三、股权设计的关键比例
3、 Key proportions of equity design
（一）持股67%有绝对控制权
（1） 67% shareholding with absolute control
规定：修改公司章程、增资、减资、合并、分立、解散等重大事项，需要获得2/3以上票数通过，这也就是为什么持股67%有绝对控制权。占比2/3能够通过股东大会决议，有权修改公司章程、增资扩股等重大事项。
Regulations: Major matters such as modifying the company's articles of association, capital increase, capital reduction, merger, division, dissolution, etc. require approval by more than two-thirds of the votes, which is why holding 67% of the shares has absolute control. 2/3 of the shares can pass the resolution of the shareholders' meeting and have the right to modify the company's articles of association, increase capital and shares, and other major matters.
由于公司章程是能够约束股东权利和义务重要契约，因此67%的重要性可想而知。对于创始人来说，这个比例是非常重要的关口，因为创始人要确保话语权，才能带领公司走得更远。虽然随着公司对外扩展，需要多轮融资，股份比例亦会随之而下降，但67%的重要性在初创企业时期非常重要。
Due to the fact that the company's articles of association are the most important contract that can bind the rights and obligations of shareholders, the importance of 67% can be imagined. For founders, this ratio is a very important threshold, as founders need to ensure their voice in order to lead the company further. Although as the company expands externally and requires multiple rounds of financing, the proportion of shares will also decrease, the importance of 67% is very important during the start-up period.
（二）持股51%有相对控制权
（2） 51% shareholding with relative control
股东大会作出决议，须经出席会议的股东所持表决权的过半数通过，这个规定只适用于股份有限公司，不适用于有限责任公司。对于有限责任公司，《公司法》并没有规定，股东可通过章程自行约定，而不存在所谓的持股51%有相对控制权。
A resolution made by the shareholders' meeting must be passed by a majority of the voting rights held by the attending shareholders. This provision only applies to limited liability companies and not limited liability companies. For limited liability companies, the Company Law does not provide that shareholders can agree on their own through the articles of association, and there is no so-called 51% shareholding with relative control.
占比51%以上的股东通过股东大会决议，可以对公司重大决策进行表决和控制：比如制定董事会和高管的薪酬，以及股权激励等。因为只要低于50%或以下，潜在的风险随之而来。这里有一个典型的例子，两股东开始的时候是各占50%股份，后来引入第三方股东出让10%股份，原始股东各稀释了5%。随着经营问题，原始股东开始发生矛盾，后能够话事的，反而是第三方股东。因为只要他选择站哪一边，那一边股份份额就会超过50%。
More than 51% of shareholders can vote and control major decisions of the company through resolutions of the shareholders' meeting, such as setting compensation for the board of directors and executives, and equity incentives. Because as long as it is below 50% or less, potential risks come with it. Here is a typical example, where two shareholders initially each held 50% of the shares, but later introduced third-party shareholders to sell 10% of the shares, resulting in a dilution of 5% for each original shareholder. With operational issues, conflicts began to arise among the original shareholders, and in the end, it was the third-party shareholders who could speak up. Because as long as he chooses which side to stand on, the share of that side will exceed 50%.
（三）持股34%有否决权
（3） 34% shareholding with veto power
这条是和持股67%有绝对控制权相对应的，超过34%也就意味着具有公司决策的否决权。与绝对控制线相对，2/3以上表决权通过关于公司生死存亡的事宜，那么如果其中一个股东持有超过2/3的股权，另一方就无法达到2/3以上表决权，那么那些生死存亡的事宜就无法通过，这样就控制了生命线，因而表述为安全控制权。
This corresponds to having absolute control over a 67% stake, and over 34% means having veto power over company decisions. Compared to the absolute control line, if more than 2/3 of the voting rights are passed on matters related to the company's life and death, then if one shareholder holds more than 2/3 of the equity, the other party cannot achieve more than 2/3 of the voting rights, and those matters related to life and death cannot be passed, thus controlling the lifeline and thus expressing as safe control rights.
（四）10%的临时会议权
（4） 10% of temporary meeting rights
对于股份有限公司和有限责任公司的规定不同。对于有限责任公司，《公司法》第39条规定，10%以上表决权的股东可以提议召开临时股东会会议，这里的10%是表决权不是股权。对于股份有限公司，《公司法》第100条规定，持股10%以上的股东可以提议召开临时股东大会，这里是持股10%不是10%的表决权。对于实行AB股、超级AB股的公司，持股10%和10%的表决权差别是非常大的，如果公司未约定按出资比例行使表决权，则此比例无实际意义。
The regulations for joint stock limited companies and limited liability companies are different. For limited liability companies, Article 39 of the Company Law stipulates that shareholders with more than 10% voting rights can propose to convene an extraordinary shareholders' meeting, where 10% represents voting rights rather than equity. For a joint stock limited company, Article 100 of the Company Law stipulates that shareholders holding more than 10% of the shares can propose to convene an extraordinary shareholders' meeting, where 10% of the shares are held instead of 10% of the voting rights. For companies that implement AB shares or super AB shares, the difference in voting rights between 10% and 10% is very significant. If the company does not agree to exercise voting rights according to the proportion of investment, this ratio has no practical significance.
同时10%是申请解散公司的重要比例。《公司法》第182条规定，10%表决权的股东可以向法院申请解散公司。这里是10%的表决权同样不是持股10%，如果公司未约定按出资比例行使表决权，则此比例无实际意义。
At the same time, 10% is an important proportion for applying for dissolution of the company. Article 182 of the Company Law stipulates that shareholders with 10% voting rights can apply to the court for dissolution of the company. Here is a 10% voting right, which is also not a 10% shareholding. If the company does not agree to exercise voting rights according to the proportion of investment, this proportion has no practical significance.
（五）持股5%的受监管线
（5） Supervised pipeline holding 5% stake
这条只适用于上市公司，持有上市公司股票达到5%之后需要进行信息披露，受到比较多的监管。
This only applies to listed companies, and information disclosure is required after holding 5% of the listed company's shares, which is subject to more regulation.
（六）持股3%的临时提案权
（6） Temporary proposal rights with a 3% stake
《公司法》102条，持股3%以上的股东可以提出临时提案。但是对采用AB股的公司而言是不起作用的。
Article 102 of the Company Law stipulates that shareholders holding more than 3% of the shares may submit temporary proposals. But it does not work for companies that adopt AB shares.
（七）持股1%的代位诉讼权
（7） 1% stake in subrogation litigation rights
《公司法》151条规定，股份有限公司连续180天持股1%以上的股东，如果发现董监高违法给公司造成损失的，可要求董事或监事起诉他们，如果董事或监事不起诉，股东可以自己起诉。而有限责任公司没有持股比例要求，只要是股东，就算持股0.001%也有这样的权力。
Article 151 of the Company Law stipulates that shareholders of a joint stock limited company who hold more than 1% of their shares for 180 consecutive days may request directors or supervisors to sue them if they find that the directors, supervisors, and senior executives have violated the law and caused losses to the company. If the directors or supervisors do not sue, shareholders may sue themselves. However, limited liability companies do not require a shareholding ratio, as long as they are shareholders, even if they hold 0.001% of the shares, they still have the right to do so.
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