在股权设计实务中，经常会有“股权九条生命线”的说法，对于未经过系统学习公司法的企业家们，都会觉得“不明觉厉”，争相学习。但并不知道这些生命线对于有限公司与股份有限公司，上市公司与挂牌公司、普通公司未作区别，不能区别情况，以至于曲解。本文即给大家做一下绝对控制线、相对控制线、安全控制线的详细注解，让大家知其然，也知其所以然。

　　In the practice of equity design, there is often a saying of "nine lifelines of equity", which makes entrepreneurs who have not undergone systematic study of company law feel "ignorant and eager to learn. But it is not known that these lifelines do not distinguish between limited companies and joint-stock limited companies, listed companies and listed companies, and ordinary companies, and cannot distinguish situations, resulting in misinterpretation. This article provides detailed annotations on absolute control lines, relative control lines, and safety control lines to help everyone understand their nature and reasons.

　　股权九条生命线

　　Nine Lifelines of Equity

　　绝对控制线——67%

　　Absolute control line -67%

　　【释义】一些重大事项的如公司的股本变化，关于公司的增减资，修改公司章程/分立、合并、变更主营项目等重大决策，需要2/3以上票数支持的。

　　Major decisions such as changes in the company's share capital, capital increase or decrease, modification of the company's articles of association/division, merger, change of main business projects, etc., require the support of more than 2/3 of the votes.

　　【法律依据】《中华人民共和国公司法》第四十三条第二款股东会会议作出修改公司章程、增加或者减少注册资本的决议，以及公司合并、分立、解散或者变更公司形式的决议，必须经代表三分之二以上表决权的股东通过。第一百零三条第二款但书股东大会作出修改公司章程、增加或者减少注册资本的决议，以及公司合并、分立、解散或者变更公司形式的决议，必须经出席会议的股东所持表决权的三分之二以上通过。

　　[Legal Basis] Article 43, Paragraph 2 of the Company Law of the People's Republic of China: Resolutions made by the shareholders' meeting to amend the company's articles of association, increase or decrease registered capital, as well as resolutions to merge, split, dissolve or change the company's form, must be passed by shareholders representing more than two-thirds of the voting rights. Article 103, Paragraph 2: The resolution of the shareholders' meeting to amend the articles of association, increase or decrease the registered capital, as well as the resolution of the company's merger, division, dissolution or change of corporate form, must be passed by more than two-thirds of the voting rights held by the shareholders present at the meeting.

　　【提示】1、绝对控制既适用于有限责任公司的股东会，也适用于股份有限公司的股东大会，二者相比较而言，股东大会要求的是出席会议的三分之二以上表决权通过，并不要求股份有限公司的股东一定要占比三分之二以上。2、三分之二含本数，也就是说，绝对控制线为67%不确切，三分之二以上也可以是66.7%、66.67%等。3、《公司法》第四十二条有但书陷阱，即公司章程可以约定股东会是否按照出资比例行使表决权。如果约定为否，67%的绝对控制线也就失去了相应的意义。

　　【 Tip 】 1. Absolute control applies to both the shareholders' meeting of a limited liability company and the shareholders' meeting of a joint stock limited company. In comparison, the shareholders' meeting requires the approval of more than two-thirds of the voting rights present at the meeting, and does not require the shareholders of the joint stock limited company to account for more than two-thirds. 2. Two thirds includes the original number, which means that the absolute control line of 67% is not accurate, and more than two-thirds can also be 66.7%, 66.67%, etc. 3. Article 42 of the Company Law has a clause trap, which means that the company's articles of association may stipulate whether the shareholders' meeting shall exercise voting rights in proportion to their respective contributions. If the agreement is no, the 67% absolute control line will lose its corresponding meaning.

　　相对控制线——51%

　　Relative control line -51%

　　【释义】一些简单事项的决策、聘请独立董事，选举董事、董事长、聘请审议机构，聘请会计师事务所，聘请/解聘总经理。如果公司要上市、经过2-3次稀释后，还可以控制公司。

　　Decision making on some simple matters, hiring independent directors, electing directors and chairman, hiring review bodies, hiring accounting firms, hiring/dismissing general managers. If the company is going public and undergoes 2-3 dilutions, it can still be controlled.

