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Valuation Adjustment Mechanisms (VAM): The Hidden Knife When Investors Hand You Money
对赌协议（估值调整机制）法律效力与风险全解析。林军律师结合海富案、九民纪要与新公司法，给创始人防坑指南与签约建议。
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Drag-Along and Tag-Along Rights: What Can Minority Shareholders Do When Majority Shareholders Want to Sell?
拖售权与随售权是什么？林军律师解析大股东强制出售与小股东随售退出的条款设计、价格保护与五大雷区，附创始人及投资人行动建议。
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Shareholder Exit Clauses: Without an Exit Clause, Your Investment May Never Come Back
Shareholder Exit Clauses: Without an Exit Clause, Your Investment May Never Come Back Kevin Jun Lin, Lawyer · Corporate Law Compass June 2026 The first lesson of starting a company is “how to get in,” and the last lesson is always “how to get out.” In the practice of equity investment, a regrettable reality is…
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The Veto Right: A Minority Shareholder’s Shield or a Stumbling Block? — Explained by Lawyer Kevin Jun Lin
In venture capital and corporate governance practice, the “veto right” is something both coveted and feared. For outside investors holding a minority stake, the veto right is the last line of defense protecting their interests; yet for the founding team and the actual controlling party, an excessive grant of veto rights may plunge the company…
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The Right of First Refusal in Shareholders’ Agreements: One Clause That Determines Whether You Keep Control
The Right of First Refusal in Shareholders’ Agreements: One Clause That Determines Whether You Keep Control I. A Real Case In 2023, the three founders of a Shanghai technology company ended up in litigation over an equity dispute. At the company’s founding, each held one-third of the equity. Two years later, one of the shareholders…
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Anti-Dilution Protection: The Firewall Against Equity Dilution
Anti-Dilution Protection: The Firewall Against Equity Dilution Corporate Law Compass · Practical Series on Equity Financing Law (Part 6) In the course of its growth, a startup often has to go through multiple rounds of financing. Each round means new investors coming in and, correspondingly, dilution of the existing shareholders’ equity. This is normal business…
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