大家都知道，數字背后是權力，在公司治理與股權結構當中，那些看似平淡的百分比，其實暗流洶涌。每向上跨越一個數字門檻，你可能就不再是“簡單的股東”——你可能是決策者、阻斷者、警告者，甚至可能是顛覆者。

　　Everyone knows that behind numbers lies power, and in corporate governance and equity structure, seemingly ordinary percentages are actually surging with hidden currents. Every time you cross a numerical threshold upwards, you may no longer be a 'simple shareholder' - you may be a decision-maker, blocker, warning, or even a disruptor.

　　尤其在未設置“同股不同權”的公司中，股權比例直接決定了你的話語權分量。有人說，這叫“數字獨裁”，但我們更愿意稱之為——股權生命線。

　　Especially in companies that do not have a "same share, different rights" policy, the proportion of equity directly determines the weight of your discourse power. Some people say this is called 'digital dictatorship', but we prefer to call it - the lifeline of equity.

　　今天，山東股章就為大家系統梳理股權架構中最關鍵的9條比例線。它們不只是數字，更是你參與公司治理的“入場券”和“武器庫”。67%：絕對控制線——你就是公司的“立法者”

　　Today, Shandong Stock Chapter will systematically sort out the 9 most critical proportion lines in the equity structure for everyone. They are not just numbers, but also your "ticket" and "arsenal" for participating in corporate governance. 67%: Absolute control line - you are the 'legislator' of the company

　　一旦某位股東持股達到67%（即超過三分之二），恭喜你，幾乎擁有了“至高權力”。你可以修改公司章程、決定公司合并、分立、變更主營業務……這些重大決策，沒有你的同意，都無法通過。點評：很多創業者早期不注意控制這一比例，融資幾輪后才發現自己掉下了絕對控制線，屆時再想挽回，往往代價巨大。

　　Once a shareholder holds 67% of the shares (i.e. more than two-thirds), congratulations, you almost have 'supreme power'. You can modify the company's articles of association, decide on mergers, divisions, and changes to the main business... These major decisions cannot be passed without your consent. Comment: Many entrepreneurs do not pay attention to controlling this proportion in the early stages, and only realize after several rounds of financing that they have fallen below the absolute control line. If they want to recover at that time, the cost is often huge.

　　51%：相對控制線——常規決策，你說了算

　　51%: Relative control line - routine decision, you are the the final say

　　持股51%，意味著你在普通決議中已經握有主導權。雖然不能單方面決定所有大事，但公司的日常經營、一般性投資、預算制定等，幾乎由你掌控。注意：很多人誤以為“51% = 絕對控制”，其實不然。像修改章程、解散清算等重大事項，仍需三分之二以上同意。

　　Holding 51% of the shares means that you already hold the dominant position in ordinary resolutions. Although you cannot unilaterally decide all major matters, you have almost complete control over the daily operations, general investments, budget formulation, and other aspects of the company. Note: Many people mistakenly believe that "51%=absolute control", but this is not the case. Major matters such as amending the articles of association, dissolution and liquidation still require the consent of more than two-thirds.

　　34%：安全控制線——關鍵時刻，你一票能否決

　　34%: Safety control line - at critical moments, can you decide with one vote or not

　　擁有34%的股權，某種意義上，你成了“關鍵少數”。因為重大事項需三分之二以上通過，你持股超過三分之一，就意味著任何重大決策沒有你同意都無法推行。這叫“一票否決權”。造句：“你可以不通過，但我可以不同意。” —— 這是防守型控制的經典表述。

　　Having 34% equity, in a sense, you have become a 'key minority'. Because major matters require more than two-thirds approval, if you hold more than one-third of the shares, it means that any major decisions cannot be implemented without your consent. This is called 'veto power'. You may not pass, but I may disagree. "- This is a classic expression of defensive control.

