In the third quarter of 2018, the China Securities Investor Services Center (ISC) reviewed restructuring activities conducted by listed companies from 2015 to 2017, initiating a special online rights enforcement campaign regarding cases where restructured target companies failed to achieve committed performance targets and neglected compensation obligations.
In early September 2018, ISC publicly questioned relevant listed companies on the SSE e-Interaction and SZSE Interactive platforms regarding these 17 unfulfilled restructuring commitments, exercising shareholders' rights to information, inquiry, and proposals. The inquiries primarily addressed three aspects: First, for undisclosed performance achievement cases, inquiring about progress on specialized audits and expected disclosure timelines, urging timely disclosure to safeguard minority investors'知情权(right to know); Second, regarding unmet compensation obligations, requesting updates on compensation progress and督促措施(supervisory measures) taken by listed companies; Third, for cases where obligors subjectively refused or objectively could not compensate, recommending that listed companies promptly pursue litigation and财产保全(property preservation).
CnOpenData presents Shareholder Rights Enforcement Data of A-share Listed Companies, comprising three datasets: Rights Enforcement Status Table of Listed Companies, Q&A Records Table of Listed Companies Rights Enforcement, and News Coverage Table of Listed Companies Rights Enforcement.
Time Coverage
2018.07-2023.06
Field Specification
Sample Data
Rights Enforcement Status Table of Listed Companies
Q&A Records Table of Listed Companies Rights Enforcement
News Coverage Table of Listed Companies Rights Enforcement
Relevant Literature
- Chen Yunsen, Yuan Wei, Li Zhe, 2021: "Effectiveness of Regulatory Minority Shareholder Activism: Empirical Evidence from China's Investor Services Center," Management World 6.
- Zheng Guojian, Zhang Chao, Xie Sujuan, 2021: "Shareholder Guardians: ISC Rights Enforcement and Minority Investor Protection—Evidence from ISC Participation in Shareholders' Meetings," Journal of Management Science in China 9.
- Chen Kejing, Xiong Xiong, Yang Guochao et al., 2023: "Institutional Innovation in Minority Investor Protection and Capital Market Pricing Efficiency—Evidence from ISC Rights Enforcement," China Economic Quarterly 6.
Data Update Frequency
Annual Updates