May 31, 2010
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Guiding Case No. 67: Tang Changlong v. Zhou Shihai for Dispute over Equity Transfer
Guiding Case No. 67: Tang Changlong v. Zhou Shihai for Dispute over Equity Transfer 


(Issued on September 19, 2016, as deliberated and adopted by the Judicial Committee of the Supreme People's Court) (最高人民法院审判委员会讨论通过2016年9月19日发布)

Keywords civil; equity transfer; payment in installments; rescission of contract 关键词 民事 股权转让 分期付款 合同解除
Key Points of Judgment 【裁判要点】
Where the transferee delays or refuses the payment of the transfer price in installments for equities in a limited liability company or otherwise defaults, and the transferor requires rescission of the equity transfer contract between them, the provision of Article 167 of the Contract Law of the People's Republic of China that the seller under a sales contract with payment in installments may rescind the sales contract if the amount of installments past due reaches one fifth of the total price should not apply. 有限责任公司的股权分期支付转让款中发生股权受让人延迟或者拒付等违约情形,股权转让人要求解除双方签订的股权转让合同的,不适用《中华人民共和国合同法》第一百六十七条关于分期付款买卖中出卖人在买受人未支付到期价款的金额达到合同全部价款的五分之一时即可解除合同的规定。
Legal Provisions 【相关法条】
Articles 94 and 167 of the Contract Law of the People's Republic of China 中华人民共和国合同法》第94条、第167条
Basic Facts 【基本案情】
On April 3, 2013, plaintiff Tang Changlong and defendant Zhou Shihai concluded an Agreement on Equity Transfer and an Agreement on Payment in Installments of Equity Transfer Price, under which they agreed that: Zhou Shihai should transfer 6.35% of the equities of Chengdu Shuangxing Electronic Appliance Co., Ltd. of Qingdao Transformer Group held by him to Tang Changlong, for a total price of 7.1 million yuan to be paid in four installments: paying 1.5 million yuan on April 3, 2013, 1.5 million yuan on August 2, 2013, 2 million yuan on December 2, 2013, and 2.1 million yuan on April 2, 2014. The agreements should take effect upon signatures of both parties, and they would never regret. After the conclusion of the agreements, Tang Changlong paid Zhou Shihai the first installment of 1.5 million yuan on April 3, 2013, as agreed on. Since Tang Changlong failed to pay the second installment within the prescribed time limit as agreed on, on October 11 of the same year, Zhou Shihai served a Notice of Rescinding Agreement upon Tang Changlong by notarization to rescind the Agreement on Payment in Installments of Equity Transfer Price on the ground that Tang Changlong committed a fundamental breach of contract. On the following day, Tang Changlong paid Zhou Shihai the second installment of 1.5 million yuan by wire transfer, and performed his obligations of paying the third and fourth installments as scheduled in the agreed amounts. Zhou Shihai refunded the four equity transfer payments made by Tang Changlong on the ground that the Agreement had been rescinded. Tang Changlong filed a lawsuit with the people's court, requesting the court to confirm that the Notice of Rescinding Agreement issued by Zhou Shihai was invalid and order Zhou Shihai to continue performance of the Agreement. 原告汤长龙与被告周士海于2013年4月3日签订《股权转让协议》及《股权转让资金分期付款协议》。双方约定:周士海将其持有的青岛变压器集团成都双星电器有限公司6.35%股权转让给汤长龙。股权合计710万元,分四期付清,即2013年4月3日付150万元;2013年8月2日付150万元;2013年12月2日付200万元;2014年4月2日付210万元。此协议双方签字生效,永不反悔。协议签订后,汤长龙于2013年4月3日依约向周士海支付第一期股权转让款150万元。因汤长龙逾期未支付约定的第二期股权转让款,周士海于同年10月11日,以公证方式向汤长龙送达了《关于解除协议的通知》,以汤长龙根本违约为由,提出解除双方签订的《股权转让资金分期付款协议》。次日,汤长龙即向周士海转账支付了第二期150万元股权转让款,并按照约定的时间和数额履行了后续第三、四期股权转让款的支付义务。周士海以其已经解除合同为由,如数退回汤长龙支付的4笔股权转让款。汤长龙遂向人民法院提起诉讼,要求确认周士海发出的解除协议通知无效,并责令其继续履行合同。
...... 另查明,2013年11月7日,青岛变压器集团成都双星电器有限公司的变更(备案)登记中,周士海所持有的6.35%股权已经变更登记至汤长龙名下。

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