本文剖析了私募股权基金原状分配的争议问题，并尝试提出化解路径，为私募股权基金在当下的经济周期中有效退出提供意见 和建议。 作者丨曹承磊 沈晨叶 肖恭晴 引言 《私募投资基金备案指引第2号——私募股权、创业投资基金》第二十八条第二款规定："私募股权基金完成清算，剩余基金财 产可以……经投资者同意，以实物资产方式分配给投资者"[1]，加上证监会启动"私募股权创投基金向投资者实物分配股票"试点 工作[2]，现有政策已经为私募股权基金原状分配提供了路径指引。但由于具体操作规范不明确，加之现实情况纷繁复杂，私募 股权基金在原状分配的过程中依然存在诸多争议。 基于此，笔者梳理了实务中遇到的一些争议问题，并提出相应的化解路径建议，抛砖引玉，供业内人士参考与讨论。 一、关于其他股东的优先购买权 （一）标的公司其他股东是否享有优先购买权 底层资产为有限责任公司（以下简称"标的公司"）股权时，私募股权基金向投资人原状分配时将面临标的公司其他股东是否当 然享有优先购买权的问题。 现行法律法规及监管文件并未对此作出明确规定，实务中存在两种不同观点。一种观点认为原状分配与标准意义上的股权转让 不同，其并非公司法上的股权"买卖"关系，而 ...

Core Viewpoint - The document outlines the legal opinions regarding the acquisition of assets by Anhui Guofeng New Materials Co., Ltd. through the issuance of shares and cash payment, along with the associated fundraising and related party transactions [1][2]. Group 1: Legal Framework and Compliance - The law firm Anhui Tianhe has been appointed to provide legal advice on the transaction, ensuring compliance with relevant laws and regulations such as the Company Law and Securities Law [1][2]. - The firm has issued previous legal opinions and supplementary opinions regarding the transaction, indicating a thorough review process [2][3]. Group 2: Employee Stock Ownership Plan - The document discusses the employee stock ownership platform, Taohu Jinzhang Enterprise Management Consulting Partnership, which has undergone multiple changes in partnership shares, raising questions about the valuation and transfer pricing [3][4]. - The historical performance and valuation of the target assets are scrutinized, particularly regarding the differences in share repurchase prices compared to previous capital increases [4][12]. Group 3: Valuation and Pricing - The valuation for the capital increase in January 2022 was set at 12.031 yuan per share, with a pre-investment valuation of approximately 1 billion yuan [12][13]. - The repurchase price for shares in January 2024 was determined based on the company's financial performance and market conditions, with a total valuation of 600 million yuan [14][15]. Group 4: Transaction Developments - The company has maintained good communication with the transaction counterpart, Su Quan, who decided to withdraw from the transaction due to personal information disclosure concerns, leading to the signing of a termination agreement [16]. - The stock incentive plan is progressing, with the company planning to use repurchased shares for employee incentives, ensuring that the plan remains intact despite the ongoing transactions [17][18]. Group 5: Financial Reporting and Accounting - The document outlines the accounting treatment for share-based payments, confirming that the recognition of share payment expenses is accurate and reasonable according to accounting standards [20][21]. - The total share payment expenses to be recognized over the service period are detailed, indicating a structured approach to financial reporting [21].