境內企業股權代持問題均是審核部門關注的重點，構成上市審核的法律障礙。簽署股權代持協議后，將會給被代持股份的權屬以及被代持股份對應股東權利的行使帶來不確定性，從而不符合《首發管理辦法》《股轉系統業務規則》《基本標準指引(試行)》《股票上市規則》等規范性文件的相關要求。

The issue of proxy holding of equity in domestic enterprises is a key concern of the review department, which constitutes a legal obstacle to the listing review. After signing the equity proxy agreement, it will bring uncertainty to the ownership of the proxy shares and the exercise of the corresponding shareholder rights of the proxy shares, which does not comply with the relevant requirements of normative documents such as the "Initial Issuance Management Measures", "Stock Transfer System Business Rules", "Basic Standard Guidelines (Trial)", "Stock Listing Rules", etc.

監管機構對山東股權代持問題的審核關注點主要包括以下:

The regulatory authorities' review focus on the issue of Shandong equity proxy holding mainly includes the following:

(1)歷史沿革中歷次股權代持形成的真實原因及合理性，代持關系是否真實。

(1) The true reasons and rationality of the formation of equity proxy holding in the historical evolution, and whether the proxy holding relationship is true.

(2)規范委托持股的過程是否真實、合法、有效，是否存在糾紛或潛在糾紛。

(2) Whether the process of regulating entrusted shareholding is true, legal, and effective, and whether there are disputes or potential disputes.

(3)目前公司股權權屬是否清晰。

(3) Is the ownership of the company's equity clear at present.

清理代持問題，解決難點在于對其形成原因、演變及解除過程(真實性、合法性、徹底性)的確認，確保不存在因此而發生的潛在糾紛。基于此，對股權代持進行核查及清理時可以從以下三個方面進行:

The difficulty in resolving the issue of proxy holding lies in confirming the reasons for its formation, evolution, and dissolution process (authenticity, legality, and thoroughness) to ensure that there are no potential disputes arising from it. Based on this, the verification and clearance of equity holdings can be carried out from the following three aspects:

(1)投清代持原因。詳細披露股權代持發生的原因、股權代持形成和變動的過程以及股權代持確認的依據等。通過與名義股東和實際股東的面讀、對公司共他股東、董事、高級管理人員的訪談，詳細了解股權代持的具體情況，比如股權代持發生的原因、是否答署過股權代持協議、股權對應出資額的微付情況、所代持股權的變動情況、公司歷史上的分紅情況等。要合法有效地將股權代持還原，就必須把股權代持的來龍去脈了解清楚，這是解決代持問題的基礎。

(1) Reasons for submitting to the Qing Dynasty for holding. Detailed disclosure of the reasons for the occurrence of equity proxy holding, the process of formation and changes in equity proxy holding, and the basis for confirming equity proxy holding. Through face-to-face reading with nominal and actual shareholders, as well as interviews with other shareholders, directors, and senior management personnel of the company, a detailed understanding of the specific situation of equity proxy holding can be obtained, such as the reasons for the occurrence of equity proxy holding, whether the equity proxy holding agreement has been signed, the micropayment situation of the corresponding capital contribution, changes in the equity held by the proxy, and the historical dividend situation of the company. To legally and effectively restore equity proxy holding, it is necessary to have a clear understanding of the background of equity proxy holding, which is the foundation for solving the problem of proxy holding.

(2)提出解決方案。股權代持清理的基木方式都是股權轉讓，即名義股東將所代持的股權無對價轉讓給實際股東或實際股東擬要轉讓的受讓人，或者由實際股東將股權轉讓給名義股東或有關聯的第三方，或者將股權轉讓給無關第三方等。

(2) Propose a solution. The fundamental method of equity clearing through proxy holding is equity transfer, which means that the nominal shareholder transfers the equity held without consideration to the actual shareholder or the transferee that the actual shareholder intends to transfer, or the actual shareholder transfers the equity to the nominal shareholder or an affiliated third party, or transfers the equity to an unrelated third party.

除股權轉讓協議和工商變更外，還需要股權轉讓各方就股權代持的相關事宜予以再次書面確認，以避免日后發生股權糾紛。有的案例中由公司針對其設立以來的股權變動、委托持股關系演變等事項，由現全部股東和退出的原股東簽署《訪談記錄》，并確認對所持公司股權形成及變動情況無異議，這種方法也是可以的，在效果上更加徹底。

In addition to the equity transfer agreement and industrial and commercial changes, it is also necessary for all parties involved in the equity transfer to reconfirm in writing the relevant matters related to equity holding, in order to avoid future equity disputes. In some cases, the company has signed an "Interview Record" with all current shareholders and exiting original shareholders regarding changes in equity and the evolution of entrusted shareholding relationships since its establishment, and confirmed that there is no objection to the formation and changes of the company's equity held. This method is also feasible and more thorough in terms of effectiveness.

關于上市的股權代持問題，常見于掌握核心技術的外籍人員通過境內主體代持股權的情形。根據的審核標準和要求，發行人的股東所持股份應當權屬清晰，發行人律師應重點關注該類外籍技術人員及其關聯方的持股情況，從資金來源、決策表決、勞動關系等方面就是否存在股權代持進行核查。若確實存在股權代持，應當建議發行人及時進行清理，采用技術合作、技術獎勵等其他合法、合理的方式，在實現該類外籍人員的利益的同時，確保發行人股東所持股份權屬清晰。

Regarding the issue of equity proxy holding for listing, it is common for foreign personnel with core technology to hold equity through domestic entities. According to the audit standards and requirements, the ownership of the shares held by the shareholders of the issuer should be clear, and the issuer's lawyers should focus on the shareholding situation of such foreign technical personnel and their related parties, and verify whether there is equity proxy holding from aspects such as funding sources, decision-making voting, and labor relations. If there is indeed a proxy holding of equity, it should be recommended that the issuer promptly clean up and adopt other legal and reasonable methods such as technical cooperation and rewards to ensure clear ownership of the shares held by the issuer's shareholders while realizing the interests of such foreign personnel.

(3)由律師發表明確的意見。經過核查后，由律師確認股權代持的合法性，并就股權代持形成、變動和解除的合法性、有效性給出明確的結論性意見。更多相關內容就來我們網站http://m.gzygwz.cn咨詢吧！

(3) A lawyer expresses a clear opinion. After verification, the lawyer confirms the legality of equity proxy holding and provides clear conclusive opinions on the legality and effectiveness of the formation, change, and termination of equity proxy holding. For more related content, come to our website http://m.gzygwz.cn Consult!