反稀释条款（anti-dilution provision），也称反股权摊薄协议，常见于私募投资领域，是用于优先股协议中的一个条款，是指在目标公司进行后续项目融资或者定向增发过程中，私募投资人避免自己的股份贬值及份额被过分稀释而采取的措施。可以保证私募投资人享有的转换之特权不受股票之再分类、拆股、股票红利或相似的未增加公司资本而增加发行在外的股票数量的做法的影响。这一条款不仅会在股东协议中予以规定，还会在合资协议及投资项目尽职调查报告中出现。以下为部分常见法律文件中的相关双语文件示例，供参考：

示例一（Source：合资合同）:

反稀释

Anti-Dilution

6.1 合营公司成立后，在满足本合资合同第5.4条的前提下，如合营公司以低于本轮投资方投资于合营公司时的每股价格（“本轮投资方每股价格”）进行增资扩股或/和合营公司以低于A轮投资方投资于合营公司时的每单位认购价格（“A轮投资方每单位认购价格”),亦即认缴新增注册资本的股东认缴合营公司新增注册资本（仅为本6条之目的，认缴新增注册资本的股东称为“增资股东”，增资股东认缴合营公司新增注册资本称为“新增注册资本”）的价格低于本轮投资方每股价格，则机构投资方获得的合营公司权益应根据本6条以下条款进行调整。

After the establishment of the Joint Venture, subject to Article 5.4 of the Joint Venture Contract, if the Joint Venture increases its capital and expands shares at a Price per Share (the “Price per Share for the Investors of this Series”) lower than that at which the Investors of this Series invest in the Joint Venture or/and the Joint Venture applies the subscription price per unit (the “Subscription Price per Unit for the Series A Investors”) lower than that at which the Series A Investors invest in the Joint Venture, i.e., the shareholders who subscribe for the Joint Venture’s newly-increased registered capital subscribe for the same (for the purposes of this Article 6 only, the shareholders who subscribe for the newly-increased registered capital are referred to as the “Capital-Increase Shareholders”, and the newly-increased registered capital subscribed for by the shareholders who subscribe for the newly-increased registered capital is referred to as the “Newly-Increased Registered Capital”) at a price per unit lower than the Price per Share for the Investors of this Series, then the equities of the Joint Venture acquired by the Institutional Investors shall be adjusted in accordance with the following provisions of this Article 6.

6.2(a)如增资股东认购新增注册资本的每单位认购价格(即增资股东认缴新增注册资本所支付的总价款+增资股东新增注册资本)低于本轮投资方每股价格，则本轮投资方每股价格将按照加权平均的方式调整，亦即本轮投资方每股价格调整为根据以下公式计算的价格：P2=P1×(A+B)÷(A+C)，其中P2为调整后的本轮投资方每股价格，P1为调整前的本轮投资方每股价格，A为后续增资扩股发生前合营公司全部注册资本，B为假设后续增资扩股以P1的价格进行将增加的注册资本额，C为该等后续增资扩股中实际增加的注册资本额。

(a) If the subscription price per unit of the Newly-Increased Registered Capital subscribed for by the Capital-Increase Shareholders (i.e. the total price paid by the Capital-Increase Shareholders for the subscribed Newly-Increased Registered Capital ÷ Newly-Increased Registered Capital subscribed for by the Capital-Increase Shareholders) is lower than the Price per Share for the Investors of this Series, the Price per Share for the Investors of this Series will be adjusted under the weighted average method, i.e., the Price per Share for the Investors of this Series will be adjusted to the price calculated according to the following formula: P2=P1 × (A + B)÷(A + C), where P2 is the adjusted Price per Share for the Investors of this Series, P1 is the Price per Share for the Investors of this Series before adjustment, A is the aggregate registered capital of the Joint Venture before the subsequent capital increase and share expansion, B is the amount of registered capital to be increased if the subsequent capital increase and share expansion is made at the price of P1 and C is the amount of registered capital actually increased in such subsequent capital increase and share expansion.

