In the third quarter of 2018, the China Securities Investor Services Center (ISC) reviewed restructuring transactions implemented by listed companies from 2015 to 2017. It initiated a special online shareholder activism campaign targeting cases where target companies in restructurings failed to achieve promised performance and neglected compensation obligations.
In early September 2018, concerning these 17 unfulfilled restructuring compensation commitments, the ISC publicly questioned the listed companies on the SSE e-Interactive (上证e互动) and SZSE Interactive Easy (深交所互动易) platforms. It exercised shareholders' rights to information, inquiry, and proposals case-by-case. The inquiries primarily focused on three aspects: First, for undisclosed performance fulfillment cases, it inquired about the progress of special audits on performance achievement and expected disclosure timelines, urging prompt disclosure to safeguard minority investors' right to know. Second, for unmet compensation obligations, it requested updates on compensation progress and measures taken by the listed companies for enforcement. Third, regarding cases where obligors were unwilling or objectively unable to compensate, it recommended that listed companies promptly pursue litigation and asset preservation measures.
CnOpenData presents Shareholder Activism Data of A-Share Listed Companies by the ISC, encompassing three datasets: Listed Companies Activism Overview, Listed Companies Activism Q&A Records, and Listed Companies Activism News Coverage.
Time Coverage
As of early July 2025
Field Display
Sample Data
Listed Companies Activism Overview
Listed Companies Activism Q&A Records
Listed Companies Activism News Coverage
Related Literature
- CHEN Yunsen, YUAN Wei, LI Zhe, 2021: "Effectiveness of Regulatory Minority Shareholder Activism: Evidence from the Investor Services Center," Management World, No. 6.
- ZHENG Guojian, ZHANG Chao, XIE Sujuan, 2021: "The Hundred Shareholder Champions: ISC Activism and Minority Investor Protection—Research Based on ISC Participation in Shareholders' Meetings," Journal of Management Sciences in China, No. 9.
- CHEN Kejing, XIONG Xiong, YANG Guochao et al., 2023: "Institutional Innovation in Minority Investor Protection and the Enhancement of Capital Market Pricing Efficiency—Evidence from ISC Shareholder Activism," China Economic Quarterly, No. 6.
Data Update Frequency
Annual update