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许家印的23亿美元,藏不住了
36氪· 2025-10-10 09:29
以下文章来源于凤凰网财经 ,作者公司研究院 凤凰网财经 . 你好,我们是凤凰网财经,全球华人都在看的财经公众号,传播最有价值的财经报道,你值得关注!欢迎访问:http://finance.ifeng.com/ 信托并非天然避风港。 文 | 凤凰网财经《公司研究院》 来源| 凤凰网财经(ID:finance_ifeng) 封面来源 | IC photo 一直以来,在顶级富豪的世界里,家族信托长久以来被视为财富的"诺亚方舟"和"最后防线"。它像一个结构精密的金融保险箱,理论上可以将个人资产与 企业风险、债务纠纷彻底隔离。 然而,2025年9月,香港高等法院的一纸判决,击碎了许家印精心构建的海外资产"安全屋"。法院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——并纳入接管范围,同时也引发了一场席卷全球的资产追索风暴。 陈丽娅律师还表示,实现"资产隔离"的必要前提:信托的资金来源必须清洁;委托人彻底放弃控制权(不得保留撤销权、投资指令权);受托人必须具备 独立受监管资质,与委托人无利益关联;受益权透明、分配机制合理;信托设立时未处于已知或可预见的债务风险中。若任一条件缺失,法院即可认定信 托名 ...
图解上市公司传承破局:家族信托控股架构与路径拆解(财富与家族系列之四)
Sou Hu Cai Jing· 2025-09-12 12:23
Core Viewpoint - The establishment of family trusts by actual controllers of A-share listed companies faces significant challenges, including high tax burdens, transfer issues, and potential changes in control. However, with careful structural design, these trusts can achieve asset isolation and wealth succession, representing a complex "operating system" for family wealth management [2][3]. Group 1: Challenges in Wealth Succession - The lack of effective wealth succession planning can lead to four major potential harms for listed companies, including negative impacts on stock prices and investor confidence due to unstable control [4][5]. - Family disputes arising from succession failures can severely affect company operations and management, often leading to litigation and potential business dissolution [5][6]. - Risks associated with marriage and asset isolation are critical concerns, especially for the next generation, as marital disputes can threaten family business control [6][8]. Group 2: Successful Family Trust Case Study - The case of Puyang Huicheng illustrates a successful family trust structure that maintains control over the listed company while ensuring wealth transmission and isolation from personal liabilities [12][14]. - The trust structure involves a layered approach with a family trust at the top, followed by a limited partnership, and a holding company, effectively separating control and economic benefits [12][13]. - This design allows the actual controllers to retain decision-making power while transferring significant economic interests to the trust, thus complying with regulatory requirements and avoiding triggering a change in actual control [14][15]. Group 3: Regulatory and Structural Obstacles - Establishing family trusts for listed companies faces six major regulatory challenges, including compliance with securities laws and the need for clear ownership structures during IPOs [15][17]. - Tax planning is crucial in determining the most efficient structure for trust establishment and share injection, aiming to minimize tax burdens while adhering to regulatory frameworks [18]. - The differences in regulatory requirements between A-share and New Third Board companies necessitate tailored approaches for each case, emphasizing the importance of individual analysis [18][19]. Group 4: Advantages and Limitations of Family Trusts - Family trusts offer four key advantages: they provide mechanisms to address unexpected risks, isolate assets from external disputes, facilitate smooth transitions to the next generation, and enable tax-efficient wealth transfer [21][22]. - However, the establishment of a family trust is only the beginning of the succession process, and additional governance and management structures are necessary to ensure long-term stability and effectiveness [22][25]. - The successful management of family wealth requires addressing numerous governance issues, including decision-making processes, succession planning, and conflict resolution among family members [26][28]. Group 5: Conclusion and Future Directions - The establishment of trust structures is a complex endeavor that requires a deep understanding of legal, financial, and family governance dynamics [28][29]. - The real challenge lies in translating legal frameworks into effective governance mechanisms that align family interests with professional management needs [29].
从“管钱”到“管家”:家族信托如何守护家族财富?
Core Viewpoint - The article emphasizes the importance of family trusts as a crucial tool for wealth management and intergenerational wealth transfer in high-net-worth families in China, especially in the context of increasing wealth accumulation and the complexities of wealth succession [1][2][5]. Group 1: Understanding Family Trusts - Family trusts are defined as a legal structure that allows individuals to manage and protect their assets according to their wishes, ensuring compliance, asset isolation, and tax planning [3][4]. - Contrary to the belief that family trusts are exclusive to the ultra-wealthy, they can be tailored for families with varying asset scales, starting from as little as 1 million yuan [3][4]. Group 2: Growth and Adoption - The adoption of family trusts in China has seen significant growth, with the number of family trust clients at Shanghai Trust increasing from 1,200 to 12,000 in three years, marking a tenfold increase [4]. - This growth reflects a shift in focus from short-term gains to long-term wealth preservation among families [5]. Group 3: Functions and Benefits - Family trusts serve multiple functions, including risk isolation, asset protection, and structured wealth transfer, particularly in complex family dynamics [6][7]. - They provide legal independence and long-term stability, effectively safeguarding assets from marital disputes, debt issues, or inheritance conflicts [4][7]. Group 4: Planning for the Future - Family trusts allow for proactive planning, enabling clients to set specific conditions for wealth distribution, such as educational milestones or age thresholds for beneficiaries [8][11]. - In the context of an aging population, family trusts are increasingly seen as essential for ensuring the financial security of dependents and managing wealth transitions [13][14]. Group 5: Professional Management - The complexity of modern family wealth necessitates professional management, as family assets now often include diverse forms such as equity, intellectual property, and cross-border assets [14]. - Family offices, like Shanghai Trust's family management office, provide comprehensive support for family trusts, integrating legal, tax, investment, and governance expertise [9][10].