(b) 如增资股东认购新增注册资本的每单位认购价格（即增资股东认缴新增注册资本所支付的总价款+增资股东新增注册资本）低于A轮投资方每单位认购价格，则A轮投资方每单位认购价格将按照加权平均的方式调整，亦即A 轮投资方每单位认购价格调整为根据以下公式计算的价格：P4=P3×(A+B)÷(A+C)，其中P4为调整后的A轮投资方每单位认购价格，P3为调整前的A轮投资方每单位认购价格，A为后续增资扩股发生前合营公司全部注册资本，B为假设后续增资扩股以P3的价格进行将增加的注册资本额，C为该等后续增资扩股中实际增加的注册资本额。

If the subscription price per unit of the Newly-Increased Registered Capital subscribed for by the Capital-Increase Shareholders (i.e. the total price paid by the Capital-Increase Shareholders for the subscribed Newly-Increased Registered Capital ÷ Newly-Increased Registered Capital subscribed for by the Capital-Increase Shareholders) is lower than the Subscription Price per Unit for the Series A Investors, then the Subscription Price per Unit for the Series A Investors will be adjusted under the weighted average method, i.e., the Subscription Price per Unit for the Series A Investors will be adjusted to the price calculated according to the following formula: P4=P3 × (A + B)÷(A + C), where P4 is the adjusted Subscription Price per Unit for the Series A Investors, P3 is the Subscription Price per Unit for the Series A Investors before adjustment, A is the aggregate registered capital of the Joint Venture before the subsequent capital increase and share expansion, B is the amount of registered capital to be increased if the subsequent capital increase and share expansion is made at the price of P3 and C is the amount of registered capital actually increased in such subsequent capital increase and share expansion.

为避免歧义，当增资股东认购新增注册资本的每单位认购价格均低于本轮投资方每股价格和A轮投资方每单位认购价格时，本轮投资方每股价格和A 轮投资方每单位认购价格应按照前述 (a) 和 (b) 的约定分别调整；当增资股东认购新增注册资本的每单位认购价格高于 A 轮投资方每单位认购价格但低于本轮投资方每股价格时，仅调整本轮投资方每股价格。

For the avoidance of doubt, if the subscription price per unit of the Newly-Increased Registered Capital subscribed for by the Capital-Increase Shareholders is lower than both the Price per Share for the Investors of this Series and the Subscription Price per Unit for the Series A Investors, the latter shall be respectively adjusted pursuant to the above Article 6.2(a) and Article 6.2(b); if the subscription price per unit of the Newly-Increased Registered Capital subscribed for by the Capital-Increase Shareholders is higher than the Subscription Price per Unit for the Series A Investors but lower than the Price per Share for the Investors of this Series, only the Price per Share for the Investors of this Series shall be adjusted.

6.3 本第6.2条中“本轮投资方每股价格”为本轮投资方在《增资协议》约定的增资中（或在《股权转让协议》所约定的股权转让中)取得每人民币1元公司注册资本的价格。“A 轮投资方每单位认购价格“为A轮投资方在其签订的对合营公司的增资协议中约定的取得每1元人民币公司注册资本的价格。为避免疑义，若合营公司以资本公积金为全体股东同比例转增注册资本，则本条项下的机构投资方每单位认购价格或每股价格应按比例稀释递减。

The “Price per Share for the Investors of this Series” under this Article 6.2 refers to the price for each RMB 1.00 registered capital of the Company in the capital increase pursuant to the Capital Increase Agreement (or in the share transfer pursuant to the Share Transfer Agreement) to be paid by the Investors of this Series. The “Subscription Price per Unit for the Series A Investors” refers to the price for each RMB 1.00 registered capital of the Company to be paid by the Series A Investors pursuant to the capital increase agreement signed by and between them and the Joint Venture. For the avoidance of doubt, if the Joint Venture converts capital reserves to the registered capital for all shareholders in the same proportion, the subscription price per unit or the price per share for the Institutional Investors under this Article shall be diluted and reduced on a pro rata basis.

