股权激励方案落地执行
十年股权整理解决方案落地实施

　　重点讲述5种股权控制权的设计策略：一致行动人模式、虚拟股权模式、委托投票模式、双层企业架构模式、有限合伙平台模式。

　　Focus on five design strategies for equity control: concerted action person model, virtual equity model, entrusted voting model, dual layer enterprise structure model, and limited partnership platform model.

　　（一）一致行动人模式所谓的“一致行动人”是指投资者通过协议、其他安排，与其他投资者共同控制其所能够支配的一个公司表决权数量的行为。“一致行动人模式”主要是针对原始创始人团队分散，对外不能形成绝对优势的情况下，创始团队的股东通过签订《一致行动协议》，依靠共同掌握的总股权比例来实现对公司控制权的一种股权控制模式。操作要点如下：第一，各原始创始人签订《一致行动协议》明确规定：各股东集中表决权，对公司股东会决议，意见保持一致。第二，在协议中还明确约定：“一致行动人”内部无法达成一致，那么最终以某一创始人股东的意见为准。

　　（1） The term 'concerted action person' in the concerted action model refers to the behavior of investors, through agreements or other arrangements, jointly controlling the number of voting rights of a company that they can control with other investors. The "concerted action person model" is mainly aimed at the situation where the original founding team is dispersed and cannot form an absolute advantage externally. The shareholders of the founding team sign a "concerted action agreement" and rely on the total equity ratio jointly held to achieve equity control over the company. The key points of operation are as follows: Firstly, each original founder signs a "Consensus Action Agreement" which clearly stipulates that all shareholders have centralized voting rights and maintain consistency in their opinions on the company's shareholder meeting resolutions. Secondly, it is explicitly stipulated in the agreement that if the "concerted action parties" cannot reach an agreement internally, the final opinion of a founder shareholder shall prevail.

　　【案例分析：掌阅科技创始股东通过“一致行动人”模式掌控公司控制权】

　　Case study: The founding shareholders of Palm Reading Technology control the company through the "concerted action person" model

　　（一）情况介绍掌阅科技股份有限公司（掌阅科技）于2017年9月在A股上市。上市后，第一股东长凌云持股30.42%，第二大股东成湘均持股28.9%。未来更好的实现对公司的控制，张凌云与成湘均于2018年2月28日签署了《一致行动人协议》和补充协议。协议明确约定：两股东行使权利时，各方意见保持一致，两人行使股东、董事、管理层的提案权、表决权等权利无法形成一致意见时，以成湘均的意见为准。请分析原始创始人的股权控制力是否达到绝对控制力？

　　（1） Introduction: Zhangyue Technology Co., Ltd. (Zhangyue Technology) was listed on the A-share market in September 2017. After going public, the first shareholder Chang Lingyun holds 30.42% of the shares, while the second largest shareholder Cheng Xiangjun holds 28.9%. In order to achieve better control over the company in the future, Zhang Lingyun and Cheng Xiangjun signed the "Agreement on concerted action persons" and supplementary agreements on February 28, 2018. The agreement clearly stipulates that when two shareholders exercise their rights, their opinions shall remain consistent. In the event that the exercise of shareholder, director, management's proposal rights, voting rights, and other rights cannot reach a consensus, the opinion of Cheng Xiangjun shall prevail. Please analyze whether the original founder's equity control has reached absolute control?

　　（二）创始股东股权控制力分析通过上份《一致行动协议》，张凌云与成湘均和起来拥有掌阅科技公司59.3%（30.42%+28.9%）的股权比例及其同等的投票表决权。达到相对安全线，占据公司投票权总数的绝对多少，为上市公司的时间控制人。

　　（2） Analysis of Equity Control of Founding Shareholders: According to the previous "Agreement on Consistent Action", Zhang Lingyun and Cheng Xiang jointly hold 59.3% (30.42%+28.9%) of the equity and equal voting rights in Zhangyue Technology Company. What is the absolute percentage of the total voting rights held by a company that reaches a relatively safe line and is the time controller of a listed company.