　　30%：上市公司要約收購線——“再買就要發要約了”

　　30%: Tender Offer Line for Listed Companies - 'If you buy again, you have to make a tender offer'

　　如果你投資的是上市公司，一旦持股達到30%，就要格外小心。證券法規定，繼續增持必須向所有股東發出全面要約收購，給小股東一個退出的機會。這是對中小投資者的重要保護機制。

　　If you invest in a listed company, you need to be extra careful once your shareholding reaches 30%. According to the Securities Law, continuing to increase holdings requires issuing a comprehensive tender offer to all shareholders, giving small shareholders an opportunity to exit. This is an important protection mechanism for small and medium-sized investors.

　　20%：重大同業競爭警示線——關聯交易要透明了

　　20%: Warning line for major interbank competition - related party transactions need to be transparent now

　　持股20%以上，你可能被認定為對公司有“重大影響”。此時若你或你關聯方從事與公司相同或相似業務，極易被監管認定為“同業競爭”，甚至引發關聯交易審查。上市公司尤其需注意此類合規風險。

　　If you hold more than 20% of the shares, you may be deemed to have a 'significant impact' on the company. At this point, if you or your affiliates engage in the same or similar business as the company, it is highly likely to be recognized by regulators as "industry competition" and even trigger related party transaction reviews. Listed companies should pay special attention to such compliance risks.

　　10%：臨時會議權——小股東也有“召集權”

　　10%: Temporary Meeting Rights - Small Shareholders also Have "Convening Rights"

　　持股10%以上，你便有權請求召開臨時股東會，并提出質詢、調查、起訴、清算甚至解散公司。這是小股東對抗“失控董事會”的重要工具，關鍵時刻可用來爭取話語權。

　　If you hold more than 10% of the shares, you have the right to request the convening of an extraordinary shareholders' meeting and raise questions, investigate, sue, liquidate or even dissolve the company. This is an important tool for minority shareholders to fight against the "out of control board" and can be used at critical moments to gain a say.

　　5%：重大股權變動警示線——“舉牌”的起點

　　5%: Warning Line for Major Equity Changes - The Starting Point of 'Raising Signs'

　　在A股市場，持股達到5%必須進行披露，俗稱“舉牌”。之后每增減5%，都須再次公告。這是防止惡意收購、保護市場公平的重要規則。

　　In the A-share market, if the shareholding reaches 5%, it must be disclosed, commonly known as "listing". Afterwards, every 5% increase or decrease must be announced again. This is an important rule to prevent malicious takeovers and protect market fairness.

　　3%：臨時提案權——提前開“小會”的權利

　　3%: Temporary proposal right - the right to hold a "small meeting" in advance

　　持股3%以上，你可以在股東大會召開前提交臨時提案，并將其列入會議議程。別小看這個權利——它能讓小股東在正式決策前“插入議題”，影響議程設置。

　　If you hold more than 3% of the shares, you can submit a temporary proposal before the shareholders' meeting and include it on the meeting agenda. Don't underestimate this right - it allows minority shareholders to "insert issues" before formal decision-making and influence agenda setting.

　　1%：代位訴訟權——以小博大的司法武器

　　1%: subrogation right - a judicial weapon of small gains and big gains

　　也叫“派生訴訟權”。當公司利益受損害（如高管違規、大股東掏空公司），而董事會、監事會不愿追究時，持股1%以上的股東有權為了公司的利益，以自己的名義提起訴訟。你可以把它理解為：小股東的“正義之劍”。 山東股章總結與建議股權的本質，不只是分紅權，更是控制權、決策權與博弈權。這些比例生命線，其實是在不同階段、不同角色背景下，股東權利的“開關”。無論是創業者還是投資者，都應清晰了解每一條線背后的意義：