　　【法律依据】《中华人民共和国公司法》第一百零三条第二款前半段股东大会作出决议，必须经出席会议的股东所持表决权过半数通过。【提示】1、公司法仅有股份有限公司中的过半数表决条款。换言之，对于有限责任公司而言，公司法并未明确规定股东会普通决议的程序，而是让股东们自行通过章程确定。2、有限责任公司在自由约定时务必把握好“过半数”与“半数以上”、“二分之一以上”的区别，过半数不包含50%，而后两者包含50%。章程中必须避免出现“半数以上”、“二分之一以上”的约定，否则可能造成出现股东会决议矛盾。3、同时，自由约定时还需明确说明是“股东人数过半数”还是“股东所持表决权过半数”，两种不同的局面也不需过多解释。

　　[Legal Basis] Article 103 (2) of the Company Law of the People's Republic of China stipulates that a resolution made by the shareholders' meeting must be passed by a majority of the voting rights held by the attending shareholders. 【 Tip 】 1. The Company Law only includes provisions for a majority vote in a limited liability company. In other words, for limited liability companies, the Company Law does not explicitly stipulate the procedure for ordinary resolutions of the shareholders' meeting, but rather allows shareholders to determine through the articles of association themselves. 2. A limited liability company must grasp the difference between "more than half" and "more than half" or "more than half" when making free agreements. More than half does not include 50%, while the latter two include 50%. The provisions of "more than half" and "more than half" must be avoided in the articles of association, otherwise it may cause conflicts in the resolutions of the shareholders' meeting. 3. At the same time, when making free agreements, it is necessary to clearly state whether it is "more than half of the shareholders" or "more than half of the voting rights held by shareholders", and the two different situations do not require too much explanation.

　　安全控制线——34%

　　Safety control line -34%

　　【释义】股东持股量在1/3以上，而且没有其股东的股份与他冲突，叫否决性控股，具有一票否决权。

　　[Definition] If a shareholder holds more than one-third of the shares and there is no conflict between their shares and theirs, it is called veto control, which has one veto power.

　　【法律依据】同“绝对控制线”法律依据。

　　The legal basis is the same as the "absolute control line" legal basis.

　　【提示】1、与绝对控制线相对，三分之二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三分之一的股权，那么另一方就无法达到三分之二以上表决权，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。2、但是，所谓一票否决只是相对于生死存亡的事宜，对其他仅需过半数以上通过的事宜，无法否决。3、同理，33.4%、33.34%等均可作为“安全控制线”。

　　【 Tip 】 1. In contrast to the absolute control line, if more than two-thirds of the voting rights are passed on matters related to the life and death of the company, then if one shareholder holds more than one-third of the equity, the other party cannot reach more than two-thirds of the voting rights, and those matters related to life and death cannot be passed, thus controlling the lifeline and expressing it as safety control. 2. However, the so-called one vote veto is only relative to matters of life and death, and cannot veto other matters that only require a majority of votes. 3. Similarly, 33.4%, 33.34%, etc. can be used as "safety control lines".

　　上市公司要约收购线——30%

　　Tender Offer Line for Listed Companies -30%

　　【释义】通过证券交易所的证券交易，收购人持有一个上市公司的股份达到该公司已发行股份的30%时，继续增持股份的，应当采取要约方式进行，发出全面要约或者部分要约。

　　When the acquirer holds 30% of the issued shares of a listed company through securities trading on the stock exchange and continues to increase its holdings, it shall make a general or partial offer through a tender offer.

　　【法律依据】《中华人民共和国证券法》第八十八条第一款 通过证券交易所的证券交易，投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的股份达到百分之三十时，继续进行收购的，应当依法向该上市公司所有股东发出收购上市公司全部或者部分股份的要约。

　　[Legal Basis] Article 88, Paragraph 1 of the Securities Law of the People's Republic of China: If an investor, through securities trading on a stock exchange, holds or jointly holds 30% of the issued shares of a listed company with others through an agreement or other arrangement, and continues to make an acquisition, an offer to acquire all or part of the shares of the listed company shall be issued to all shareholders of the listed company in accordance with the law.

　　【提示】1、很显然，本条线适用于特定条件下的上市公司股权收购，不适用于有限责任公司和未上市的股份有限公司。2、收购上市公司有协议收购和要约收购两种方式，后者更加市场化。与协议收购相比，要约收购要经过较多的环节，操作程序比较繁杂，收购方的收购成本较高。3、收购要约的期限届满，收购人持有的被收购上市公司的股份数达到该公司已发行的股份总数的百分之七十五以上的，该上市公司的股票应当在证券交易所终止上市。

　　【 Tip 】 1. Obviously, this line is applicable to equity acquisitions of listed companies under specific conditions and does not apply to limited liability companies and unlisted joint-stock limited companies. 2. There are two methods for acquiring listed companies: agreement based acquisition and tender offer, with the latter being more market-oriented. Compared with agreement based acquisition, tender offer requires more steps, complex operating procedures, and higher acquisition costs for the acquirer. 3. If the deadline for the tender offer expires and the number of shares held by the acquirer in the acquired listed company reaches 75% or more of the total issued shares of the company, the shares of the listed company shall be delisted from the stock exchange.

