股權是多種股東權利的集合體，包括投票權、分紅權、知情權、經(jīng)營決策權、選舉權、優(yōu)先受讓權、優(yōu)先認購權、轉讓權等。增強企業(yè)股權與公司治理的合規(guī)性，合理股權結構包括如下幾部分：

Equity is a collection of various shareholder rights, including voting rights, dividend rights, informed rights, business decision-making rights, voting rights, preemptive rights, preemptive rights, and transfer rights. Enhancing the compliance between corporate equity and corporate governance, a reasonable equity structure includes the following parts:

1. 創(chuàng)始人/實質控制人及其家族持股，注重的是控制權，決策公司的發(fā)展方向，在早期股權中必須考慮到創(chuàng)始人控制權，且設置相對比例較高的股權，可以是合伙人平均持股比例的2-4倍，即60-80%；融資輪次中創(chuàng)始人股權不斷稀釋、但仍需要在上市前的持股比例保持30%以上，以保證實際控制人的穩(wěn)定性。

1. The founder/substantive controller and their family's shareholding focus on control, making decisions on the company's development direction. In the early stages of equity, the founder's control must be considered, and a relatively high proportion of equity should be set, which can be 2-4 times the average shareholding ratio of partners, or 60-80%; During the financing round, the founder's equity is continuously diluted, but it is still necessary to maintain a shareholding ratio of over 30% before going public to ensure the stability of the actual controller.

實際控制人可以采取兩種方式持股相結合，自然人直接持股和控股平臺間接持股。自然人直接持股架構比較清晰，自然人直接持股比控股平臺持股稅費要低。

The actual controller can adopt a combination of two ways of shareholding, direct shareholding by natural persons and indirect shareholding by the controlling platform. The structure of direct shareholding by natural persons is relatively clear, and the taxes and fees for direct shareholding by natural persons are lower than those of controlling platforms.

實際控制人出于個人資金需求、滿足后續(xù)股權重組資金需求等而需要通過股權轉讓方式變現(xiàn)。而實際控制人套現(xiàn)通常需注意的是應滿足相關法律法規(guī)關于股權/股份鎖定的要求、套現(xiàn)的路徑及套現(xiàn)時點和套現(xiàn)后仍保持對公司的控制力等。

The actual controller needs to realize through equity transfer due to personal financial needs and meeting subsequent equity restructuring funding needs. The actual controller usually needs to pay attention to meeting the requirements of relevant laws and regulations on equity/share lock up, the path and timing of cash out, and maintaining control over the company after cash out.

2. 合伙人。合伙人/聯(lián)合創(chuàng)始人作為創(chuàng)始人的追隨者，基于合伙理念價值觀必須是高度一致。合伙人作為公司的所有者之一，在公司有一定的參與權和話語權。早期可考慮設置8%-15%股權進行分配。

2. Partners. As followers of the founder, partners/co founders must have highly consistent values based on the partnership philosophy. As one of the owners of the company, partners have a certain degree of participation and discourse power in the company. In the early stages, it is possible to consider setting up 8% -15% equity for distribution.

3. 核心員工（管理層）。管理層更看重分紅權，核心員工在公司高速發(fā)展階段起到至關重要的作用，在早期做股權架構設計的時候需要把這部分股權預留出來。無論是證監(jiān)會還是投資機構，都非?？粗財M上市公司高管團隊的質量和穩(wěn)定性。公司管理層持股也是我們通常所說的高管持股平臺或者員工持股平臺，此種方式通常用合伙企業(yè)的方式進行管理，通常建議初次預留10%-25%。

3. Core employees (management). The management values dividend rights more, and core employees play a crucial role in the rapid development stage of the company. When designing the equity structure in the early stages, this portion of equity needs to be reserved. Both the China Securities Regulatory Commission and investment institutions attach great importance to the quality and stability of the executive team of the proposed listed company. The management shareholding of a company is also commonly referred to as an executive shareholding platform or an employee shareholding platform. This method is usually managed through partnership enterprises, and it is usually recommended to reserve 10% -25% for the first time.

4. 新合伙人的預留。前期預先準備充足的股權份額，在吸引人才的時候才有優(yōu)勢?？深A留5%有實際控制人代持股。

4. Reservation for new partners. Prepare sufficient equity shares in advance to have an advantage in attracting talent. 5% can be reserved for actual controllers to hold shares on behalf of them.

5. 投資人。投資人追求高凈值回報，對于優(yōu)質項目他們的訴求是快速進入和快速退出，所以在一定程度上說，投資人要求的優(yōu)先清算權和優(yōu)先認購權是非常合理的訴求。投資者建議持股比例為5%-15%（需要大量融資的高科技企業(yè)例外）。引入投資者，不僅是為了緩解上市前的資金難題，更為重要的是提升公司的資本運作能力。引入投資者與保持控制權需求需要找到平衡點。

5. Investors. Investors pursue high net worth returns, and their demand for high-quality projects is to enter and exit quickly. Therefore, to some extent, the priority liquidation and subscription rights that investors demand are very reasonable demands. Investors suggest a shareholding ratio of 5% -15% (except for high-tech enterprises that require significant financing). Introducing investors is not only to alleviate the financial difficulties before going public, but more importantly, to enhance the company's capital operation ability. Finding a balance between introducing investors and maintaining control needs.

6. 多輪融資的安排。公司從創(chuàng)立之初至天使輪、A輪、B輪直至上市前的PRE-IPO的融資均會稀釋創(chuàng)始股東的股比，為保持創(chuàng)始股東的控股權、對公司的控制及保持公司的實際控制人地位的持續(xù)穩(wěn)定性的要求，需要提設計好股權結構，并做好投資的定價和融資的預估。

6. Arrangement of multiple rounds of financing. From its inception to Angel Wheel A round The financing of PRE-IPO from Series B until listing will dilute the equity ratio of the founding shareholders. In order to maintain the controlling rights of the founding shareholders, control over the company, and maintain the continuous stability of the actual controlling position of the company, it is necessary to design a good equity structure, and make investment pricing and financing estimates.

7. 投資定價的合理性。對于投資方入資價格的合理性解釋也是公司進入資本市場而成為公眾公司需要關注的一個重要方面，其初衷主要是防止控股股東利益輸送侵害廣大社會小股東的利益。

7. Reasonableness of investment pricing. The reasonable explanation of the investment price for investors is also an important aspect that companies need to pay attention to when entering the capital market and becoming public companies. Its original intention is mainly to prevent the transfer of controlling shareholder interests from infringing on the interests of small shareholders in society.

另外，公司主營業(yè)務發(fā)展的資金需求。根據(jù)公司業(yè)務轉型升級及業(yè)務方向的調整而需要的資金分配，可能需對目標公司的子公司、關聯(lián)公司進行股權重組，可能牽涉到公司的股權結構的調整。

In addition, the funding needs for the development of the company's main business. According to the company's business transformation and upgrading, as well as the adjustment of business direction, the allocation of funds may require equity restructuring of the target company's subsidiaries and affiliated companies, which may involve adjustments to the company's equity structure.