境內(nèi)企業(yè)股權(quán)代持問題均是審核部門關(guān)注的重點(diǎn)，構(gòu)成上市審核的法律障礙,。簽署股權(quán)代持協(xié)議后,，將會給被代持股份的權(quán)屬以及被代持股份對應(yīng)股東權(quán)利的行使帶來不確定性，從而不符合《首發(fā)管理辦法》《股轉(zhuǎn)系統(tǒng)業(yè)務(wù)規(guī)則》《基本標(biāo)準(zhǔn)指引(試行)》《股票上市規(guī)則》等規(guī)范性文件的相關(guān)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.

監(jiān)管機(jī)構(gòu)對山東股權(quán)代持問題的審核關(guān)注點(diǎn)主要包括以下:

The regulatory authorities' review focus on the issue of Shandong equity proxy holding mainly includes the following:

(1)歷史沿革中歷次股權(quán)代持形成的真實(shí)原因及合理性,，代持關(guān)系是否真實(shí)。

(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)規(guī)范委托持股的過程是否真實(shí),、合法,、有效，是否存在糾紛或潛在糾紛,。

(2) Whether the process of regulating entrusted shareholding is true, legal, and effective, and whether there are disputes or potential disputes.

(3)目前公司股權(quán)權(quán)屬是否清晰,。

(3) Is the ownership of the company's equity clear at present.

清理代持問題，解決難點(diǎn)在于對其形成原因,、演變及解除過程(真實(shí)性,、合法性、徹底性)的確認(rèn),，確保不存在因此而發(fā)生的潛在糾紛,。基于此,，對股權(quán)代持進(jìn)行核查及清理時(shí)可以從以下三個(gè)方面進(jìn)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,。詳細(xì)披露股權(quán)代持發(fā)生的原因、股權(quán)代持形成和變動的過程以及股權(quán)代持確認(rèn)的依據(jù)等。通過與名義股東和實(shí)際股東的面讀,、對公司共他股東,、董事、高級管理人員的訪談,，詳細(xì)了解股權(quán)代持的具體情況,，比如股權(quán)代持發(fā)生的原因、是否答署過股權(quán)代持協(xié)議,、股權(quán)對應(yīng)出資額的微付情況,、所代持股權(quán)的變動情況、公司歷史上的分紅情況等,。要合法有效地將股權(quán)代持還原,，就必須把股權(quán)代持的來龍去脈了解清楚，這是解決代持問題的基礎(chǔ),。

(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)提出解決方案,。股權(quán)代持清理的基木方式都是股權(quán)轉(zhuǎn)讓，即名義股東將所代持的股權(quán)無對價(jià)轉(zhuǎn)讓給實(shí)際股東或?qū)嶋H股東擬要轉(zhuǎn)讓的受讓人,，或者由實(shí)際股東將股權(quán)轉(zhuǎn)讓給名義股東或有關(guān)聯(lián)的第三方,，或者將股權(quán)轉(zhuǎn)讓給無關(guān)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.

除股權(quán)轉(zhuǎn)讓協(xié)議和工商變更外,，還需要股權(quán)轉(zhuǎn)讓各方就股權(quán)代持的相關(guān)事宜予以再次書面確認(rèn),，以避免日后發(fā)生股權(quán)糾紛。有的案例中由公司針對其設(shè)立以來的股權(quán)變動,、委托持股關(guān)系演變等事項(xiàng),，由現(xiàn)全部股東和退出的原股東簽署《訪談記錄》，并確認(rèn)對所持公司股權(quán)形成及變動情況無異議,，這種方法也是可以的,，在效果上更加徹底。

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.

關(guān)于上市的股權(quán)代持問題,，常見于掌握核心技術(shù)的外籍人員通過境內(nèi)主體代持股權(quán)的情形,。根據(jù)的審核標(biāo)準(zhǔn)和要求，發(fā)行人的股東所持股份應(yīng)當(dāng)權(quán)屬清晰,，發(fā)行人律師應(yīng)重點(diǎn)關(guān)注該類外籍技術(shù)人員及其關(guān)聯(lián)方的持股情況,，從資金來源、決策表決,、勞動關(guān)系等方面就是否存在股權(quán)代持進(jìn)行核查,。若確實(shí)存在股權(quán)代持，應(yīng)當(dāng)建議發(fā)行人及時(shí)進(jìn)行清理,，采用技術(shù)合作,、技術(shù)獎(jiǎng)勵(lì)等其他合法,、合理的方式，在實(shí)現(xiàn)該類外籍人員的利益的同時(shí),，確保發(fā)行人股東所持股份權(quán)屬清晰,。

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)由律師發(fā)表明確的意見。經(jīng)過核查后,，由律師確認(rèn)股權(quán)代持的合法性,，并就股權(quán)代持形成、變動和解除的合法性,、有效性給出明確的結(jié)論性意見,。更多相關(guān)內(nèi)容就來我們網(wǎng)站http://nequ.com.cn咨詢吧！

(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://nequ.com.cn Consult!