　　（二）虚拟股权模式所谓的“虚拟股权”是指企业授予符合条件的公司高管、管理层、技术骨干人员的一种股权，该股权只享有分红权，但是没有表决权和所有权，不能转让和出售，在持有者离开公司后，虚拟股权会自动失效的一种股权激励模式。

　　（2） The so-called "virtual equity" in the virtual equity model refers to a type of equity granted by a company to eligible executives, management, and technical backbone personnel. The equity only enjoys the right to dividends, but does not have voting rights or ownership, and cannot be transferred or sold. After the holder leaves the company, the virtual equity will automatically become invalid as a form of equity incentive.

　　【案例分析：创新工场“虚拟股权模式”控制公司的股权结构分析】

　　Case Study: Analysis of the Equity Structure of a Control Company Controlled by the "Virtual Equity Model" of Innovation Works

　　（一）基本情况介绍创新工场（北京）企业管理股份有限公司（以下简称“创新工场”）在“新三版”的公开转让说明书显示：公司的核心要素为人力资本，尤其是在李开复博士的带领下，聚集了一批在各自专业领域具有领先优势和丰富经验的导师资源和管理团队，在李开复带领下的核心管理团队的稳定和导师资源的拓展，对公司保持业内核心竞争力具有重要的意义。可是李开复与2015年9月起担任创新工场董事长以来，并未持有创新工场的股份，业不在创新工场领取报酬，究竟是什么条件让李开复博士留在创新工场工作呢？

　　（1） Introduction to Basic Information: Innovation Factory (Beijing) Enterprise Management Co., Ltd. (hereinafter referred to as "Innovation Factory") stated in the public transfer prospectus of the "New Third Edition" that the core element of the company is human capital, especially under the leadership of Dr. Li Kaifu, a group of mentor resources and management teams with leading advantages and rich experience in their respective professional fields have gathered. The stability of the core management team and the expansion of mentor resources under the leadership of Dr. Li Kaifu are of great significance for the company to maintain its core competitiveness in the industry. But since Li Kaifu became the chairman of Innovation Works in September 2015, he has not held any shares in Innovation Works and does not receive compensation from Innovation Works. What are the conditions that allow Dr. Li Kaifu to stay and work at Innovation Works?

　　（二）既实现股权激励又有保持公司股东的股权控制力设计方案：虚拟股权模式创新工场2015年进行第二次增资后，汪华、陶宁、郎春晖、张鹰四大股东的持股比例分别达到27.83%、14.09%、11.36%、11.36%，另外四位小股东的持股比例总和为15.36%。八位股东的持股比例总和为80%，余下的20%为北京创新工场育成管理咨询有限公司（简称育成管理公司）持有，股权比例如下图所示：其中育成管理公司是由，汪华、陶宁、郎春晖、张鹰四位股东出资成立，他们分别占由该公司43.75%、18.75%、18.75%、18,75%。成立育成管理公司就是为李开复个人单打设计的股权激励方案，四位股东与李开复签署了薪酬激励协议，约定：育成管理公司占创新工场20%股权比例的全部收益归李开复所有，但控制权归属于育成管理公司的四位股东：汪华、陶宁、郎春晖、张鹰。

　　（2） Design plan that achieves both equity incentives and maintains the equity control of company shareholders: After the second capital increase of the virtual equity model innovation factory in 2015, the shareholding ratios of the four major shareholders, Wang Hua, Tao Ning, Lang Chunhui, and Zhang Ying, reached 27.83%, 14.09%, 11.36%, and 11.36%, respectively. The total shareholding ratio of the other four small shareholders was 15.36%. The total shareholding ratio of the eight shareholders is 80%, and the remaining 20% is held by Beijing Innovation Factory Yucheng Management Consulting Co., Ltd. (referred to as Yucheng Management Company). The shareholding ratio is shown in the following figure: Yucheng Management Company was established by four shareholders, Wang Hua, Tao Ning, Lang Chunhui, and Zhang Ying, who respectively account for 43.75%, 18.75%, 18.75%, and 18.75% of the company's shares. The establishment of the Incubation Management Company was designed as a personal equity incentive plan for Li Kaifu. Four shareholders signed a salary incentive agreement with Li Kaifu, stipulating that all profits from the 20% equity ratio of the Incubation Management Company in the Innovation Factory belong to Li Kaifu, but the control belongs to the four shareholders of the Incubation Management Company: Wang Hua, Tao Ning, Lang Chunhui, and Zhang Ying.

