7月16日，香港首富李嘉诚迈出了分家的第一步启幕。

July 16,，The li ka shing Hong Kong's richest man took the first step of partition curtain。

　　长江实业（0001.HK）发言人确认，原本由李泽楷持有Li Ka-Shing Unity Holdings Limited（Unity Holdco）1/3股权转让给李泽钜，令李泽钜持股量增至2/3，余下1/3继续由李嘉诚持有，7月16日生效。

Yangtze river industrial（0001. HK）Spokesman confirmed，By Richard Li Li originally held Ka-Shing Unity Holdings Limited（Unity Holdco）A third equity transfer to LiZe major，Make LiZe major holding to 2/3，The rest of the li ka shing hold a third to continue，Take effect July 16,。

　　而李嘉诚自己持有Unity Holdco的1/3股权，据他早前讲，将大部分注入李嘉诚基金会，两名儿子都会管理基金，但由李泽钜当主席。

But by holding the li ka shing Unity Holdco one-third of equity，According to what he earlier told，Most of the li ka shing foundation will be injected，Two sons will fund management，But by LiZe major when President。

　　Unity Holdco是李嘉诚家族信托架构的最高一层。港交所公开信息显示，Unity Holdco持有共22间上市公司，除“四大”旗舰：长实、和黄（0013.HK）、长江基建（1038.HK）、电能实业（0006.HK）外，还包括TOM集团（2383.HK）、汇贤产业（87001.HK）等。

Unity Holdco family trust structure of the li ka shing is the highest level。Hong Kong exchange open information display，Unity Holdco held between the listed company of 22，In addition to“four”flagship：Cheung kong (holdings) reported、And yellow（0013. HK）、cki（1038. HK）、Electric power industry（0006. HK）outside，Also includes TOM group（2383. HK）、Remit Yin industry（87001. HK）etc。

　　不过，对于李嘉诚庞大的家族信托而言，Unity Holdco只是一部分，李泽楷仍在另一类似的信托架构Li Ka-Shing Castle Holdings Limited（Castle Holdco）中持有权益。Castle Holdco扮演与Unity Holdco类似的角色，通过复式结构持有和黄11,496,000股和和记电讯香港53,280股普通股，李嘉诚、李泽楷和李泽钜各自拥有Castle Holdco全部已发行股本的1/3。

but，For large family in the li ka shing trust，Unity Holdco only part of it，Richard Li tzar-kai remains in a similar trust structure Li Ka-Shing Castle Holdings Limited（Castle Holdco）Held rights。Castle Holdco play and Unity Holdco similar roles，Through the double entry structure holds and yellow 11,496,000 strands and hutchison telecommunications Hong Kong 53,280 shares of common stock，Li ka-shing、Richard li tzar-kai and LiZe major each have all already issued capital Castle Holdco 1/3。

　　以7月20日收盘价计，李嘉诚家族信托所持的22间上市公司市值总计达4390亿港元，其中，李泽钜名下上市资产市值超过2900亿港元。

On July 20, closing price plan，Li ka-shing family trust holdings of the 22 companies listed total market value of hk $439 billion，Among them，LiZe major name listed worth more than 290 billion hk dollar assets。

　　李嘉诚所设计的家族信托，涉及多个信托和受托人，这看似错综复杂的关系，是如何让李家实现轻松转让家族财富的？

The design of the li ka shing family trust，The trust and the trustee involving multiple，This may seem like a complicated relationship，Is how to make the lees realize easily transfer of family wealth？

　简单的地基： The foundations of the simple：

　　委托私人信托公司 Entrust private trust company

　　长江实业的资料，显示了李家家族信托的部分架构。

The Yangtze river industrial material，Show li family trust part of the architecture。

　　第一层关系由两个信托及其对应的受托人组成。李嘉诚设立的两个全权信托The Li Ka-Shing Unity Discretionary Trust（下称“DT1”）和（下称“DT2”） 是其整个信托控股架构的基础。Li Ka-Shing Unity Trustee Corporation Limited（下称“TDT1”）及Li Ka-Shing Unity Trustcorp Limited（下称“TDT2”），分别为DT1和DT2的受托人。DT1及DT2的可能受益人包括李泽钜、其妻子、子女及李泽楷（本报2012年5月3日23版《李嘉诚家族复式信托浮影》曾予解构）。

The first layer by two trust relationship and the corresponding trustee of composition。Li ka-shing two full Trust set up The Li Ka-Shing Unity Discretionary Trust（Said the“DT1”）and（Said the“DT2”） Is the trust the foundation of controlling structure。Li Ka-Shing Unity Trustee Corporation Limited（Said the“TDT1”）And Li Ka-Shing Unity Trustcorp Limited（Said the“TDT2”），DT1 respectively and DT2 trustees。DT1 DT2 and the beneficiary may include LiZe major、His wife、Children and Richard li tzar-kai（Our newspaper on May 3, 2012 23 edition《Li ka-shing family trust of double entry float》Had to deconstruct the）。

　　“设立信托时，可选择独立的信托公司或大型银行的一个分支作为受托人。”卫达仕律师事务所合伙人Patrick Hamlin说，银行分支安全性更高，不过也有客户更偏好小型独立的信托公司。

“When the trust is established，Can choose independent trust company or a branch of the large Banks as the trustee。”Health of shi law firm partners Patrick Hamlin said，Bank branch safety higher，But there are also more preference customers small independent of the trust of the company。

