在A股資本市場(chǎng)上，無(wú)論是早期的德隆系，還是現(xiàn)在的明天系、中“一致行動(dòng)”對(duì)植系、安邦系、潮汕系，以及其他資本運(yùn)作集團(tuán)或產(chǎn)業(yè)投行，“一致行動(dòng)”的表現(xiàn)形于維持整個(gè)資本集團(tuán)的控制權(quán)起到了至關(guān)重要的作用。式或明或暗、手法多端，且?guī)в泻軓?qiáng)的隱蔽性，是增強(qiáng)股東控制權(quán)的重要杠桿

In the Chinese A-share capital market, whether it was the early Delong series, or the current Tomorrow series, the "concerted action" played a crucial role in maintaining control over the entire capital group, as well as other capital operation groups or industrial investment banks, such as the Chiba series, Anbang series, Chaoshan series, and other capital operation groups. The use of various methods, whether explicit or covert, with strong concealment, is an important lever for enhancing shareholder control

2.5.1 一致行動(dòng)協(xié)議的三個(gè)適用場(chǎng)景

2.5.1 Three Applicable Scenarios of the Consensus Action Protocol

(1)一般情形。針對(duì)股東會(huì)的表決事項(xiàng)，為了能夠達(dá)成預(yù)期目的，各個(gè)-致行動(dòng)人抱團(tuán)一致對(duì)外，或者在未達(dá)成一致意見(jiàn)時(shí)，由持股比例大的股東代表一致行動(dòng)人表決意見(jiàn)。

(1) General situation. Regarding the voting matters at the shareholders' meeting, in order to achieve the expected purpose, all parties involved in the action shall unite in a group to vote externally, or in the absence of consensus, the shareholder with the largest shareholding proportion shall represent the parties involved in the action to vote unanimously.

(2)非上市公司引人新股東的情形。非上市公司通過(guò)增資擴(kuò)股或者老股轉(zhuǎn)讓引人新股東后，原有大股東為了能夠保持對(duì)公司的控制權(quán)，有時(shí)會(huì)要求新加人的股東與其保持一致行動(dòng)。

(2) The situation where non listed companies attract new shareholders. After non listed companies attract new shareholders through capital increase and share expansion or transfer of old shares, the original major shareholders sometimes require the newly added shareholders to act in concert with them in order to maintain control over the company.

(3)上市公司的一致行動(dòng)人情形。上市公司部分股東簽署一致行動(dòng)人協(xié)議后，相當(dāng)于在公司股東會(huì)之外又建立了一個(gè)有法律保障的“小股東會(huì)”。常見(jiàn)情形包括:上市公司原有股東形成一致行動(dòng)鑄就控制權(quán)壁壘、外部潛伏的股東為了爭(zhēng)奪控制權(quán)或黑衣騎士舉牌行為、通過(guò)馬甲賬戶躲避信息披露形成“抽屜一致行動(dòng)”關(guān)系等。針對(duì)這種日益復(fù)雜的一致行動(dòng)關(guān)系可能帶來(lái)的負(fù)面影響，相關(guān)監(jiān)管部門(mén)甚至都開(kāi)始動(dòng)用“大數(shù)據(jù)”來(lái)徹查這些體外的一致行動(dòng)股東關(guān)系。

(3) The situation of the concerted action personnel of the listed company. After some shareholders of a listed company sign a unanimous action agreement, it is equivalent to establishing a legally protected "minority shareholders' meeting" outside the company's shareholders' meeting. Common situations include: the original shareholders of a listed company forming a concerted action to create control barriers, external hidden shareholders raising cards to compete for control or black knight behavior, and the formation of a "drawer concerted action" relationship through a vest account to avoid information disclosure. In response to the potential negative impact of this increasingly complex concerted action relationship, relevant regulatory authorities have even begun to use "big data" to thoroughly investigate these external concerted action shareholder relationships.

2.5.2一致行動(dòng)的四個(gè)關(guān)鍵要素

2.5.2 Four key elements of concerted action

“一致行動(dòng)”一般包括四個(gè)基本點(diǎn):

The concept of 'concerted action' generally includes four basic points:

(1)采取“一致行動(dòng)”的法律依據(jù)是協(xié)議、合作、關(guān)聯(lián)方關(guān)系等合法方式;(2)采取“一致行動(dòng)”的手段是行使目標(biāo)公司的表決權(quán)，各個(gè)股東擁有的表決權(quán)將合并計(jì)算;

(1) The legal basis for taking "concerted action" is through legal means such as agreements, cooperation, and related party relationships; (2) The means of taking "concerted action" is to exercise the voting rights of the target company, and the voting rights owned by each shareholder will be consolidated and calculated;

(3)采取“一致行動(dòng)”的方式是采取相同的意思表示，并且約定如果出現(xiàn)各方意思不一致的情況時(shí)，以某一方的意思作為共同的意思;

(3) The method of taking "concerted action" is to adopt the same expression of intention and agree that in the event of inconsistency between the parties, the intention of one party shall be taken as the common intention;

(4)采取“一致行動(dòng)”的目的是擴(kuò)大其對(duì)目標(biāo)公司股份的控制比例，或者鞏固其對(duì)目標(biāo)公司的控制地位。因此，主導(dǎo)簽署一致行動(dòng)協(xié)議的股東不一定都是公司的控股股東，也有可能是公司的小股東。

(4) The purpose of taking "concerted action" is to expand its control over the target company's shares or consolidate its control position over the target company. Therefore, the shareholders who lead the signing of the unanimous action agreement may not necessarily be the controlling shareholders of the company, but may also be minority shareholders of the company.