　　重大同业竞争警示线——20%

　　Major industry competition warning line -20%

　　【法律依据】无！

　　[Legal Basis] None!

　　【提示】1、本条线没有任何法律依据，现实意义不大。2、同业竞争是指上市公司所从事的业务与其控股股东或实际控制人或控股股东所控制的其他企业所从事的业务相同或近似，双方构成或可能构成直接或间接的竞争关系。2、我国学者一般认为，关联企业特指一个股份公司通过20%以上股权关系或重大债权关系所能控制或者对其经营决策施加重大影响的任何企业，是以会出现20%是重大同业竞争警示线的说法。

　　【 Tip 】 1. This line has no legal basis and has little practical significance. 2. Interbank competition refers to the direct or indirect competitive relationship between a listed company and its controlling shareholder, actual controller, or other enterprises controlled by the controlling shareholder, where the business they engage in is the same or similar. 2. Chinese scholars generally believe that affiliated enterprises refer to any enterprise that a joint-stock company can control or exert significant influence on its business decisions through more than 20% equity or major debt relationships, and the statement that 20% is a major warning line for inter industry competition.

　　临时会议权——10%

　　Temporary meeting rights -10%

　　【释义】可提出质询/调查/起诉/清算/解散公司。

　　[Definition] May raise inquiries/investigations/lawsuits/liquidate/dissolve the company.

　　【法律依据】《中华人民共和国公司法》第三十九条第二款后半段代表十分之一以上表决权的股东，三分之一以上的董事，监事会或者不设监事会的公司的监事提议召开临时会议的，应当召开临时会议。第四十条第三款 董事会或者执行董事不能履行或者不履行召集股东会会议职责的，由监事会或者不设监事会的公司的监事召集和主持；监事会或者监事不召集和主持的，代表十分之一以上表决权的股东可以自行召集和主持。第一百条第三项 股东大会应当每年召开一次年会。有下列情形之一的，应当在两个月内召开临时股东大会：（三）单独或者合计持有公司百分之十以上股份的股东请求时。第一百一十条第二款前半段 代表十分之一以上表决权的股东、三分之一以上董事或者监事会，可以提议召开董事会临时会议。《最高人民法院关于适用《中华人民共和国公司法》若干问题的规定（二）》第一条第一款单独或者合计持有公司全部股东表决权百分之十以上的股东，以下列事由之一提起解散公司诉讼，并符合公司法第一百八十二条规定的，人民法院应予受理。

　　[Legal Basis] If shareholders representing more than one tenth of the voting rights, directors representing more than one-third, the board of supervisors, or supervisors of a company without a board of supervisors propose to convene an extraordinary meeting, an extraordinary meeting shall be convened. Article 40, Paragraph 3: If the board of directors or the executive director is unable or fails to perform the duty of convening a shareholders' meeting, the supervisory board or the supervisor of the company without a supervisory board shall convene and preside over the meeting; If the supervisory board or supervisors do not convene and preside over the meeting, shareholders representing more than one tenth of the voting rights may convene and preside over the meeting on their own. Article 100, Paragraph 3: The shareholders' meeting shall convene an annual meeting once a year. In any of the following circumstances, an extraordinary general meeting of shareholders shall be convened within two months: (3) when shareholders who individually or collectively hold more than 10% of the company's shares request it. Shareholders representing more than one tenth of the voting rights, one-third or more of the directors, or the supervisory board in the first half of the second paragraph of Article 110 may propose to convene an extraordinary meeting of the board of directors. Article 1, Paragraph 1 of the "Provisions of the Supreme People's Court on Several Issues Concerning the Application of the Company Law of the People's Republic of China (II)" stipulates that if shareholders who individually or collectively hold more than 10% of the voting rights of all shareholders of the company file a lawsuit to dissolve the company for one of the following reasons and comply with Article 182 of the Judicial Yuan, the people's court shall accept it.