　　不过，这二者都不是李嘉诚的选择，他的受托人是私人信托公司。

but，This both is not the li ka shing choice，He's the agent is a private trust company。

　　“在私人信托公司里，董事一般由信托的设立人自己派顾问担任。”香港一位从事离岸家族信托业务的专业人士向记者解释，除了需要准备董事决议等文件，私人信托公司还需要准备信托相关的文件，这些会提高私人信托公司担任受托人的难度，费用也更高。

“In private trust company，Director general by the establishment of the trust people sent as a consultant。”A Hong Kong family trust business in the offshore professionals to reporters，In addition to need to prepare for the directors resolution, and other documents，Private trust company need to be prepared to trust the relevant documentation，These will improve private trust company as a trustee of difficulty，Expenses also higher。

　　不过，与难度和成本对应的是，私人信托公司让整个家族的控制权更有保障。该人士解释，因为在私人信托公司中，董事可由家族成员担任。此外，如果在BVI设立，满足一定条件还可豁免申领信托牌照，也不需要常驻BVI当地的董事或股东。

but，And the difficulty and cost of the corresponding is，Private trust company let whole family control of more security。This person explain，Because in private trust company，Director may as by family members。In addition，If in BVI set up，Meet certain conditions still can apply for exemption from the trust licence，Also don't need BVI local resident director or shareholders。

　　受托人TDT1和TDT2还承担着连接第二层信托关系的重任，二者分别持有房产信托The Li Ka-Shing Unity Trust（下称“UT1”）中的若干物业（但上述全权信托在UT1的任何信托资产物业中并无任何利益或股份）。

The trustee TDT1 and TDT2 also bear the link layer 2 the burden of the trust relationship，Hold The Trust property respectively Li Ka-Shing Unity Trust（Said the“UT1”）Certain properties of the（But the full trust in any of the trust property UT1 assets, and does not have any interest in or shares）。

　　上层建筑的玄机：隔离再隔离 The superstructure of the mystery：Isolation and quarantine

　　TDT1、TDT2与其上层架构之间，组成了一种“名存实亡”的联系。

TDT1、TDT2 and its upper structure between，Formed a“Exist in name only”contact。

　　UT1与其受托人Li Ka-Shing Unity Trustee Company Limited（下称“TUT1”）组成了第二层信托关系，TUT1以UT1受托人的身份控制着其他公司，TUT1及其控制的其他公司共同持有长江实业936,462,744股。此外，TUT1持有长江基建5,428,000股。

With the Trustee UT1 Li Ka-Shing Unity Trustee Company Limited（Said the“TUT1”）The first floor of the trust relationship，TUT1 UT1 trustee to the identity of the other company control，TUT1 and its control of the other companies hold the Yangtze river industrial 936,462,744 shares。In addition，TUT1 hold cki 5,428,000 shares。

　　“两层信托架构间虽然有股权关系，但注入不同信托中的财产关系实际上是分割开的。”上述信托人士解释，在这种结构下，股权转让不会对信托里的财产造成影响，类似于一个集团内部子公司间的权益转让关系，而如果是三个毫无关系的信托，发生股权转让时就更类似于三个独立的公司之间的权益转让。

“Two layers framework are equity trust between although relationship，But the trust property into different relationship is in fact separated。”The trust personage explains，In this structure，Equity transfer of the trust property in not influence，Similar to a group subsidiaries of the rights of the transfer between internal relations，And if it is three had no connection to the trust，Occur when equity transfer is more similar to three separate company between rights transfer。

　　Unity Holdco是最高一层，拥有TUT1、TDT1与TDT2的全部已发行股本。在股权转让前，李嘉诚、李泽钜及李泽楷各自拥有Unity Holdco全部已发行股本的1/3。其他上市公司的股权，则分别通过长江实业附属公司或者TDT1、TDT2和TUT1等间接并入Unity Holdco中。

Unity Holdco is the highest level，Have TUT1、TDT1 and all the TDT2 issued equity。In the equity transfer before，Li ka-shing、LiZe major and Richard li tzar-kai each have all already issued capital Unity Holdco 1/3。Other listed companies of the equity，The Yangtze river industrial respectively through subsidiaries or TDT1、TDT2 and TUT1 indirect merges into Unity Holdco。

　　以泓富产业为例，由长江投资(600119,股吧)有限公司的直接全资附属公司Total Win Group Limited持有其12.96%的基金单位，而长江投资为长江实业直接全资控股的一家香港公司。

With the rich industry as an example，Investment by the Yangtze river(600119,Shares it)Limited company of direct a wholly owned subsidiary of Total Win Group Limited holding 12.96% of its fund unit，And the Yangtze river investment for the Yangtze river industrial direct wholly-owned and share-controlled a Hong Kong company。

　　“不同资产放进不同信托，可割裂风险，避免某一个资产的风险波及其他资产。”前述信托人士说，类似李嘉诚的架构，通过私人信托公司的股权控制关系将不同的信托连接起来，又能让股权转让更方便。

“Different assets into different trust，Can separate the risk，Avoid a certain assets risk spreading to other assets。”The trust people said，Similar to the structure of the li ka shing，Through the private equity trust companies control relationship will be different trust joined up，And that equity transfer more convenient。

　　这种结构，让李嘉诚的2900亿港元的分家通过一步股权转让就轻松完成，而这一步转让又没有干扰到每个信托中的资产。

This structure，Let the li ka shing faculty of hk $290 billion partition through stock transfer will step easily finish，And this step and no interference to every transfer of the assets of the trust。