大家都知道，数字背后是权力，在公司治理与股权结构当中，那些看似平淡的百分比，其实暗流汹涌。每向上跨越一个数字门槛，你可能就不再是“简单的股东”——你可能是决策者、阻断者、警告者，甚至可能是颠覆者。

　　Everyone knows that behind numbers lies power, and in corporate governance and equity structure, seemingly ordinary percentages are actually surging with hidden currents. Every time you cross a numerical threshold upwards, you may no longer be a 'simple shareholder' - you may be a decision-maker, blocker, warning, or even a disruptor.

　　尤其在未设置“同股不同权”的公司中，股权比例直接决定了你的话语权分量。有人说，这叫“数字独裁”，但我们更愿意称之为——股权生命线。

　　Especially in companies that do not have a "same share, different rights" policy, the proportion of equity directly determines the weight of your discourse power. Some people say this is called 'digital dictatorship', but we prefer to call it - the lifeline of equity.

　　今天，山东股章就为大家系统梳理股权架构中最关键的9条比例线。它们不只是数字，更是你参与公司治理的“入场券”和“武器库”。67%：绝对控制线——你就是公司的“立法者”

　　Today, Shandong Stock Chapter will systematically sort out the 9 most critical proportion lines in the equity structure for everyone. They are not just numbers, but also your "ticket" and "arsenal" for participating in corporate governance. 67%: Absolute control line - you are the 'legislator' of the company

　　一旦某位股东持股达到67%（即超过三分之二），恭喜你，几乎拥有了“至高权力”。你可以修改公司章程、决定公司合并、分立、变更主营业务……这些重大决策，没有你的同意，都无法通过。点评：很多创业者早期不注意控制这一比例，融资几轮后才发现自己掉下了绝对控制线，届时再想挽回，往往代价巨大。

　　Once a shareholder holds 67% of the shares (i.e. more than two-thirds), congratulations, you almost have 'supreme power'. You can modify the company's articles of association, decide on mergers, divisions, and changes to the main business... These major decisions cannot be passed without your consent. Comment: Many entrepreneurs do not pay attention to controlling this proportion in the early stages, and only realize after several rounds of financing that they have fallen below the absolute control line. If they want to recover at that time, the cost is often huge.

　　51%：相对控制线——常规决策，你说了算

　　51%: Relative control line - routine decision, you are the the final say

　　持股51%，意味着你在普通决议中已经握有主导权。虽然不能单方面决定所有大事，但公司的日常经营、一般性投资、预算制定等，几乎由你掌控。注意：很多人误以为“51% = 绝对控制”，其实不然。像修改章程、解散清算等重大事项，仍需三分之二以上同意。

　　Holding 51% of the shares means that you already hold the dominant position in ordinary resolutions. Although you cannot unilaterally decide all major matters, you have almost complete control over the daily operations, general investments, budget formulation, and other aspects of the company. Note: Many people mistakenly believe that "51%=absolute control", but this is not the case. Major matters such as amending the articles of association, dissolution and liquidation still require the consent of more than two-thirds.

　　34%：安全控制线——关键时刻，你一票能否决

　　34%: Safety control line - at critical moments, can you decide with one vote or not

　　拥有34%的股权，某种意义上，你成了“关键少数”。因为重大事项需三分之二以上通过，你持股超过三分之一，就意味着任何重大决策没有你同意都无法推行。这叫“一票否决权”。造句：“你可以不通过，但我可以不同意。” —— 这是防守型控制的经典表述。

　　Having 34% equity, in a sense, you have become a 'key minority'. Because major matters require more than two-thirds approval, if you hold more than one-third of the shares, it means that any major decisions cannot be implemented without your consent. This is called 'veto power'. You may not pass, but I may disagree. "- This is a classic expression of defensive control.

　　30%：上市公司要约收购线——“再买就要发要约了”

　　30%: Tender Offer Line for Listed Companies - 'If you buy again, you have to make a tender offer'

　　如果你投资的是上市公司，一旦持股达到30%，就要格外小心。证券法规定，继续增持必须向所有股东发出全面要约收购，给小股东一个退出的机会。这是对中小投资者的重要保护机制。

　　If you invest in a listed company, you need to be extra careful once your shareholding reaches 30%. According to the Securities Law, continuing to increase holdings requires issuing a comprehensive tender offer to all shareholders, giving small shareholders an opportunity to exit. This is an important protection mechanism for small and medium-sized investors.

　　20%：重大同业竞争警示线——关联交易要透明了

　　20%: Warning line for major interbank competition - related party transactions need to be transparent now

　　持股20%以上，你可能被认定为对公司有“重大影响”。此时若你或你关联方从事与公司相同或相似业务，极易被监管认定为“同业竞争”，甚至引发关联交易审查。上市公司尤其需注意此类合规风险。

　　If you hold more than 20% of the shares, you may be deemed to have a 'significant impact' on the company. At this point, if you or your affiliates engage in the same or similar business as the company, it is highly likely to be recognized by regulators as "industry competition" and even trigger related party transaction reviews. Listed companies should pay special attention to such compliance risks.

　　10%：临时会议权——小股东也有“召集权”

　　10%: Temporary Meeting Rights - Small Shareholders also Have "Convening Rights"

　　持股10%以上，你便有权请求召开临时股东会，并提出质询、调查、起诉、清算甚至解散公司。这是小股东对抗“失控董事会”的重要工具，关键时刻可用来争取话语权。

　　If you hold more than 10% of the shares, you have the right to request the convening of an extraordinary shareholders' meeting and raise questions, investigate, sue, liquidate or even dissolve the company. This is an important tool for minority shareholders to fight against the "out of control board" and can be used at critical moments to gain a say.