　　（三）创始股东对创新工场的股权控制力分析通过以上股权激励方案的设计，李开复不用出资就拥有创新工场20%的股份收益权，但不直接持有创新工场的股份，也没有股东控制权，2016年2月15日，创新工场在“新三版”挂牌上市，届时四位大股东（原始创始人）：汪华、陶宁、郎春晖、张鹰，共同控制创新工场84.64%（27.83%+14.09%+11.36%+11.36%+20%）的股权，处于控股地位。

　　（3） Analysis of the equity control of the founding shareholders over the Innovation Factory: Through the design of the above equity incentive plan, Li Kaifu owns 20% of the equity income rights of the Innovation Factory without capital contribution, but does not directly hold the shares of the Innovation Factory, nor does he have shareholder control. On February 15, 2016, the Innovation Factory was listed on the "New Third Edition". At that time, the four major shareholders (original founders): Wang Hua, Tao Ning, Lang Chunhui, and Zhang Ying jointly controlled 84.64% (27.83%+14.09%+11.36%+11.36%+20%) of the equity of the Innovation Factory, and were in a controlling position.

　　（三）委托投票模式所谓的“委托投票模式”是指“表决权代理”，是指公司部分股东通过协议约定，自愿将其所有的投票权委托给其他特定股东行使，这个特定的股东往往是企业的创始人。根据《中华人民共和国公司法》第106条的规定，股东可以委托代理人出席股东大会会议，代理人应当向公司提交股东授权委托书，并在授权的范围内行使表决权。基于此规定，当企业引入投资人时，创始人的股权就被稀释，股权稀释后如何实现继续掌握公司的控制权。最好的策略是“委托投票权”，只要实施“委托投票权”策略，即使股权稀释，创始股东在公司占有的股权比例达不到控制优势，只要投票权握在手中，一样可以行使决策权，掌握公司的控制权。

　　（3） The so-called "proxy voting mode" refers to the "voting rights agency", which means that some shareholders of a company voluntarily entrust all their voting rights to other specific shareholders through an agreement, and this specific shareholder is often the founder of the enterprise. According to Article 106 of the Company Law of the People's Republic of China, shareholders may appoint a proxy to attend the shareholders' meeting. The proxy shall submit a shareholder authorization letter to the company and exercise voting rights within the authorized scope. Based on this regulation, when a company introduces investors, the founder's equity is diluted. How to achieve continued control of the company after equity dilution. The best strategy is "delegated voting rights". As long as the "delegated voting rights" strategy is implemented, even if the equity is diluted, the proportion of equity held by the founding shareholders in the company cannot reach the control advantage. As long as the voting rights are in hand, they can still exercise decision-making power and control the company.

　　【案例分析：某公司原始股东通过“委托投票权”策略掌控公司控制权】

　　Case study: Original shareholders of a company control the company through the "delegated voting rights" strategy

　　（一）创始股东在公司的股权比例情况在“新三版”挂牌的成都朋万科技股份有限公司（简称朋万科技公司），第一大股东是孟书奇，持股比例为35.27%，第二大股东为原始创始人刘刚，持股比例为29.25%。

　　（1） The equity ratio of the founding shareholders in the company is listed on the "New Third Edition" of Chengdu Pengwan Technology Co., Ltd. (referred to as Pengwan Technology Company). The largest shareholder is Meng Shuqi, with a shareholding ratio of 35.27%, and the second largest shareholder is the original founder Liu Gang, with a shareholding ratio of 29.25%.

