Core Concept - The recent inheritance dispute involving Wahaha's Zong Fuli has brought trust into the spotlight, highlighting its applications beyond family wealth transfer [1][4] Trust Overview - Trust is fundamentally a contractual relationship where the settlor entrusts assets to a trustee for the benefit of beneficiaries [2] - Key features of trust include wealth transfer, risk isolation, asset protection, and privacy protection, leading to various practical applications such as offshore trusts for family inheritance, equity incentives, charity, and other special purposes [4] Equity Incentive Trust - Equity incentive trusts, also known as employee equity incentive trusts or Employee Benefit Trusts (EBT), involve a company as the settlor entrusting equity or cash to a trustee for managing and distributing to designated employees [5][7] - Commonly used by companies planning to go public, these trusts serve as holding platforms in offshore structures [7] Advantages of Equity Incentive Trusts - Centralized Management: Trusts help avoid the dilution of control by centralizing equity management, allowing the company to retain voting rights while employees only hold rights to benefits [7] - Cost-Effective and Flexible: Trusts allow for easy adjustments to employee equity allocations without the need for formal business changes, thus controlling management costs [8] - Risk Isolation: Trusts protect both the company and employees by ensuring that equity held in trust is not included in the company's liquidation assets in case of debt disputes or bankruptcy [9] Types of Equity Incentive Trusts - For companies planning to go public, establishing equity incentive trusts is often linked to tax planning and foreign exchange management [10] - For companies already listed, especially in Hong Kong, trusts are primarily used for stock repurchase purposes [10] Stock Repurchase via Trusts - Prior to June 11, 2024, Hong Kong's market did not allow companies to hold repurchased shares as treasury stock, leading many to use trusts for repurchase and subsequent employee incentives [11] - This method allows companies to bypass certain regulatory restrictions and maintain liquidity in their shares while binding employee interests [11] Implementation Process - The establishment of an equity incentive trust typically involves several steps, including KYC research and document drafting, with a usual timeframe of 1-2 months [14] - Companies like Pop Mart have successfully implemented equity incentive trusts post-IPO, utilizing RSUs as incentive tools with a structured vesting schedule [16] Continuous Improvement - The process of establishing equity incentive trusts is evolving with market regulations, and companies are encouraged to adapt and refine their approaches to enhance incentive effectiveness and attract top talent [18]
信托，在股权激励中能发挥什么作用？
3 6 Ke·2025-07-31 00:30