01有限合伙企業(yè)

01 Limited Partnership Enterprise

有限合伙企業(yè)與普通合伙企業(yè)的不同之處在于,，除了“普通合伙人”之外，合伙人中還包括“有限合伙人”,。有限合伙人制度源于英美法系,，“普通合伙人”的英語為general partner，簡稱"GP",?！坝邢藓匣锶恕钡挠⒄Z為limited partner簡稱“LP”。在合伙企業(yè)中,，普通合伙人(GP)對合伙企業(yè)債務承擔無限連帶責任,，有限合伙人(LP)則對合伙企業(yè)之債務承擔有限責任。在有限合伙企業(yè)中,，股東不是直接擬設立的核心公司,，而是先有股東搭建有限合伙企業(yè)作為持股平臺，再由持股平臺間接持有核心公司,。

The difference between limited partnership enterprises and general partnership enterprises is that in addition to "general partners", partners also include "limited partners". The limited partner system originated from the Anglo American legal system, and the English name for "general partner" is "GP". The English name for "limited partner" is "LP". In a partnership, the general partner (GP) assumes unlimited joint and several liability for the debts of the partnership, while the limited partner (LP) assumes limited liability for the debts of the partnership. In a limited partnership enterprise, shareholders are not directly planning to establish a core company, but rather have shareholders first build a limited partnership enterprise as a shareholding platform, and then indirectly hold the core company through the shareholding platform.

02金字塔架構

02 Pyramid Architecture

金字塔股權架構是指公司實際控制人通過間接持股形成一個金字塔式的控制鏈,，從而實現(xiàn)對該公司的控制。在這種方式中,，公司控制權人控制第一層公司,。第一層公司再控制第二層公司，依此類推,，通過多個層次的公司控制鏈條以較少的出資額取得對目標公司的最終控制權,。金字塔架構是一種形象的說法，就是多層級,，多鏈條的集團控制結構,。

The pyramid equity structure refers to a pyramid shaped control chain formed by the actual controller of a company through indirect shareholding, thereby achieving control over the company. In this approach, the controlling shareholder of the company controls the first tier company. The first tier company then controls the second tier company, and so on, obtaining ultimate control over the target company with a smaller amount of capital through multiple levels of company control chains. A pyramid structure is a visual term that refers to a multi-level, multi chain group control structure.

03委托投票權

03 Delegated Voting Rights

委托投票權(proxyvoting)是指股東在股東大會召開之前已經在某些問題上進行了投票或把投票權轉讓給出席股東大會的其他人來行使。我國《公司法》第一百零六條規(guī)定:“股東可以委托代理人出席股東大會會議,，代理人應當向公司提交股東授權委托書，并在投權范圍內行使表決權,?！?/p>

Proxy voting refers to the right of shareholders to vote on certain issues or transfer their voting rights to others present at the shareholders' meeting before the meeting. Article 106 of the Company Law of China stipulates: "Shareholders may appoint agents to attend the shareholders' meeting, and the agent shall submit a shareholder authorization letter to the company and exercise voting rights within the scope of voting rights."“

04一致行動人協(xié)議

04 Consensus Action Agreement

"一致行動人“概念起源于英國《城市法典》，該法典將"一致行動人”界定為包括根據正式或非正式的協(xié)議或默契,，積極的進行合作,，通過其中任何人取得目標公司股份以獲得或鞏固對目標公司控制權的人,。我國《公司法》規(guī)定，實際控制人,，是指雖不是公司的股東,，但通過投資關系、協(xié)議或者其他安排,，能夠實際支配公司的人,。由此可見，即使不是公司股東通過協(xié)議安排,，也可能成為實際控制人,。

The concept of "concerted action person" originated from the Urban Code of the United Kingdom, which defines "concerted action person" as a person who actively cooperates through formal or informal agreements or tacit understanding, and obtains or consolidates control over the target company through any of them acquiring shares in the target company. According to the Company Law of our country, the actual controller refers to a person who, although not a shareholder of the company, can actually control the company through investment relationships, agreements, or other arrangements. From this, it can be seen that even if it is not arranged through an agreement by the company's shareholders, it may still become the actual controller.