6.4 本轮投资方有权根据反稀释调整后的本轮投资方每股价格，A轮投资方有权根据反稀 释调整后的A轮投资方每单位认购价格，调整通其所持合营公司权益的比例，以使其所持合营公司权益比例达到以其增资款（或因《股权转让协议》所支付的股权转让款）按调整后的投资方每单位认购价格或每股价格所可以认购的比例（“反稀释调整后的权益比例”）。为避免疑义，在任何情形下，机构投资方每单位认购价格不会因为本条约定的调整而增加。

The Investors of this Series and the Series A Investors shall have the right to adjust the proportion of equities held by them in the Joint Venture respectively according to the Price per Share for the Investors of this Series and the Subscription Price per Unit for the Series A Investors after the anti-dilution adjustment, so that the proportion of equities held respectively by the Investors of this Series and the Series A Investors can reach the proportion that may be subscribed for with the capital increase amount (or the share transfer amount paid pursuant to the Share Transfer Agreement) at the adjusted Subscription Price per Unit or the Price per Share for the Investors (the “Proportion of Equity after Anti-Dilution Adjustment). For the avoidance of doubt, in no event will the subscription price per unit for the Institutional Investors be increased due to the adjustment as agreed in this Article.

6.5 为实现本条以上第6.2至6.4条所述机构投资方反稀释调整后的权益比例，可以由合 营公司以实际零对价且以届时机构投资方认可的最低税务成本的方式向机构投资方发行股权，或由创始股东以实际零对价且以届时机构投资方认可的最低税务成本的方式向机构投资方转让调整所需的股权，或由合营公司及创始股东以现金形式补偿机构投资方并同意机构投资方用于对合营公司的增资，具体方式应由机构投资方选择确定。在该调整完成前，合营公司不得实施该次新增注册资本或增发新的与股权相关的任何证券（包括但不限于可转债）。

In order to realize the Proportion of Equity after Anti-Dilution Adjustment of the Institutional Investors as mentioned in Article 6.2 to Article 6.4, the Joint Venture may issue shares to the Institutional Investors at actual zero consideration and the lowest tax costs approved by the Institutional Investors at that time, or the Founding Shareholders may transfer shares necessary for the adjustment to the Institutional Investors at actual zero consideration and the lowest tax costs approved by the Institutional Investors at that time, or the Joint Venture and the Founding Shareholders may compensate the Institutional Investors in cash and agree that the Institutional Investors may use the same for making additional contributions to the Joint Venture, and the specific way shall be selected by the Institutional Investors. Until the adjustment is completed, the Joint Venture shall not implement the Newly-Increased Registered Capital or issue any new equity-related securities (including but not limited to convertible bonds).

6.6 尽管有上述规定，反稀释保护措施不适用于以下情况：

Notwithstanding the foregoing, the anti-dilution protection measures shall not apply to any of the followings:

(1)为实施员工股权激励计划所做的目标公司的转股和增资安排；

(2)经董事会通过的，为实施对另一主体或业务的收购或与其他实体合并而增加的注册资本；

(3)经董事会通过的，利润转增注册资本、资本公积转增股本等情况下新增的注册资本；或

(4)经董事会批准目标公司改制为股份有限公司后的股份、红利或分拆等情况下进行转换而发行的股份、在合格的首次公开发行中发行的证券、或类似的证券发行。

(1) the share conversion and capital increase arrangements in connection with the target company made for the implementation of any employee incentive plan;

(2) the registered capital increased for the purpose of acquiring another subject or business or merging with other entities as approved by the Board of Directors;

(3) the registered capital newly increased in case of conversion of profits into registered capital or conversion of capital reserves into share capital, etc. as approved by the Board of Directors; or

(4) shares issued by way of conversion in case of shares, dividends or split, etc. after the Joint Venture is restructured into a company limited by shares, securities issued in the qualified IPO or similar securities offering, in each case, as approved by the Board of Directors.

