股权是多种股东权利的集合体，包括投票权、分红权、知情权、经营决策权、选举权、优先受让权、优先认购权、转让权等。增强企业股权与公司治理的合规性，合理股权结构包括如下几部分：

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. 创始人/实质控制人及其家族持股，注重的是控制权，决策公司的发展方向，在早期股权中必须考虑到创始人控制权，且设置相对比例较高的股权，可以是合伙人平均持股比例的2-4倍，即60-80%；融资轮次中创始人股权不断稀释、但仍需要在上市前的持股比例保持30%以上，以保证实际控制人的稳定性。

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.

实际控制人可以采取两种方式持股相结合，自然人直接持股和控股平台间接持股。自然人直接持股架构比较清晰，自然人直接持股比控股平台持股税费要低。

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.

实际控制人出于个人资金需求、满足后续股权重组资金需求等而需要通过股权转让方式变现。而实际控制人套现通常需注意的是应满足相关法律法规关于股权/股份锁定的要求、套现的路径及套现时点和套现后仍保持对公司的控制力等。

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/联合创始人作为创始人的追随者，基于合伙理念价值观必须是高度一致。合伙人作为公司的所有者之一，在公司有一定的参与权和话语权。早期可考虑设置8%-15%股权进行分配。

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. 核心员工（管理层）。管理层更看重分红权，核心员工在公司高速发展阶段起到至关重要的作用，在早期做股权架构设计的时候需要把这部分股权预留出来。无论是证监会还是投资机构，都非常看重拟上市公司高管团队的质量和稳定性。公司管理层持股也是我们通常所说的高管持股平台或者员工持股平台，此种方式通常用合伙企业的方式进行管理，通常建议初次预留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. 新合伙人的预留。前期预先准备充足的股权份额，在吸引人才的时候才有优势。可预留5%有实际控制人代持股。

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. 投资人。投资人追求高净值回报，对于优质项目他们的诉求是快速进入和快速退出，所以在一定程度上说，投资人要求的优先清算权和优先认购权是非常合理的诉求。投资者建议持股比例为5%-15%（需要大量融资的高科技企业例外）。引入投资者，不仅是为了缓解上市前的资金难题，更为重要的是提升公司的资本运作能力。引入投资者与保持控制权需求需要找到平衡点。

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. 多轮融资的安排。公司从创立之初至天使轮、A轮、B轮直至上市前的PRE-IPO的融资均会稀释创始股东的股比，为保持创始股东的控股权、对公司的控制及保持公司的实际控制人地位的持续稳定性的要求，需要提设计好股权结构，并做好投资的定价和融资的预估。

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. 投资定价的合理性。对于投资方入资价格的合理性解释也是公司进入资本市场而成为公众公司需要关注的一个重要方面，其初衷主要是防止控股股东利益输送侵害广大社会小股东的利益。

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，公司主营业务发展的资金需求。根据公司业务转型升级及业务方向的调整而需要的资金分配，可能需对目标公司的子公司、关联公司进行股权重组，可能牵涉到公司的股权结构的调整。

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.