兼顾“传富”与“掌权”，上市公司“试水”股权信托

Core Viewpoint - The article discusses the increasing trend of Chinese listed companies utilizing equity trusts to balance wealth inheritance ("传富") and control ("掌权") as family businesses face challenges in wealth transfer due to internal conflicts and division [1][2]. Group 1: Equity Trust Implementation - Many listed companies have started to incorporate equity into trusts to achieve a balance between wealth transfer and control, as seen in the cases of Puyang Huicheng and 361 Degrees, where significant portions of shares were transferred into family trusts [3][4]. - The introduction of the "Notice on the Registration of Equity Trust Property" by Beijing in April 2023 has clarified the registration requirements and processes for equity trusts, leading to increased recognition and acceptance of this method [3][7]. Group 2: Structural Advantages - The "family trust + limited partnership" model has emerged as a mainstream approach, allowing for the separation of ownership, control, and income rights, thus ensuring stable governance and facilitating intergenerational wealth transfer [5][6]. - This model enables founders to retain control while placing equity into trusts, which can dynamically adjust according to family needs and external conditions, thus enhancing governance stability [5][6]. Group 3: Challenges and Considerations - Despite the potential benefits, the establishment of equity trusts faces challenges, including regulatory hurdles, the need for clear decision-making authority, and tax compliance issues [8][9]. - The lack of a unified registration system for equity trusts and the complexity of tax implications are significant barriers to the widespread adoption of equity trusts in China [7][9].