　　【提示】1、第三十九、四十条适用于有限责任公司，代表十分之一表决权以上的股东可以提议召开股东会临时会议，在董事和监事均不履行召集股东会职责之时可以自行召集和主持。同理，如果有限责任公司未约定按出资比例行使表决权，10%的临时会议权线根本没有意义。2、第一百、一百一十条适用于股份有限公司，正因为股份公司特别的性质，10%的临时会议权线带有强制性。也就是说，持有10%以上股份的股东可以请求召开临时股东大会，提议召开董事会临时会议。3、公司法司法解释二第一条适用于所有类型的公司，即在公司僵局的情况下10%以上表决权股东的诉讼解散权。

　　【 Tip 】 Articles 39 and 40 apply to limited liability companies. Shareholders representing more than one tenth of the voting rights may propose to convene an extraordinary meeting of the shareholders' meeting. When both directors and supervisors fail to fulfill their duties of convening the shareholders' meeting, they may convene and preside over the meeting on their own. Similarly, if a limited liability company does not agree to exercise voting rights in proportion to its capital contribution, the 10% temporary meeting power line is meaningless. 2. Articles 100 and 110 apply to joint stock limited companies, and precisely because of the special nature of joint stock companies, the 10% temporary meeting power line is mandatory. That is to say, shareholders holding more than 10% of the shares can request the convening of an extraordinary general meeting of shareholders and propose the convening of an extraordinary meeting of the board of directors. 3. Article 1 of Judicial Interpretation II of the Company Law applies to all types of companies, namely the right to dissolve a lawsuit by shareholders with more than 10% of voting rights in the event of a company deadlock.

　　重大股权变动警示线——5%

　　Warning line for significant equity changes -5%

　　【释义】证券法规定达到5%及以上，需披露权益变动书。

　　According to the Securities Law, if the percentage reaches 5% or more, a statement of changes in equity must be disclosed.

　　【法律依据】《中华人民共和国证券法》第六十七条第一款、第二款第八项 发生可能对上市公司股票交易价格产生较大影响的重大事件，投资者尚未得知时，上市公司应当立即将有关该重大事件的情况向国务院证券监督管理机构和证券交易所报送临时报告，并予公告，说明事件的起因、目前的状态和可能产生的法律后果。

　　[Legal Basis] Article 67 (1) and (2) (8) of the Securities Law of the People's Republic of China: If a major event occurs that may have a significant impact on the trading price of a listed company's stock, and investors are not yet aware of it, the listed company shall immediately submit an interim report to the securities regulatory authority under the State Council and the stock exchange, and make an announcement, explaining the cause, current status, and possible legal consequences of the event.

　　下列情况为前款所称重大事件：（八）持有公司百分之五以上股份的股东或者实际控制人，其持有股份或者控制公司的情况发生较大变化。第七十四条第二项 证券交易内幕信息的知情人包括：（二）持有公司百分之五以上股份的股东及其董事、监事、高级管理人员，公司的实际控制人及其董事、监事、高级管理人员。

　　The following situations are referred to as major events in the preceding paragraph: (8) Shareholders or actual controllers holding more than 5% of the company's shares have significant changes in their shareholding or control of the company. Article 74, Paragraph 2: Insiders of insider information in securities trading include: (2) shareholders holding more than 5% of the company's shares and their directors, supervisors, and senior management personnel, as well as the actual controller of the company and its directors, supervisors, and senior management personnel.

　　第八十六条 通过证券交易所的证券交易，投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的股份达到百分之五时，应当在该事实发生之日起三日内，向国务院证券监督管理机构、证券交易所作出书面报告，通知该上市公司，并予公告；在上述期限内，不得再行买卖该上市公司的股票。

　　Article 86: When investors hold or jointly hold 5% of the issued shares of a listed company through agreements or other arrangements through securities trading on a stock exchange, they shall make a written report to the securities regulatory authority of the State Council and the stock exchange within three days from the date of the occurrence of such fact, notify the listed company, and make an announcement; During the above-mentioned period, no further trading of the stocks of the listed company is allowed.

　　投资者持有或者通过协议、其他安排与他人共同持有一个上市公司已发行的股份达到百分之五后，其所持该上市公司已发行的股份比例每增加或者减少百分之五，应当依照前款规定进行报告和公告。在报告期限内和作出报告、公告后二日内，不得再行买卖该上市公司的股票。

　　After investors hold or jointly hold 5% of the issued shares of a listed company with others through agreements or other arrangements, they shall report and announce in accordance with the provisions of the preceding paragraph for every 5% increase or decrease in the proportion of the issued shares of the listed company they hold. Within the reporting period and within two days after the report and announcement are made, no further trading of the stocks of the listed company is allowed.

　　【提示】本条线仅适用于上市公司。从规则角度看，持股低于5%至少有两个好处，一是没有锁定期的约束，二是不需抛头露面，减持也不用披露。

　　[Tip] This line is only applicable to listed companies. From a regulatory perspective, holding less than 5% of shares has at least two benefits: firstly, there is no lock up period constraint, and secondly, there is no need to appear in public or disclose any reduction in holdings.

