What is a major shareholder? What is control?

簡(jiǎn)單的理解就是誰(shuí)出的錢多誰(shuí)就是大股東，誰(shuí)就說了算也就是擁有公司的控制權(quán),。

The simple understanding is that the one who pays more is the major shareholder, and the one who has the the final say is the control of the company.

但我們很多初創(chuàng)企業(yè)老板都是缺錢的,，要經(jīng)過A輪、B輪甚至C輪融資,，股權(quán)是在不斷的稀釋的,，在這種情況下如何保留公司的控制權(quán)。

But many of our startup bosses are short of money and need to go through rounds A, B, and even C of financing. Equity is constantly diluting, so how to retain control of the company in this situation.

這里還有一個(gè)問題大家可以現(xiàn)在去思考,，控制權(quán)就一定是控股嗎?

Here is another question that everyone can think about now. Does control necessarily mean controlling?

帶著這些問題我們先來(lái)看看下面這些大佬們是怎么掌握公司控制權(quán)的,？

With these questions in mind, let's first take a look at how these big shots control the company?

說到阿里巴巴我們可能沒人不知道，說到他我們也自然會(huì)想到一個(gè)人那就是馬云,，大家一定認(rèn)為馬云是阿里巴巴的大股東,，但是馬云只持有阿里巴巴不到5%的股權(quán)，他是如何做到的呢,？

When it comes to Alibaba, we may not know anyone, and when it comes to him, we naturally think of a person named Jack Ma. Everyone must think Jack Ma is a major shareholder of Alibaba, but Jack Ma only holds less than 5% of Alibaba's equity. How did he do it?

通信設(shè)備制造行業(yè)老大華為公司創(chuàng)始人任正非持股1%,，聯(lián)想教父柳傳志持股僅為0.28%，馬化騰在騰訊公司也僅持股12%,。就連大名鼎鼎的比爾蓋茨持股也僅僅只有9.48%,。

Ren Zhengfei, the founder of Huawei, the leader of the communication equipment manufacturing industry, holds 1% of the shares, Lenovo's godfather Liu Chuanzhi holds only 0.28%, and Ma Huateng holds only 12% of the shares in Tencent. Even the famous Bill Gates holds only 9.48% of the shares.

為什么他們那么少的股權(quán)都能掌控企業(yè)的命脈,，原因就是他們都做了公司股權(quán)的頂層設(shè)計(jì)。

Why do they have so little equity to control the lifeline of the enterprise? The reason is that they have all done the top-level design of the company's equity.

他們都將公司法活學(xué)活用,。

They all learn and apply company law flexibly.

公司法應(yīng)該說是給了股東充分的自由意思的體現(xiàn),。

The company law should be said to provide shareholders with sufficient freedom of will.

而股東的自由意思是通過公司章程來(lái)體現(xiàn)的，我們經(jīng)常把公司章程比喻成公司的憲法,，就是不管是公司董事長(zhǎng)還是總經(jīng)理還是財(cái)務(wù)總監(jiān)他都要聽這個(gè)憲法的,，不能違背。

The freedom of shareholders is reflected through the company's articles of association. We often compare the company's articles of association to the company's constitution, which means that whether it is the chairman, general manager, or financial director of the company, they must listen to this constitution and cannot violate it.

（1）制定個(gè)性化章程

(1) Develop personalized charter

下面我們就來(lái)談?wù)勀?，?chuàng)始人在發(fā)起設(shè)立公司時(shí),，如何個(gè)性化的制定公司章程：

Let's talk about how the founder personalized the company's articles of association when initiating the establishment of the company:

股東持股比例可以與出資比例不一樣

The shareholding ratio of shareholders can be different from the contribution ratio

舉個(gè)例子，一個(gè)公司注冊(cè)資金1000萬(wàn),，兩個(gè)股東,，你出800萬(wàn)，我出200萬(wàn),，正常股權(quán)比例一定是8:2,，但是公司法允許這個(gè)哥倆5：5分賬，只要上面這兩人同意,，這事誰(shuí)也管不著,。

For example, if a company has a registered capital of 10 million yuan and two shareholders, if you contribute 8 million yuan and I contribute 2 million yuan, the normal equity ratio must be 8:2. However, the company law allows this partner to split the account at 5:5. As long as these two shareholders agree, no one can handle this matter.

