完整早报音频，请点击标题下方小耳机收听 【许家印家族信托 "防火墙"被击穿，法律穿透信托屏障】 2017 年 3 月 28 日，许家印在香港参加了中国恒大 2016 年的业绩说明会。到了 2025 年 9 月 16 日，香港高等法院对恒大创始人许家印的家族信托案作出了历史性 判决，不仅授权清盘人接管许家印名下资产，还将其通过离岸家族信托持有的财产一并纳入接管范围。这一裁决明 确宣示： 当信托被用来规避债务人责任、欺诈债权人时，"资产隔离"的防火墙将被法律彻底击穿。此举冻结了许家 印可能高达 50 亿美元的海 外资产 （包括23亿美元的单一家庭信托、许家印前妻丁玉梅在英国坐拥的33套伦敦豪 宅等等） ，打破了长期以来一些人对"海外信托绝对安全"的幻想。 （中国慈善家） 【 2025 年诺贝尔文学奖揭晓】 瑞典文学院宣布，将 2025 年诺贝尔文学奖授予匈牙利作家 László Krasznahorkai ，"以表彰他引人入胜且富有远见的作品，在世界末日的恐怖中，再次证明了艺术的力量"。 1954 年 1 月 5 日，拉斯洛·卡撒兹纳霍凯生于匈牙利久洛。 1985 年发表处女作《撒旦的探戈》，为他带来巨大的声 誉 ...

Group 1 - The largest beverage company in China is avoiding going public due to complex overseas control structures and personal information disclosure requirements for founders and executives [1][5] - The company's shareholding structure is intricate, with various subsidiaries controlling different products, leading to a convoluted ownership model [3] - The company utilizes an overseas trust to manage its domestic operations, with a trust fund currently valued at $1.8 billion, equivalent to approximately HKD 16 billion, indicating that financial constraints are not the primary reason for not going public [5] Group 2 - The company was not solely founded by its current leaders; it has significant state ownership and an employee stock ownership plan, resulting in a tripartite power structure [7] - The potential public listing would expose the overseas holding structure, which could damage the personal image of the ethnic entrepreneur behind the company [5][7]

Core Viewpoint - The recent court ruling declaring a domestic family trust "invalid" has sparked significant discussion in the wealth management sector regarding the asset protection capabilities of family trusts, highlighting that the safety of trusts is not determined by their geographical location but by the legality of the assets and the professionalism of their structure [1][2][4]. Group 1: Domestic Family Trusts - The case involving the family trust of an individual named Cui, which was ruled invalid by the court, was primarily due to the illegal source of the assets involved, as Cui was convicted of bribery and fraud [7][12]. - The trust in question was likely not a standard family trust managed by a domestic trust company but rather a private fund lacking risk isolation capabilities [10][11]. - The ruling emphasizes that the effectiveness of a trust relies on the legality of the asset sources and compliance with trust laws, rather than inherent flaws in the domestic trust system [14][15][19]. Group 2: Growth and Safety of Domestic Trusts - The scale of domestic family trusts has rapidly increased, surpassing 5 trillion yuan by the end of 2023, demonstrating their potential for reliable risk isolation when established in compliance with legal standards [17]. - Key safety features of compliant domestic trusts include asset independence from the grantor's liabilities and protection of marital property through pre-marital trust establishment [17][18]. - The security of domestic trusts fundamentally depends on adherence to legal regulations and the separation of ownership, management, and beneficiary rights [19]. Group 3: International Trusts and Risks - High-profile cases, such as that of Zhang Lan's offshore trust, illustrate that international trusts are not inherently safer than domestic ones, as they can also be subject to legal challenges and asset claims [20][23][40]. - Zhang Lan's case revealed that retaining control over trust assets can lead to the trust being deemed ineffective, emphasizing the importance of proper trust structure and compliance with legal requirements [35][39]. - The complexities of international trusts can lead to hidden risks, including tax compliance issues and legal conflicts across jurisdictions, which can complicate asset management and increase costs [48][49]. Group 4: Trust Structure and Design - The safety of both domestic and international trusts hinges on three core principles: the legality of the assets, the professionalism of the trust structure, and the alignment with family needs [50][72]. - Trusts must ensure complete transfer of ownership to the trustee, clear beneficiary rights, and the selection of qualified trustees to mitigate risks [53][66]. - Trust structures should be adaptable to changing family circumstances and legal environments, allowing for necessary adjustments to maintain effectiveness [55][67]. Group 5: Common Misconceptions - There is a prevalent misconception that offshore trusts serve solely as tax evasion tools; however, recent regulations have significantly reduced their effectiveness in this regard [60][61]. - Trusts require ongoing management and oversight, contrary to the belief that they can be set up and forgotten [62][63]. - The size of the trust does not correlate with its safety; rather, the design and compliance of the trust structure are critical [65].