　　Also known as' derivative litigation right '. When the interests of the company are damaged (such as executives violating regulations or major shareholders embezzling the company), and the board of directors and supervisory board are unwilling to pursue it, shareholders holding more than 1% of the shares have the right to file a lawsuit in their own name for the benefit of the company. You can understand it as the 'sword of justice' for minority shareholders. Summary and Suggestions of Shandong Stock Seal: The essence of equity is not only dividend rights, but also control rights, decision-making rights, and game rights. These proportional lifelines are actually the "switches" of shareholder rights in different stages and role backgrounds. Both entrepreneurs and investors should have a clear understanding of the meaning behind each line:

　　對創始人來說，融資過程中需有節奏地釋放股權，謹防失控；

　　For founders, it is important to release equity in a rhythmic manner during the financing process to prevent loss of control;

　　對投資人而言，也要善用這些比例節點設計投資方案，比如要求關鍵否決權或董事會席位；

　　For investors, they should also make good use of these proportion nodes to design investment plans, such as requiring key veto power or board seats;

　　而小股東則可以靈活運用10%、3%、1%等權利工具，避免陷入完全被動的局面。最后提醒一句：這些規則主要基于《公司法》和《證券法》，但在具體應用中，仍應結合公司章程、股東協議等法律文件綜合判斷——股權游戲，從來都不是只有數字那么簡單。注：本文根據最新《公司法》《證券法》及相關司法解釋整理，僅供參考，不構成法律意見。具體操作請咨詢專業稅務師或律師。

　　Small shareholders can flexibly use tools such as 10%, 3%, and 1% to avoid being completely passive. A final reminder: These rules are mainly based on the Company Law and the Securities Law, but in specific applications, they should still be comprehensively judged in conjunction with legal documents such as the company's articles of association and shareholder agreements - equity games are never just about numbers. Note: This article is compiled based on the latest Company Law, Securities Law, and related judicial interpretations for reference only and does not constitute legal opinion. Please consult a professional tax consultant or lawyer for specific operations.

　　看完文章如有幫助，歡迎點贊、收藏、轉發，幫助更多創業者避坑前行。#股權設計 #公司治理 #企業家必讀 #財務知識

　　If reading the article is helpful, please feel free to like, bookmark, or share it to help more entrepreneurs avoid pitfalls and move forward. #Equity Design # Corporate Governance # Essential Reading for Entrepreneurs # Financial Knowledge

　　山東股章結語：股權設計是公司治理的基石無論是初創公司還是成熟企業，股權的分配與管理都深刻影響著公司的穩定與發展。了解這些關鍵比例，不僅有助于創業者科學設置股權結構，也能幫助投資者更好地維護自身權益。

　　Conclusion of Shandong Stock Seal: Equity design is the cornerstone of corporate governance. Whether it is a start-up company or a mature enterprise, the distribution and management of equity have a profound impact on the stability and development of the company. Understanding these key ratios not only helps entrepreneurs scientifically set up their equity structure, but also helps investors better safeguard their own rights and interests.

　　股權不只是數字，更是權力與藝術的結合。真正懂股權的人，才能在商業博弈中笑到最后。注：本文內容僅供參考，不構成法律意見。具體實施請咨詢專業律師或財務顧問，并以最新《公司法》及相關司法解釋為準。

　　Equity is not just numbers, but a combination of power and art. Only those who truly understand equity can laugh to the end in business games. Note: The content of this article is for reference only and does not constitute legal opinion. Please consult a professional lawyer or financial advisor for specific implementation, and follow the latest Company Law and relevant judicial interpretations.

　　本文由   濟南頂層架構設計  友情奉獻.更多有關的知識請點擊  http://www.yunjingwu.com.cn/   真誠的態度.為您提供為全面的服務.更多有關的知識我們將會陸續向大家奉獻.敬請期待.

　　This article is a friendly contribution from the top-level architecture design team in Jinan For more related knowledge, please click http://www.yunjingwu.com.cn/ Sincere attitude To provide you with comprehensive services We will gradually contribute more relevant knowledge to everyone Coming soon.