因?yàn)檫@種約定是當(dāng)事人各方的真實(shí)意思表示，且未損害他人的利益,，也沒有違法國(guó)家法律法規(guī),，因此是合法有效的。

Because this agreement represents the true intention of all parties involved and does not harm the interests of others, nor does it violate national laws and regulations, it is legal and effective.

表決權(quán)可以與出資比例不一致

Voting rights may differ from the proportion of capital contribution

《公司法》第42條規(guī)定：股東會(huì)會(huì)議由股東按照出資比例行使表決權(quán),，但是公司章程另有規(guī)定的除外,。

Article 42 of the Company Law stipulates that shareholders shall exercise their voting rights at shareholders' meetings in proportion to their capital contributions, except as otherwise provided in the company's articles of association.

《公司法》第34條：股東按照實(shí)繳的出資比例分取紅利；

Article 34 of the Company Law: Shareholders shall receive dividends in proportion to their actual contributions;

公司新增資本時(shí),，股東有權(quán)優(yōu)先按照實(shí)繳的出資比例認(rèn)繳出資,。

When the company increases its capital, shareholders have the right to subscribe to the capital contribution in proportion to their actual contributions.

但是，全體股東約定不按照出資比例分取紅利或者不按照出資比例優(yōu)先認(rèn)繳出資的除外,。

However, unless all shareholders agree not to receive dividends in accordance with the proportion of their capital contributions or do not subscribe to their capital contributions in priority in accordance with the proportion of their capital contributions.

很多創(chuàng)始人在成立公司時(shí)公司章程用的都是工商局的格式文本,，往往對(duì)于法律規(guī)定的但是條款都忽略了。

Many founders use the format text of the Industrial and Commercial Bureau when establishing their company's articles of association, often ignoring the legal provisions.

以上我列舉的就是一些比較常用的關(guān)于公司章程的但是條款,，象其他關(guān)于股權(quán)轉(zhuǎn)讓時(shí)剩余股東的同意權(quán),、優(yōu)先購(gòu)買權(quán)、股東資格的繼承,、股東會(huì)的召開形式,、召開期限、對(duì)于董,、監(jiān)事,、高轉(zhuǎn)讓本公司股權(quán)的限制呀這些都是可以通過公司章程來(lái)做出約定以確保公司的控制權(quán),。

The above are some commonly used clauses related to the company's articles of association, such as the consent rights of remaining shareholders during equity transfer, the right of first refusal, the inheritance of shareholder qualifications, the form and duration of shareholders' meetings, and restrictions on directors, supervisors, and high transfer of the company's equity. These can be stipulated through the company's articles of association to ensure the company's control.

（2）創(chuàng)始人確保控制權(quán)的方式

(2) How founders ensure control

投票權(quán)委托的模式

The mode of delegation of voting rights

投票權(quán)委托”就是公司部分股東通過協(xié)議約定,，將其投票權(quán)委托給其他特定股東（如創(chuàng)始股東）行使,。

Voting rights delegation "refers to some shareholders of a company entrusting their voting rights to other specific shareholders (such as founding shareholders) through an agreement.

根據(jù)京東的招股書，在京東發(fā)行上市前,，京東有11家投資人將其投票權(quán)委托給了劉強(qiáng)東行使,。

According to JD's prospectus, before JD went public, 11 investors entrusted their voting rights to Liu Qiangdong.

劉強(qiáng)東持股20%左右卻通過老虎基金、高瓴資本,、今日資本以及騰訊等投資人的投票權(quán)委托掌控了京東上市前過半數(shù)的投票權(quán),。

Liu Qiangdong holds about 20% of the shares but controls more than half of the voting rights of JD before its listing through voting rights commissions from investors such as Tiger Fund, Hillhouse Capital, Today Capital, and Tencent.

