娃哈哈离岸家族信托迷局：被提款背后，“股权信托”门道多

Core Viewpoint - The ongoing legal dispute involving Wahaha Group's chairman, Zong Fuli, and her half-siblings over a family trust established by their father, Zong Qinghou, has raised significant attention on offshore family trusts and their complexities [1][4]. Group 1: Legal Dispute and Trust Structure - Zong Fuli is being sued by her half-siblings for allegedly transferring $1.1 million from a trust-controlled account, which they claim is a sign of asset transfer [1][7]. - The trust in question reportedly holds $2.1 billion in offshore assets, with an account balance of approximately $1.8 billion as of early 2024, indicating a shortfall of $300 million [1][14]. - The case is set for a hearing on August 1, 2025, in the Hong Kong High Court, where a decision will be announced [4][6]. Group 2: Trust Mechanisms and Implications - The trust is likely a share trust, with the underlying assets being shares in offshore companies, which complicates the governance and control mechanisms [2][9]. - If the board of the Special Purpose Vehicle (SPV) remains under the control of the grantor or their family, it may lead to unauthorized withdrawals that contradict the trust's intended purpose [2][11]. - The distinction between cash trusts and share trusts is significant, as cash trusts require trustee approval for fund movement, while share trusts may allow for more direct control by family members [11][12]. Group 3: Financial Aspects and Compliance - The source of the $1.8 billion in the trust account raises questions about compliance with foreign exchange regulations, especially since Wahaha is not a publicly listed company [15][16]. - There are concerns regarding the legitimacy of the cash flow into the trust, as it must adhere to strict regulatory requirements for outbound funds [16][17]. - The potential for cash accumulation in the trust could stem from dividends or investment returns from the offshore companies controlled by the trust [15].