　　（二）原始创始人实现公司控制权的“委托投票权”策略未来掌控公司的控制权，孟书奇与原始创始人刘刚自愿签订《表决权委托协议》，将其持有35.27%公司股权中的分红权和涉及委托人所持股权的处分事宜之外的其他权利委托给刘刚代为行使。具体包括：1、代为提议召开临时股东会和股东大会。2、代为行使股东提案权，提议选举或罢免董事、监事及其他议案。3，代为参加股东会或股东大会，行使股东质询权和建议权。4，代为行使表决权，并签署相关文件，对股东会和公司股改后股东大会每一审议和表决事项代为投票，但涉及分红、股权转让、股权质押、增资、减资等涉及委托人所持有股权的处分事宜的事项除外。5，受托人行使本授权委托书委托权限范围内的事项导致的一起后果由委托人承担。通过以上委托协议，刘强虽然只吃药公司29.25%的股权比例，却掌握了公司共64.52%（35.27%+29.25%）的投票权，成为公司的实际控制人。类似的通过“委托投票”策略控制公司的例子很多，典型的例子是：京东在上市前，施行过一次“投票权委托”，共有11家京东的投资人与刘强东签订协议，自愿将其所持有的投票权委托给刘强东行使，刘强东凭借其持有不到20%的股权比例 ，实现了控制京东过半数投票权。再如软银河雅虎是阿里巴巴的两大机构投资者，两家合计将超过50%的投票权委托给马云行使。所以马云在占股权仅有8.7%的情况下却拥有阿里巴巴超过60%的表决权。

　　（2） The original founder implemented the strategy of "delegated voting rights" to exercise control over the company in the future. Meng Shuqi and the original founder Liu Gang voluntarily signed a "Voting Rights Delegation Agreement", entrusting Liu Gang to exercise the dividend rights and other rights related to the distribution of 35.27% of the company's equity held by Meng Shuqi and Liu Gang. Specifically, it includes: 1. proposing to convene extraordinary shareholders' meetings and general meetings on behalf of the company. 2. Exercise shareholder proposal rights on behalf of shareholders, propose elections or dismissals of directors, supervisors, and other proposals. 3. Attend shareholder meetings or general meetings on behalf of shareholders, exercise shareholder questioning and suggestion rights. 4. Exercise voting rights on behalf of the principal and sign relevant documents. Vote on behalf of the principal for every deliberation and voting matter of the shareholders' meeting and the company's shareholders' meeting after the share reform, except for matters involving the disposal of equity held by the principal such as dividends, equity transfer, equity pledge, capital increase, and capital reduction. 5. Any consequences arising from the trustee's exercise of the delegated authority within the scope of this power of attorney shall be borne by the principal. Through the above commission agreement, although Liu Qiang only holds 29.25% of the equity of the pharmaceutical company, he holds a total of 64.52% (35.27%+29.25%) of the voting rights of the company, becoming the actual controller of the company. There are many examples of companies controlled through the "proxy voting" strategy. A typical example is that before going public, JD.com implemented a "voting rights proxy", where 11 JD investors signed agreements with Liu Qiangdong to voluntarily delegate their voting rights to him. Liu Qiangdong controlled more than half of JD's voting rights by holding less than 20% of the equity. For example, Soft Galaxy Yahoo is one of Alibaba's two major institutional investors, and together they entrust over 50% of their voting rights to Jack Ma for exercise. So Jack Ma holds over 60% of the voting rights in Alibaba, despite holding only 8.7% of the shares.

　　（四）有限合伙平台模式所谓的“有限合伙平台模式”是指通过有限合伙企业作为持股平台，利用普通合伙人的身份，通过执行合伙事务实现对持股平台的控制，并由此间接对公示形成控制。

　　（4） The so-called "limited partnership platform model" refers to the use of a limited partnership enterprise as a holding platform, utilizing the identity of a general partner to control the holding platform through the execution of partnership affairs, and indirectly controlling public disclosure.

