1.有限合伙持股平台模式

1. Limited partnership shareholding platform model

可将员工激励对象、资源提供方、财务投资人纳入有限合伙企业持股架构，由创始人实际控制的有限责任公司担任该合伙企业的普通合伙人（GP），其余主体作为有限合伙人（LP）。其中有限合伙人仅享有财产收益分配权，不参与被投资目标公司的经营决策。该架构既可隔离创始人所需承担的无限连带责任风险，又可实现表决权的集中归集。例如DeepSeek的股权架构中，梁文锋即通过控制多层持股平台，实现了对杭州深度求索100%表决权的控制。

Employee incentive targets, resource providers, and financial investors can be included in the shareholding structure of a limited partnership enterprise, with the limited liability company actually controlled by the founder serving as the general partner (GP) of the partnership enterprise, and the remaining entities serving as limited partners (LP). Limited partners only have the right to distribute property income and do not participate in the operational decisions of the invested target company. This architecture can both isolate the unlimited joint liability risks that founders need to bear and achieve centralized collection of voting rights. For example, in DeepSeek's equity structure, Liang Wenfeng achieved 100% voting rights control over Hangzhou DeepSeek by controlling multiple shareholding platforms.

需要特别说明的是，在首次公开发行股票并上市过程中，若拟将不同背景的资源提供方、财务投资人整合至同一合伙企业，合伙人数量务必严格控制，否则将因未办理私募基金备案产生合法性问题。此外，不同背景的财务投资人通常无法接受通过该平台进行间接持股。、

It should be noted that in the process of initial public offering and listing of stocks, if it is planned to integrate resource providers and financial investors from different backgrounds into the same partnership enterprise, the number of partners must be strictly controlled, otherwise there will be legitimacy issues due to the failure to handle private fund filing. In addition, financial investors from different backgrounds often cannot accept indirect shareholding through the platform.

2.一致行动协议与投票权委托安排

2. Agreement on concerted action and arrangement of voting rights delegation

该安排适用于联合创始人或早期中小股东持股场景，可将分散持有的表决权归集至创始人一方，无条件按照创始人的意见集中行使表决权。但需关注以下事项：一致行动协议仅具备合同约束力，存在被单方解除及触发违约的风险；若由共同控制人签署一致行动协议，应当在协议中明确约定各方意见产生分歧时的争议解决机制。

This arrangement is applicable to co founders or early small and medium-sized shareholders who hold shares, and can collect the dispersed voting rights to the founder's side, unconditionally exercising the voting rights in a centralized manner according to the founder's opinions. However, it should be noted that the concerted action agreement only has contractual binding force and carries the risk of being unilaterally terminated or triggering a breach; If a concerted action agreement is signed by the joint controllers, a dispute resolution mechanism should be clearly stipulated in the agreement in case of disagreements among the parties.

3.董事会提名权与保护性条款

3. Nomination rights and protective clauses of the board of directors

该方式为控制多数董事提名权，或针对重大事项设置一票否决权，适用的重大事项范围涵盖预算审批、高级管理人员任免、知识产权处置、对外投资等。

This method involves controlling the nomination rights of the majority of directors, or setting up veto power for major issues. The applicable scope of major issues includes budget approval, appointment and removal of senior management personnel, disposal of intellectual property rights, external investment, etc.

4.章程约定事项

4. Matters stipulated in the articles of association

公司章程可对不按照出资比例行使表决权、设置特殊事项否决权、锁定董事提名权等内容作出约定，但相关约定需以合理性为前提；若约定内容构成对股权转让的实质禁止，例如约定“对外转让股权需经全体股东100%同意”，该约定存在被人民法院认定为无效的可能。

The company's articles of association may stipulate provisions on exercising voting rights, setting up veto power for special matters, and locking in director nomination rights based on the proportion of capital contributions, but such provisions must be based on reasonableness; If the agreed content constitutes a substantial prohibition on equity transfer, such as the provision that "100% consent of all shareholders is required for external equity transfer", there is a possibility that this provision may be deemed invalid by the people's court.

控制权设计的核心目标并非“绝对不放权”，而是“由适格主体对应由其决策的事项享有最终决定权”。股权比例仅为外在表现形式，决策节点才是核心实质。

The core goal of control design is not "absolute non delegation of power", but "the ultimate decision-making power of the appropriate subject corresponding to the decisions made by it". The equity ratio is only an external manifestation, and the decision-making nodes are the core essence.