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娃哈哈离岸家族信托迷局:被提款背后,“股权信托”门道多
Di Yi Cai Jing·2025-07-22 13:49

Core Viewpoint - The ongoing legal dispute involving the Wahaha Group's offshore family trust has raised significant attention regarding the structure and funding sources of such trusts, particularly in the context of family wealth management and asset protection [1][5][10]. Group 1: Legal Dispute and Trust Structure - The lawsuit initiated by Zong Jichang, Zong Jieli, and Zong Jisheng against Zong Fuli centers on the alleged misappropriation of $1.1 million from a trust-controlled SPV company, with a total of $2.1 billion (approximately 150 billion RMB) promised to be deposited in a HSBC account [1][5]. - The current balance of the HSBC account is reported to be around $1.8 billion, indicating a shortfall of $300 million from the promised trust equity [1][10]. - The case is set for a hearing in the Hong Kong High Court on August 1, 2025, where a decision will be announced [3][4]. Group 2: Trust Types and Implications - Experts suggest that the offshore family trust may be a type of equity trust, where the trust assets consist of shares in offshore companies, which serve as special purpose vehicles (SPVs) [2][5]. - The complexity of equity trusts can lead to potential conflicts if the board of the SPV remains under the control of the grantor or their family members, allowing for unauthorized withdrawals that may contradict the grantor's intentions [2][8]. - The distinction between cash trusts and equity trusts is significant, with cash trusts requiring trustee approval for fund movements, thereby providing better asset protection compared to equity trusts [7][8]. Group 3: Funding Sources and Compliance - The source of the $1.8 billion in the offshore family trust has come under scrutiny, with concerns regarding the legality and compliance of the funds' movement out of China [10][12]. - There are questions about how cash has accumulated in the trust, with possibilities including dividends from offshore companies or cash injections from the grantor's business operations [11][12]. - The regulatory framework governing the outflow of funds from non-listed companies in China is stringent, necessitating compliance with foreign exchange regulations and potential approvals from relevant authorities [12][13].