一致行動(dòng)人協(xié)議

Agreement on concerted action

一致行動(dòng)人”即通過協(xié)議約定，某些股東就特定事項(xiàng)采取一致行動(dòng),。

The "concerted action person" refers to the agreement that certain shareholders take concerted action on specific matters.

意見不一致時(shí),，某些股東跟隨一致行動(dòng)人投票。

When there is disagreement, some shareholders follow the consensus to vote.

比如,，創(chuàng)始股東之間、創(chuàng)始股東和投資人之前就可以通過簽署一致行動(dòng)人協(xié)議加大創(chuàng)始股東的投票權(quán)權(quán)重,。

For example, the voting rights of founding shareholders can be increased by signing a consensus agreement between them, as well as between them and investors.

一致行動(dòng)協(xié)議內(nèi)容通常體現(xiàn)為一致行動(dòng)人同意在其作為公司股東期間,，在行使提案權(quán)、表決權(quán)等股東權(quán)利時(shí)做出相同的意思表示,，以其中某方意見作為一致行動(dòng)的意見,，以鞏固該方在公司中的控制地位。比如說打的比較熱鬧的寶萬(wàn)之爭(zhēng),。

The content of a concerted action agreement usually reflects the agreement of the person acting in concert to make the same expression of intention when exercising shareholder rights such as proposal and voting rights during their period as a shareholder of the company, and to use the opinion of one party as the opinion of the concerted action, in order to consolidate the controlling position of that party in the company. For example, the lively Battle of Baowan.

通過有限合伙持股

Shareholding through limited partnership

有限合伙企業(yè)在是一種比較新的企業(yè)形式,，有限合伙企業(yè)的合伙人分為普通合伙人（俗稱管理合伙人或GP）和有限合伙人（LP）。

Limited partnership enterprises are a relatively new form of enterprise in China, with partners divided into general partners (commonly known as management partners or GP) and limited partners (LP).

普通合伙人執(zhí)行合伙事務(wù),，承擔(dān)管理職能,，而有限合伙人只是作為出資方，不參與企業(yè)管理,。

General partners carry out partnership affairs and assume management functions, while limited partners only serve as investors and do not participate in enterprise management.

所以,，可以讓股東不直接持有公司股權(quán)，而是把股東都放在一個(gè)有限合伙里面,，讓這個(gè)有限合伙持有公司股權(quán),，這樣股東就間接持有公司股權(quán)。

So, it is possible to have shareholders not directly hold company equity, but rather place them all in a limited partnership, allowing this limited partnership to hold company equity, so that shareholders indirectly hold company equity.

同時(shí),，讓創(chuàng)始人或其名下公司擔(dān)任GP,，控制整個(gè)有限合伙，然后通過這個(gè)有限合伙持有和控制公司的部分股權(quán),。

At the same time, let the founder or his company serve as the GP, controlling the entire limited partnership, and then holding and controlling a portion of the company's equity through this limited partnership.

除創(chuàng)始人之外的其他股東,，只能是有限合伙的LP,，只享有經(jīng)濟(jì)收益而不參與有限合伙日常管理決策，也就不能通過有限合伙控制公司,。

Except for the founder, other shareholders can only be LPs of limited partnerships, who only enjoy economic benefits and do not participate in daily management decisions of limited partnerships, and therefore cannot control the company through limited partnerships.

有人專門研究發(fā)現(xiàn),，綠地集團(tuán)采用層疊的有限合伙安排，以一個(gè)注冊(cè)資本為10萬(wàn)元的公司控制約190億元資產(chǎn)的綠地集團(tuán),。

Someone has specifically studied and found that Greenland Group adopts a layered limited partnership arrangement, with a registered capital of 100000 yuan controlling approximately 19 billion yuan in assets of Greenland Group.

境外架構(gòu)的AB股計(jì)劃

Overseas structured AB share plan

以上這些都可以保證創(chuàng)始人的公司控制權(quán),。

All of these can guarantee the founder's control over the company.