　　5%：重大股权变动警示线——“举牌”的起点

　　5%: Warning Line for Major Equity Changes - The Starting Point of 'Raising Signs'

　　在A股市场，持股达到5%必须进行披露，俗称“举牌”。之后每增减5%，都须再次公告。这是防止恶意收购、保护市场公平的重要规则。

　　In the A-share market, if the shareholding reaches 5%, it must be disclosed, commonly known as "listing". Afterwards, every 5% increase or decrease must be announced again. This is an important rule to prevent malicious takeovers and protect market fairness.

　　3%：临时提案权——提前开“小会”的权利

　　3%: Temporary proposal right - the right to hold a "small meeting" in advance

　　持股3%以上，你可以在股东大会召开前提交临时提案，并将其列入会议议程。别小看这个权利——它能让小股东在正式决策前“插入议题”，影响议程设置。

　　If you hold more than 3% of the shares, you can submit a temporary proposal before the shareholders' meeting and include it on the meeting agenda. Don't underestimate this right - it allows minority shareholders to "insert issues" before formal decision-making and influence agenda setting.

　　1%：代位诉讼权——以小博大的司法武器

　　1%: subrogation right - a judicial weapon of small gains and big gains

　　也叫“派生诉讼权”。当公司利益受损害（如高管违规、大股东掏空公司），而董事会、监事会不愿追究时，持股1%以上的股东有权为了公司的利益，以自己的名义提起诉讼。你可以把它理解为：小股东的“正义之剑”。 山东股章总结与建议股权的本质，不只是分红权，更是控制权、决策权与博弈权。这些比例生命线，其实是在不同阶段、不同角色背景下，股东权利的“开关”。无论是创业者还是投资者，都应清晰了解每一条线背后的意义：

　　Also known as' derivative litigation right '. When the interests of the company are damaged (such as executives violating regulations or major shareholders embezzling the company), and the board of directors and supervisory board are unwilling to pursue it, shareholders holding more than 1% of the shares have the right to file a lawsuit in their own name for the benefit of the company. You can understand it as the 'sword of justice' for minority shareholders. Summary and Suggestions of Shandong Stock Seal: The essence of equity is not only dividend rights, but also control rights, decision-making rights, and game rights. These proportional lifelines are actually the "switches" of shareholder rights in different stages and role backgrounds. Both entrepreneurs and investors should have a clear understanding of the meaning behind each line:

　　对创始人来说，融资过程中需有节奏地释放股权，谨防失控；

　　For founders, it is important to release equity in a rhythmic manner during the financing process to prevent loss of control;

　　对投资人而言，也要善用这些比例节点设计投资方案，比如要求关键否决权或董事会席位；

　　For investors, they should also make good use of these proportion nodes to design investment plans, such as requiring key veto power or board seats;

　　而小股东则可以灵活运用10%、3%、1%等权利工具，避免陷入完全被动的局面。最后提醒一句：这些规则主要基于《公司法》和《证券法》，但在具体应用中，仍应结合公司章程、股东协议等法律文件综合判断——股权游戏，从来都不是只有数字那么简单。注：本文根据最新《公司法》《证券法》及相关司法解释整理，仅供参考，不构成法律意见。具体操作请咨询专业税务师或律师。

　　Small shareholders can flexibly use tools such as 10%, 3%, and 1% to avoid being completely passive. A final reminder: These rules are mainly based on the Company Law and the Securities Law, but in specific applications, they should still be comprehensively judged in conjunction with legal documents such as the company's articles of association and shareholder agreements - equity games are never just about numbers. Note: This article is compiled based on the latest Company Law, Securities Law, and related judicial interpretations for reference only and does not constitute legal opinion. Please consult a professional tax consultant or lawyer for specific operations.

　　看完文章如有帮助，欢迎点赞、收藏、转发，帮助更多创业者避坑前行。#股权设计 #公司治理 #企业家必读 #财务知识

　　If reading the article is helpful, please feel free to like, bookmark, or share it to help more entrepreneurs avoid pitfalls and move forward. #Equity Design # Corporate Governance # Essential Reading for Entrepreneurs # Financial Knowledge

　　山东股章结语：股权设计是公司治理的基石无论是初创公司还是成熟企业，股权的分配与管理都深刻影响着公司的稳定与发展。了解这些关键比例，不仅有助于创业者科学设置股权结构，也能帮助投资者更好地维护自身权益。

　　Conclusion of Shandong Stock Seal: Equity design is the cornerstone of corporate governance. Whether it is a start-up company or a mature enterprise, the distribution and management of equity have a profound impact on the stability and development of the company. Understanding these key ratios not only helps entrepreneurs scientifically set up their equity structure, but also helps investors better safeguard their own rights and interests.

　　股权不只是数字，更是权力与艺术的结合。真正懂股权的人，才能在商业博弈中笑到最后。注：本文内容仅供参考，不构成法律意见。具体实施请咨询专业律师或财务顾问，并以最新《公司法》及相关司法解释为准。

　　Equity is not just numbers, but a combination of power and art. Only those who truly understand equity can laugh to the end in business games. Note: The content of this article is for reference only and does not constitute legal opinion. Please consult a professional lawyer or financial advisor for specific implementation, and follow the latest Company Law and relevant judicial interpretations.

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