《上市公司收購管理辦法》將“一致行動”定義為，投資者通過協(xié)議,、其他安排,，與其他投資者共同擴大其所能夠支配的一個上市公司股份表決權數量的行為或者事實。

The Measures for the Administration of Acquisition of Listed Companies define "concerted action" as the act or fact of investors jointly expanding the number of voting rights of a listed company's shares they can control with other investors through agreements or other arrangements.

05公司章程控制

05 Company Articles of Association Control

公司章程被稱為“公司憲法”,，是股東間合作的最高行為準則,，在公司內部具有最高法律地位。但目前在實踐中,，很少有企業(yè)家對公司章程給予足夠的重視,。

The company's articles of association are known as the "company constitution" and are the highest code of conduct for cooperation among shareholders, with the highest legal status within the company. However, currently in practice, few entrepreneurs attach sufficient importance to the company's articles of association.

06優(yōu)先股

06 Preferred Stock

國務院2013年11月發(fā)布了《關于開展優(yōu)先股試點的指導意見》(國發(fā)[2013]46號文，以下稱為“46號文”),，將在海外市場日趨成熟的證券品種優(yōu)先股引入了我國,，雖然僅為試點，但也是中國資本市場具有里程碑意義的大事件,。優(yōu)先股是指依照《公司法》,，在一般規(guī)定的普通種類股份之外，另行規(guī)定的其他種類股份,，其股份持有人優(yōu)先于普通股股東分配公司利潤和剩余財產,，但參與公司決策管理等權利受到限制。通俗地說,，優(yōu)先股股東以放棄部分表決權為代價,，換取了優(yōu)于普通股股東分配公司利潤和剩余財產的權利。

In November 2013, the State Council issued the "Guiding Opinions on Pilot Implementation of Preferred Stocks" (Document No. 46 of the State Council [2013], hereinafter referred to as "Document No. 46"), which introduced preferred stocks of increasingly mature securities in overseas markets into China. Although it was only a pilot, it was also a milestone event in the Chinese capital market. Preferred shares refer to other types of shares specified in accordance with the Company Law, in addition to the general provisions of ordinary shares, whose holders have priority over ordinary shareholders in distributing company profits and remaining assets, but their rights to participate in company decision-making and management are limited. Simply put, preferred shareholders sacrifice some of their voting rights in exchange for the right to distribute company profits and remaining assets over ordinary shareholders.

07AB股

07AB shares

通常公司的股權結構為一元制,，即所有股票都是同股同權,、一股一票。但在英美法系下的類別股份制度里存在二元制股權結構(又稱AB股結構)即管理層試圖以少量資本控制整個公司,，因此將公司股票分高,、低兩種投票權，高投票權的股票每股具有N票(多為10票)的投票權，稱為B類股,，主要由管理層持有;低投票權由一般股東特有,，1股只有1票甚至沒有投票權，稱為A類股,。作為補償,，B股股票一般流通性較差，一旦流通出售,，即從B類股轉為A類股,。

The usual equity structure of a company is a unitary system, which means that all stocks have the same rights and one vote per share. However, in the class share system under the Anglo American legal system, there exists a binary equity structure (also known as the AB share structure), which means that the management attempts to control the entire company with a small amount of capital. Therefore, the company's stocks are divided into high and low voting rights. High voting rights stocks have N votes (mostly 10 votes) per share, known as B-class shares, which are mainly held by the management; Low voting rights are unique to ordinary shareholders, with only one vote or even no voting rights per share, known as Class A shares. As compensation, B-share stocks generally have poor liquidity, and once sold, they are converted from B-share stocks to A-share stocks.