Core Viewpoint - The design of trust plans for IPOs on the Hong Kong Stock Exchange (HKEX) focuses on achieving employee incentives, maintaining control stability, and tax planning, requiring compliance, effectiveness, and management efficiency [2][6]. Common Types of IPO Trust Plans - Employee Stock Ownership Plan (ESOP Trust) is primarily aimed at employee incentives [2]. - Control Trust is designed to ensure that the controlling shareholder retains voting rights post-IPO, particularly relevant for family businesses or founding teams [2]. Design Process of IPO Trust Plans - Initial Planning: Define the purpose and type of trust [2]. - Selection of Trustee: Compliance and qualification requirements are stringent, necessitating the choice of licensed trust companies [2]. - Design of Trust Terms: Key elements must be clearly defined in the trust deed, including the injection of equity/cash into the trust and the distribution of rights to employees [2][4]. Key Points of IPO Trust Plans - Compliance: Adherence to legal and listing rules is critical [4]. - Purpose Realization: Ensuring that the trust functions effectively to meet its goals [4]. - Trustee Qualification and Independence: The trustee's role is a key trust element [4]. - Adequate Information Disclosure: Transparency is essential to alleviate investor concerns [4]. - Tax Planning: Optimizing tax burdens while ensuring compliance [4]. Compliance Review - Legal and listing rules must be aligned during the compliance review process [3][4]. Trust Establishment and Registration - The establishment of the trust and the registration of assets must be completed in accordance with legal requirements [3][4]. Post-IPO Management - Continuous compliance and information disclosure are necessary after the IPO [3][4]. Case References - An example of an ESOP Trust involved a technology company where 10% of equity was injected into the trust for core employees, with a vesting period of three years and performance conditions tied to revenue growth [7]. - A Control Trust example involved a family business where 51% of equity was placed in trust, with voting rights exercised per the founder's written instructions, ensuring control stability [7].

1. 前期规划：明确目标与边界 2. 选择独立受托人 受托人是信托的核心角色，需满足独立性、专业性、资质要求： 一、员工持股信托的核心定位与常见模式 员工持股信托是公司通过信托方式，将股票或现金委托给独立受托人，由受托人代为持有并管理，最终分配给符合条件的员工 （如全职员工、管理层、核心技术人员）。港交所常见的模式包括： 二、设计流程详解 在港交所IPO中，员工持股信托（Employee Share Ownership Trust, ESOP Trust）是企业常用的长期激励工具，旨在绑定员工 与公司利益、保留核心人才并优化股权结构。其设计需兼顾合规性、员工权益、税务效率及控制权稳定性，以下是具体设计流 程及核心要点的详细解析： 3. 方案设计：关键条款与结构搭建 方案设计是ESOP信托的核心，需重点明确以下内容： 直接持股型：信托直接持有公司股票，员工通过信托间接持有公司股权； 现金池型：信托持有现金，根据员工行权指令购买公司股票，适合分期授予的场景； 混合模式：结合股票与现金，灵活满足不同员工的激励需求。 目标设定：梳理激励目的（如人才保留、业绩驱动、文化认同），确定激励范围（如覆盖层级、部门、地域）。 ...