投票权委托的模式

The mode of delegation of voting rights

投票权委托”就是公司部分股东通过协议约定，将其投票权委托给其他特定股东（如创始股东）行使。根据京东的招股书，在京东发行上市前，京东有11家投资人将其投票权委托给了刘强东行使。刘强东持股20%左右却通过老虎基金、高瓴资本、今日资本以及腾讯等投资人的投票权委托掌控了京东上市前过半数的投票权。

Voting rights delegation refers to some shareholders of a company entrusting their voting rights to other specific shareholders (such as founding shareholders) through an agreement. According to JD's prospectus, before JD went public, 11 investors entrusted their voting rights to Liu Qiangdong. Liu Qiangdong holds about 20% of the shares, but he has controlled more than half of the voting rights of JD.com before its listing through the delegation of voting rights from investors such as Tiger Fund, Hillhouse Capital, Today Capital, and Tencent.

一致行动人协议

Consensus Action Agreement

一致行动人”即通过协议约定，某些股东就特定事项采取一致行动。意见不一致时，某些股东跟随一致行动人投票。比如，创始股东之间、创始股东和投资人之前就可以通过签署一致行动人协议加大创始股东的投票权权重。一致行动协议内容通常体现为一致行动人同意在其作为公司股东期间，在行使提案权、表决权等股东权利时做出相同的意思表示，以其中某方意见作为一致行动的意见，以巩固该方在公司中的控制地位。比如说最近打的比较热闹的宝万之争。

The "concerted action person" refers to the agreement that certain shareholders take concerted action on specific matters. When there is disagreement, some shareholders follow the unanimous action to vote. For example, the voting rights of founding shareholders can be increased by signing a concerted action agreement between the founding shareholders and the investors beforehand. The content of a concerted action agreement usually reflects the agreement of the concerted action parties to make the same expression of intention when exercising shareholder rights such as proposal and voting rights during their tenure as shareholders of the company, and to use the opinion of one party as the opinion of the concerted action, in order to consolidate that party's controlling position in the company. For example, the recent lively Baowan dispute.

通过有限合伙持股

Holding shares through limited partnerships

有限合伙企业在中国是一种比较新的企业形式，有限合伙企业的合伙人分为普通合伙人（俗称管理合伙人或GP）和有限合伙人（LP）。普通合伙人执行合伙事务，承担管理职能，而有限合伙人只是作为出资方，不参与企业管理。所以，可以让股东不直接持有公司股权，而是把股东都放在一个有限合伙里面，让这个有限合伙持有公司股权，这样股东就间接持有公司股权。

Limited partnership enterprises are a relatively new form of enterprise in China, with partners divided into general partners (commonly known as management partners or GP) and limited partners (LP). General partners carry out partnership affairs and assume management functions, while limited partners only act as contributors and do not participate in enterprise management. So, shareholders can be placed in a limited partnership instead of directly holding company equity, allowing this limited partnership to hold company equity indirectly.

同时，让创始人或其名下公司担任GP，控制整个有限合伙，然后通过这个有限合伙持有和控制公司的部分股权。除创始人之外的其他股东，只能是有限合伙的LP，只享有经济收益而不参与有限合伙日常管理决策，也就不能通过有限合伙控制公司。有人专门研究发现，

At the same time, let the founder or his affiliated company serve as a GP, controlling the entire limited partnership, and then holding and controlling a portion of the company's equity through this limited partnership. Except for the founder, other shareholders can only be LP members of a limited partnership, who only enjoy economic benefits and do not participate in the daily management decisions of the limited partnership, and therefore cannot control the company through the limited partnership. Someone specialized in research has found that,