示例二（Source：股东协议）:

4.1反稀释权

Anti-dilution Right

4.1.1各方同意，公司若以任何方式引进新投资者的，公司和创始股东应确保新投资者的投资价格不得低于投资方的投资价格。但经各方同意的公司为实施股权激励而进行的股份转让或对公司增资除外。

The Parties agree that if the Company admits a new investor in any form, the Company and Founding Shareholder shall ensure that the investment price offered to the new investor shall not be less than that offered to the Investors, except for share transfer or capital increase to the Company for implementation of share incentive by the Company with the consent of the Parties.

4.1.2如公司以低于投资方投资于公司时的每股价格进行增资，亦即认缴公司新增注册资本的股东认缴公司新增注册资本（仅为本第4.1条之目的，认缴新增注册资本的股东称为“增资股东”，认缴新增注册资本的股东认缴公司新增注册资本称为“新增注册资本”）价格低于投资方投资于公司时的每股价格，则投资方的持股数量应根据本协议第4.1条的以下条款进行调整。

If the Company increases its capital at a price per share lower than that at which the Investors invest in the Company, that is, the shareholders who subscribe for the Company’s newly-increased registered capital subscribe for the Company’s newly-increased registered capital (for the purpose of this Article 4.1 only, the shareholders who subscribe for the newly-increased registered capital are referred to as the “Capital-Increase Shareholders” and the newly-increased registered capital subscribed for by the shareholders who subscribe for the newly-increased registered capital is referred to as the “Newly-Increased Registered Capital”) at a price per share lower than that which the Investors invest in the Company, then the shareholding amount of the Investors shall be adjusted in accordance with the following provisions of this Article 4.1.

4.1.3如增资股东认购新增注册资本的每股价格（即增资股东认缴新增注册资本所支付的总价款÷增资股东新增注册资本）低于投资方投资于公司时的相应每股价格，则投资方投资于公司的每股价格，将按照完全棘轮的方式调整，亦即在按照完全棘轮的方式调整后，投资方在公司持有的所有股份的每股价格等于增资股东认购新增注册资本的每股价格。

If the price per share of the Newly-Increased Registered Capital subscribed for by the Capital-Increase Shareholders (i.e. the total price paid by the Capital-Increase Shareholders for the subscribed Newly-Increased Registered Capital ÷ Newly-Increased Registered Capital subscribed for by the Capital-Increase Shareholders) is lower than the corresponding price per share at which the Investors invest in the Company, then the price per share at which the Investors invest in the Company will be adjusted under the full-ratchet formula, that is, after adjustment under the full-ratchet formula, the price per share of all shares held by the Investors in the Company shall be equal to the price per share of the Newly-Increased Registered Capital subscribed for by the Capital-Increase Shareholders;

本条中“投资方投资于公司时的每股价格”是指投资方认购每一股公司股份（或每1元人民币公司注册资本）的价格，于丙方二而言，即人民币20.34元；于C轮投资方而言，即人民币29.9762元；于D轮投资方而言，即人民币48.6092元。为避免疑义，若公司以资本公积金为全体股东同比例转增注册资本，则本条项下投资方的每股价格应按比例稀释。

The “price per share at which the Investors invest in the Company” refers to the price for each share of the Company subscribed for by the Investors (or each RMB 1.00 registered capital of the Company), i.e. RMB 20.34 for Party C2, RMB 29.9762 for the Series C Investors, and RMB 48.6092 for the Series D Investors. For the avoidance of doubt, if the Company uses the capital reserve to increase the registered capital for all the shareholders on a pro rata basis, the price per share of the Investors under this Article shall be diluted proportionally.

