今天偶然看了下人人网上市的新闻，发现其老板持有20%多的股票却拥有50%的投票权，看了一眼招股说明书，原来明白了，他是持有B类普通股，但是看了下DESCRIPTION OF SHARE CAPITAL这一节，关于股权的转换和投票权的描述，发现神奇了，这段描述的原文是：


Conversion.
Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. All Class B ordinary shares beneficially owned by a holder and such holder’s affiliates will automatically convert into the same number of Class A ordinary shares if the holder and its affiliates collectively own less than 50% of the total shares held by them immediately upon the completion of this offering. In addition, upon any transfer of Class B ordinary shares by a holder to any person or entity which is not over 50% owned by, or is not a direct family member of, the original holder, such Class B ordinary shares shall be automatically and immediately converted into an equal number of Class A ordinary shares. Furthermore, if a holder of the Class B ordinary shares transfers Class B ordinary shares to any entities in which the original holder owns over 50% but less than 100%, the number of Class B ordinary shares equal to the product of (X) the total number of Class B ordinary shares so transferred; and (Y) the difference between 100% and the percentage of ownership held by the original holder in the transferee shall be automatically and immediately converted into an equal number of Class A ordinary share.

我理解是股东及其一致行动人如果总计持股低于50%，其持有的B类普通股将立刻转换为等量的A类普通股。问题是陈持有了才20多的股票，而考虑到整体的股权结构，如果第一大股东SB Pan不是陈的一致行动人，陈根本凑不出50%+的股权。（因为第二大机构股东占股约7%，如果下图的那29.6%的人和陈是一致行动人的话，SB Pan就不足50%+的股权的，SB Pan就不会有B类股了，而结果是SB Pan也有B类股）。大家帮忙看下招股说明书，看看我的理解对么？




招股说明书的地址：
http://ipo.nasdaq.com/ViewFiling_frames.asp?filename=0001193125-11-099693%2Etxt&filepath=%5C2011%5C04%5C15%5C