持进行核查。若确实存在股权代持，应当建议发行人及时进行清理，采用技术合作、技术奖励等其他合法、合理的方式，在实现该类外籍人员的利益的同时，确保发行人股东所持股份权属清晰。
Regarding the issue of equity proxy holding for listing, it is common for foreign personnel with core technology to hold equity through domestic entities. According to the audit standards and requirements, the ownership of the shares held by the shareholders of the issuer should be clear, and the issuer's lawyers should focus on the shareholding situation of such foreign technical personnel and their related parties, and verify whether there is equity proxy holding from aspects such as funding sources, decision-making voting, and labor relations. If there is indeed a proxy holding of equity, it should be recommended that the issuer promptly clean up and adopt other legal and reasonable methods such as technical cooperation and rewards to ensure clear ownership of the shares held by the issuer's shareholders while realizing the interests of such foreign personnel.
(3) A lawyer expresses a clear opinion. After verification, the lawyer confirms the legality of equity proxy holding and provides clear conclusive opinions on the legality and effectiveness of the formation, change, and termination of equity proxy holding. For more related content, come to our website http://www.lushangyun.com Consult!
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