4.1.4反稀释调整后，投资方有权根据反稀释调整后的每股价格调整其所持公司权益比例，以使投资方所持公司权益比例达到以其增资款按调整后的每股价格所可以认购的比例（“反稀释调整后的权益比例”）。

After the anti-dilution adjustment, the Investors shall have the right to adjust the proportion of shares it holds in the Company according to the price per share after the anti-dilution adjustment, so that the proportion of shares held by the Investors can reach the proportion that may be subscribed for with the Capital Increase Amount at the adjusted price per share (the “Proportion of Equity after Anti-Dilution Adjustment”).

为实现本条以上所述投资方反稀释调整后的权益比例，可以由创始股东以零对价或实质零对价或法律允许的最低价格向投资方转让调整所需的股权（为免歧义，由创始股东向投资方转让的公司股权应同样享有投资方基于各对应轮次所取得的相同特殊或优先权利），或由创始股东以现金形式补偿投资方，或由公司向投资方增发股权（为免歧义，该等增发股权应同样享有投资方基于各对应轮次所取得的相同特殊或优先权利），或由公司以现金方式补偿投资方，具体方式应由投资方自行选择。投资方无须就该等调整支付任何对价（包括投资方受让创始股东持有的公司股权所支付的名义对价或支付增发股权的对价或税务负担）。

In order to realize the Proportion of Equity after Anti-Dilution Adjustment of the Investors mentioned above in this Article, the Founding Shareholder may transfer the necessary shares to the Investors at zero consideration, essential zero consideration, or the lowest price permitted by law (for the avoidance of doubt, the shares of the Company transferred by the Founding Shareholder to the Investors shall have the same special or preferential rights as those obtained by the Investors in each corresponding round), or the Founding Shareholder may compensate the Investors in cash, or the Company may issue additional equity to the Investors (for the avoidance of ambiguity, such additional equity shall have the same special or preferential rights acquired by the Investor based on each corresponding round), or the Company may compensate the Investors in cash, and the specific way shall be selected by the Investors.. The Investors will not pay any consideration with respect to such adjustment (including the nominal consideration or tax liability to be paid by the Investors in respect of acceptance of shares held by the Founding Shareholder in the Company).

4.1.5现金补偿应在增资股东增资完成前付清，股权补偿应与增资股东增资同时完成。在该调整完成前，公司不得实施该次新增注册资本或增发新的与股权相关的任何证券（包括但不限于可转债）。

The cash compensation shall be paid off prior to completion of capital increase by the Capital-Increase Shareholders, and the share-based compensation and the capital increase by the Capital-Increase Shareholders shall be completed at the same time. Until the adjustment is completed, the Company shall not implement the Newly-Increased Registered Capital or issue any new equity-related securities (including but not limited to convertible bonds).

示例三（投资项目法律尽职调查报告）：

反稀释

Anti-Dilution

若开曼辐联增发新股，该等新股的单位对价低于优先股股东届时的转股价格(初始转股价格为每股种子轮优先股1.33美元、每股A轮优先股2.88美元)，则优先股股东的转股价格将根据以下公式调整：

If Full-Life Cayman issues additional shares at the per-share consideration lower than the then conversion price of the preferred shares (the initial conversion price is USD 1.33 for each Series Seed preferred share and USD 2.88 for each Series A preferred share), then the conversion price of the preferred shares will be adjusted based on the following formula:

NCP=OCP*(OS+(NP/OCP))/(OS+NS)

其中，NCP为新转股价格；OCP为增发新股前的转股价格；OS为增发新股前所有的普通股数、优先股数(转换为普通股数)、可转换证券（转换为普通股数）、期权数（行权为普通股数）的总和；NP为增发新股的全部可得对价；NS为增发新股数

Where, NCP is new conversion price; OCP is the conversion price prior to issuance of additional shares; OS is the sum of all ordinary shares, preferred shares (converted into ordinary shares), convertible securities (converted into ordinary shares), and options (exercised for ordinary shares) prior to issuance of additional shares; NP is the total consideration received for issuance of additional shares; NS is the number of additional shares