01有限合伙企业

01 Limited Partnership Enterprise

有限合伙企业与普通合伙企业的不同之处在于，除了“普通合伙人”之外，合伙人中还包括“有限合伙人”。有限合伙人制度源于英美法系，“普通合伙人”的英语为general partner，简称"GP"。“有限合伙人”的英语为limited partner简称“LP”。在合伙企业中，普通合伙人(GP)对合伙企业债务承担无限连带责任，有限合伙人(LP)则对合伙企业之债务承担有限责任。在有限合伙企业中，股东不是直接拟设立的核心公司，而是先有股东搭建有限合伙企业作为持股平台，再由持股平台间接持有核心公司。

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金字塔架构

02 Pyramid Architecture

金字塔股权架构是指公司实际控制人通过间接持股形成一个金字塔式的控制链，从而实现对该公司的控制。在这种方式中，公司控制权人控制第一层公司。第一层公司再控制第二层公司，依此类推，通过多个层次的公司控制链条以较少的出资额取得对目标公司的终控制权。金字塔架构是一种形象的说法，就是多层级，多链条的集团控制结构。

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 final 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委托投票权

03 Delegated Voting Rights

委托投票权(proxyvoting)是指股东在股东大会召开之前已经在某些问题上进行了投票或把投票权转让给出席股东大会的其他人来行使。我国《公司法》第一百零六条规定:“股东可以委托代理人出席股东大会会议，代理人应当向公司提交股东授权委托书，并在投权范围内行使表决权。“

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."“

04一致行动人协议

04 Consensus Action Agreement

"一致行动人“概念起源于英国《城市法典》，该法典将"一致行动人”界定为包括根据正式或非正式的协议或默契，积极的进行合作，通过其中任何人取得目标公司股份以获得或巩固对目标公司控制权的人。我国《公司法》规定，实际控制人，是指虽不是公司的股东，但通过投资关系、协议或者其他安排，能够实际支配公司的人。由此可见，即使不是公司股东通过协议安排，也可能成为实际控制人。

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.

《上市公司收购管理办法》将“一致行动”定义为，投资者通过协议、其他安排，与其他投资者共同扩大其所能够支配的一个上市公司股份表决权数量的行为或者事实。

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

公司章程被称为“公司宪法”，是股东间合作的高行为准则，在公司内部具有高法律地位。但目前在实践中，很少有企业家对公司章程给予足够的重视。

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

06优先股

06 Preferred Stock

将在海外市场日趋成熟的证券品种优先股引入了我国，虽然仅为试点，但也是中国资本市场具有里程碑意义的大事件。优先股是指依照《公司法》，在一般规定的普通种类股份之外，另行规定的其他种类股份，其股份持有人优先于普通股股东分配公司利润和剩余财产，但参与公司决策管理等权利受到限制。通俗地说，优先股股东以放弃部分表决权为代价，换取了优于普通股股东分配公司利润和剩余财产的权利。

The introduction of preferred stocks, which are increasingly mature in overseas markets, into China is a milestone event in the Chinese capital market, although it is only a pilot project. 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

通常公司的股权结构为一元制，即所有股票都是同股同权、一股一票。但在英美法系下的类别股份制度里存在二元制股权结构(又称AB股结构)即管理层试图以少量资本控制整个公司，因此将公司股票分高、低两种投票权，高投票权的股票每股具有N票(多为10票)的投票权，称为B类股，主要由管理层持有;低投票权由一般股东特有，1股只有1票甚至没有投票权，称为A类股。作为补偿，B股股票一般流通性较差，一旦流通出售，即从B类股转为A类股。

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.