　　【案例分析：蚂蚁金服的股权结构分析】

　　Case Study: Analysis of Ant Financial's Equity Structure

　　（一）蚂蚁金服的股权结构介绍蚂蚁金服共成立两层四家员工持股平台，蚂蚁金服的第一层股东有23家机构，其中21家外部机构，两家员工持股平台——杭州君翰股权投资合伙企业（有限合伙）（简称为君翰投资）和杭州君澳股权投资合伙企业（有限合伙）（简称为君澳投资）除了君翰投资和君澳投资。第二层是两家员工持股平台——杭州君洁股权投资合伙企业（有限合伙）（简称为君洁投资）和杭州君济股权投资合伙企业（有限合伙）（简称为君济投资）。杭州云铂投资咨询有限公司（简称云铂投资）作为普通合伙人同时执行四家员工持股平台的合伙事务，而云铂投资是由马云100%，具体的股权结构如下图所示：

　　（1） Introduction to Ant Financial's Equity Structure: Ant Financial has established two layers of four employee shareholding platforms. The first layer of Ant Financial's shareholders consists of 23 institutions, including 21 external institutions. The two employee shareholding platforms, Hangzhou Junhan Equity Investment Partnership Enterprise (Limited Partnership) (referred to as Junhan Investment) and Hangzhou Junao Equity Investment Partnership Enterprise (Limited Partnership) (referred to as Junao Investment), are in addition to Junhan Investment and Junao Investment. The second layer consists of two employee shareholding platforms - Hangzhou Junjie Equity Investment Partnership Enterprise (Limited Partnership) (referred to as Junjie Investment) and Hangzhou Junji Equity Investment Partnership Enterprise (Limited Partnership) (referred to as Junji Investment). Hangzhou Yunbo Investment Consulting Co., Ltd. (referred to as Yunbo Investment), as a general partner, simultaneously handles the partnership affairs of four employee stock holding platforms. Yunbo Investment is 100% owned by Jack Ma, and the specific equity structure is shown in the following figure:

　　（二）马云对蚂蚁金服绝对控制权的分析马云个人100%出资成立云铂投资，在用云铂投资作为四家员工持股平台的普通合伙人，虽然马云的出资只占四家员工持股平台极少的份额（0.045%-0.48%），却能以普通合伙人的身份和协议约定，通过执行合伙事务和实现对两层四家员工持股平台的控制。而死家员工持股平台合计持有蚂蚁金服76.43%的股权，外部机构共持有蚂蚁金服23.57%的股权比例，马云通过控制76.43%的股权比例实现对蚂蚁金服的绝对控制。(五)双层企业架构模式所谓的“双层企业架构模式”是指创始人通过个人持股和其他公司持股的双重形式，掌握公司控制权的模式。例如：360安全科技股份有限公司（简称360公司）从美国退市后，通过借壳江南嘉捷回归A股上市，丙与2017年12月29日获得审核通过。根据重组报告书披露，360公司创始人周鸿祎以持有23.4%的股权合计控制上市后的360公司63.7%的投票权。周鸿祎合计控制上市后的360公司63.7%的投票权的股权结构如下图所示：周鸿祎运用双层企业架构模式，分三部分实现：

