员工通过持股平台，间接持有目标公司的股权。

Employees indirectly hold equity in the target company through the stock holding platform.

实际操作中，一般先通过“股权激励六定法”确定员工在目标公司的持股比例，然后再搭建持股平台，将激励对象装入持股平台中。

In practical operation, the employee's shareholding ratio in the target company is generally determined through the "six fixed methods of equity incentives", and then a shareholding platform is built to include the incentive objects in the shareholding platform.

本文详细解读如何把激励对象装入持股平台中，包括持股平台的搭建和持股比例如何换算。

This article provides a detailed explanation of how to incorporate incentive targets into a shareholding platform, including the construction of the platform and how to convert shareholding ratios.

持股平台搭建

Building a shareholding platform

实例拆解

Example disassembly

01 理清公司现有架构

01 Clarify the existing structure of the company

理清公司现有机构，是规划整体架构的第一步，也是搭建持股平台工作中基础工作之一，需要借助图形工具绘出股权架构：

Clarifying the existing structure of the company is the first step in planning the overall structure and one of the fundamental tasks in building a shareholding platform. It requires the use of graphic tools to draw the equity structure:

02 确定持股对象

02 Determine the shareholding object

确定持股对象是一项系统性的工作，需要完成定对象、定价格、定比例、定模式、定考核、定退出的工作。

Determining the target of shareholding is a systematic task that requires completing the work of determining the target, price, proportion, mode, assessment, and exit.

通过运用“股权激励六步法”完成“六定”的工作，为下一步搭建持股平台做准备。

By using the "Six Step Method of Equity Incentives" to complete the "Six Determinations" work, we are preparing for the next step of building a shareholding platform.

03 设立持股平台

03 Establish a shareholding platform

设立一家有限合伙企业，实际控制人作为普通合伙人（GP），各激励对象作为有限合伙人（LP），将持股平台搭建起来。

Establish a limited partnership enterprise, with the actual controller as the general partner (GP) and each incentive target as the limited partner (LP), to build a shareholding platform.

04 换算持股比例

04 Conversion of Shareholding Proportion

在设立持股平台过程中，需要将激励对象在目标公司持有的股权，换算为在持股平台的财产份额，用到的换算公式为：

In the process of establishing a shareholding platform, it is necessary to convert the equity held by the incentive object in the target company into property shares on the shareholding platform. The conversion formula used is:

激励对象在持股平台的持有比例=激励对象在目标公司的持股比例/持股平台在目标公司的总比例。

The proportion of shares held by the incentive object on the equity platform=the proportion of shares held by the incentive object in the target company/the total proportion of shares held by the equity platform in the target company.

05 持股平台嫁接目标公司

05 Shareholding Platform Grafting Target Company

把搭建好的持股平台嫁接到目标公司中，根据股权来源，嫁接的途径为股权转让或增资扩股。

Grafting the established shareholding platform onto the target company, based on the source of equity, through equity transfer or capital increase and expansion.

如果股权来源于大股东转让，则用股权转让的方式，大股东将股权转让予持股平台。

If the equity is transferred by the major shareholder, it will be transferred to the holding platform through equity transfer.

如果股权来源于增资扩股，则由持股平台认购新股，其他股东的股权同比例稀释。

If the equity comes from capital increase and share expansion, the new shares will be subscribed by the holding platform, and the equity of other shareholders will be diluted proportionally.

至此，激励对象-持股平台-目标公司化零为整，在架构调整中，公司原有的单一股权结构得到优化。

At this point, the incentive object - shareholding platform - target company has been transformed into a whole, and in the structural adjustment, the original single equity structure of the company has been optimized.

同时，在持股平台中，即使随着不断增资扩股创始股东的股权比例被稀释，其作为GP仍能够有效掌握公司的控制权。

At the same time, in the shareholding platform, even if the equity ratio of the founding shareholders is diluted with continuous capital increase and expansion, as a GP, they can still effectively control the company.

最后强调，在搭建有限合伙企业形式的持股平台时，不一定由创始人直接担任GP，也可以由创始人设立一家有限责任公司担任GP，能够在一定程度上隔离GP的无限连带责任。

Finally, it should be emphasized that when building a shareholding platform in the form of a limited partnership enterprise, it is not necessary for the founder to directly serve as the GP. The founder can also establish a limited liability company to serve as the GP, which can to some extent isolate the unlimited joint and several liability of the GP.

以上内容，是搭建持股平台的底层逻辑，掌握原理，融会贯通，举一反三。

The above content is the underlying logic of building a shareholding platform, mastering the principles, integrating them, and drawing analogies.

在股权架构设计中，最重要的是处理好四个问题：合、分、进、退。

In the design of equity structure, the most important thing is to handle four issues: merger, division, advance, and retreat.

合：合得好

Hehe: Well done

合伙人怎么选，如何找准合伙人？

How to choose partners and find the right ones?

分：分得清

Divide: Clearly distinguish

如何分股、分工、分权、分利？

How to divide shares, divide labor, delegate power, and distribute profits?

进：进得来

Entering: It's possible to enter

搭什么样的架构？铺什么样的路？

What kind of architecture should be built? What kind of road should be paved?

退：出得去

Retreat: Can go out

如何打破僵局，退出有序，不留后患？

How to break the deadlock, exit in an orderly manner, and avoid future troubles?