　　临时提案权——3%

　　Temporary proposal right -3%

　　【释义】单独或者合计持有公司3%以上股份的股东，可以在股东大会召开10日前提出临时提案并书面提交召集人。

　　Shareholders who individually or collectively hold more than 3% of the company's shares may submit an extraordinary proposal in writing to the convener 10 days before the shareholders' meeting.

　　【法律依据】《中华人民共和国公司法》第一百零二条第二款单独或者合计持有公司百分之三以上股份的股东，可以在股东大会召开十日前提出临时提案并书面提交董事会；董事会应当在收到提案后二日内通知其他股东，并将该临时提案提交股东大会审议。临时提案的内容应当属于股东大会职权范围，并有明确议题和具体决议事项。

　　[Legal Basis] Article 102, Paragraph 2 of the Company Law of the People's Republic of China: Shareholders who individually or collectively hold more than 3% of the company's shares may submit an extraordinary proposal in writing to the board of directors ten days before the shareholders' meeting is held; The board of directors shall notify other shareholders within two days after receiving the proposal and submit the temporary proposal to the shareholders' meeting for review. The content of temporary proposals should fall within the scope of the powers of the shareholders' meeting, and have clear agenda items and specific resolution matters.

　　【提示】本条线仅适用于股份有限公司，有限责任公司由于其具备的人合性，没有此类繁杂的程序性规定。

　　【 Tip 】 This line is only applicable to limited liability companies. Due to their human nature, limited liability companies do not have such complex procedural regulations.

　　代位诉讼权——1%

　　Subrogation right -1%

　　【释义】亦称派生诉讼权，可以间接的调查和起诉权（提起监事会或董事会调查）。

　　[Definition] Also known as derivative litigation rights, it can indirectly investigate and sue (initiate investigations by the supervisory board or board of directors).

　　【法律依据】《中华人民共和国公司法》

　　[Legal Basis] Company Law of the People's Republic of China

　　第一百五十一条 董事、高级管理人员有本法第一百四十九条规定的情形的，有限责任公司的股东、股份有限公司连续一百八十日以上单独或者合计持有公司百分之 一以上股份的股东，可以书面请求监事会或者不设监事会的有限责任公司的监事向人民法院提起诉讼；监事有本法第一百四十九条规定的情形的，前述股东可以书面请求董事会或者不设董事会的有限责任公司的执行董事向人民法院提起诉讼。监事会、不设监事会的有限责任公司的监事，或者董事会、执行董事收到前款规定的股东书面请求后拒绝提起诉讼，或者自收到请求之日起三十日内未提起诉讼，或者情况紧急、不立即提起诉讼将会使公司利益受到难以弥补的损害的，前款规定的股东有权为了公司的利益以自己的名义直接向人民法院提起诉讼。

　　Article 151: If directors or senior management personnel fall under the circumstances stipulated in Article 149 of this Law, shareholders of a limited liability company or shareholders of a joint stock limited company who hold more than 1% of the company's shares individually or collectively for more than 180 consecutive days may request in writing to the board of supervisors or the supervisors of a limited liability company without a board of supervisors to file a lawsuit with the people's court; If the supervisor falls under the circumstances stipulated in Article 149 of this Law, the aforementioned shareholders may request in writing the board of directors or the executive director of a limited liability company without a board of directors to file a lawsuit with the people's court. If the board of supervisors, supervisors of a limited liability company without a board of supervisors, or the board of directors or executive directors refuse to file a lawsuit after receiving a written request from a shareholder as stipulated in the preceding paragraph, or fail to file a lawsuit within 30 days from the date of receiving the request, or if the situation is urgent and failure to file a lawsuit immediately would cause irreparable damage to the interests of the company, the shareholder as stipulated in the preceding paragraph has the right to file a lawsuit directly in their own name to the people's court for the benefit of the company.

　　【提示】1、本条线适用于股份有限公司的股东，同时还必须满足持股180日这一条件。有限责任公司没有持股时间和持股比例的限制。2、代为诉讼权发生的前提，通俗来讲，要么是董事、高管违法违章损害公司利益，要么是监事违法违章损害公司利益，如果都有问题，股东则可以直接以自己的名义“代公司的位”直接向法院提起诉讼。

　　【 Tip 】 1. This line is applicable to shareholders of a limited liability company and must also meet the condition of holding shares for 180 days. Limited liability companies have no restrictions on the duration and proportion of shareholding. 2. The premise for the occurrence of the right to sue on behalf of the company, in layman's terms, is that either the director or executive violates laws and regulations and damages the interests of the company, or the supervisor violates laws and regulations and damages the interests of the company. If there are problems with both, shareholders can directly file a lawsuit in their own name on behalf of the company to the court.

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