　　（2） Analysis of Jack Ma's Absolute Control over Ant Financial: Jack Ma personally invested 100% to establish Yunbo Investment, which serves as the general partner of the four employee stock holding platforms. Although Jack Ma's investment only accounts for a very small share (0.045% -0.48%) of the four employee stock holding platforms, he can act as a general partner and achieve control over the two-tier four employee stock holding platforms through the execution of partnership affairs and agreement agreements. The Dead Home employee shareholding platform holds a total of 76.43% of Ant Financial's equity, while external institutions hold a total of 23.57% of Ant Financial's equity. Jack Ma achieves absolute control over Ant Financial by controlling 76.43% of the equity. （5） The so-called 'dual layer enterprise architecture model' refers to a model in which the founder holds control of the company through a dual form of personal shareholding and shareholding by other companies. For example, after delisting from the United States, 360 Security Technology Co., Ltd. (referred to as 360 Company) returned to the A-share market through a backdoor listing of Jiangnan Jiajie, and was approved on December 29, 2017. According to the restructuring report, Zhou Hongyi, the founder of 360 Company, controls a total of 63.7% of the voting rights of 360 Company after listing, holding 23.4% of the equity. The equity structure in which Zhou Hongyi controls a total of 63.7% of the voting rights of 360 Company after its listing is shown in the following figure: Zhou Hongyi adopts a dual layer enterprise structure model, which is implemented in three parts:

　　第一，周鸿祎直接持有360公司上市后12.14%的而股权和同等投票权。

　　Firstly, Zhou Hongyi directly holds 12.14% of the equity and equal voting rights of 360 Company after its listing.

　　第二，天津奇信志成科技有限公司（简称为奇信志成公司）持有360上市后48.74%的顾问比例、其中周鸿祎在奇信志成公司的持股比例为17.38%，其他36家机构持股比例82.62%。奇信志成公司的股东与2016年3月31日签署了《天津奇信志成科技有限公司股东协议》及后续补充协议，约定奇信志成公司对内360公司行使股东表决权时，根据周鸿祎的指示进行表决。周鸿祎为奇信志成公司的执行董事，而执行董事选举需由周鸿祎提名，且周鸿祎有权随时提名新的董事人选以取代其提名的执行董事。经过这样的设计，周鸿祎以较少的持股比例实际掌控了奇信志成公司的控制权。

　　Secondly, Tianjin Qixin Zhicheng Technology Co., Ltd. (referred to as Qixin Zhicheng Company) holds 48.74% of the advisory shares of 360 after its listing, of which Zhou Hongyi holds 17.38% of the shares in Qixin Zhicheng Company, and the other 36 institutions hold 82.62% of the shares. The shareholders of Qixin Zhicheng Company signed the "Tianjin Qixin Zhicheng Technology Co., Ltd. Shareholders Agreement" and subsequent supplementary agreements on March 31, 2016, which stipulated that Qixin Zhicheng Company would exercise its shareholder voting rights over 360 Company according to the instructions of Zhou Hongyi. Zhou Hongyi is the executive director of Qixin Zhicheng Company, and the election of executive directors must be nominated by Zhou Hongyi. Zhou Hongyi has the right to nominate new director candidates at any time to replace the nominated executive directors. Through this design, Zhou Hongyi actually controlled the control of Qixin Zhicheng Company with a relatively small shareholding ratio.

　　第三，天津众信股权投资合伙企业（有限合伙）（简称众信合伙企业）持有360公司上市后2.82%的股权比例.众信合伙企业是由天津众信投资管理有限公司）（简称众信投资公司）持股90%，另外的10%的的股权比例又周鸿祎直接持有，而众信投资公司则由周鸿祎99%持股。因此，周鸿祎对众信合伙企业的直接和间接出资比例达到99.1%，直接控制该公司对360公司2.82%股权的投票权。

　　Thirdly, Tianjin Zhongxin Equity Investment Partnership Enterprise (Limited Partnership) (referred to as Zhongxin Partnership Enterprise) holds a 2.82% equity stake in 360 Company after its listing Zhongxin Partnership Enterprise is 90% owned by Tianjin Zhongxin Investment Management Co., Ltd. (referred to as Zhongxin Investment Company), with the remaining 10% directly held by Zhou Hongyi. Zhongxin Investment Company is 99% owned by Zhou Hongyi. Therefore, Zhou Hongyi's direct and indirect investment ratio in Zhongxin Partnership Enterprise reaches 99.1%, directly controlling the company's voting rights in 2.82% equity of 360 Company.

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