During the third quarter of 2018, the China Securities Investor Services Center (ISC) systematically reviewed restructuring events implemented by listed companies from 2015 to 2017, initiating a special online rights exercise campaign targeting cases where counterpart companies failed to meet performance commitments and fulfill compensation obligations.
In early September 2018, ISC publicly questioned 17 listed companies regarding unfulfilled restructuring commitments through the SSE E-Interaction and SZSE Interactive platforms, exercising shareholders' rights to information, inquiry, and proposal. The inquiries focused on three key aspects:
- For undisclosed performance fulfillment cases, requesting progress updates on special audit reviews and estimated disclosure timelines, urging timely disclosure to safeguard minority investors'知情权(right to know);
- For unfulfilled compensation obligations, inquiring about compensation progress and supervisory measures taken by listed companies;
- For cases where obligors subjectively refuse or objectively cannot compensate, recommending immediate legal actions including litigation and asset preservation.
CnOpenData presents Shareholder Activism Data of A-Share Listed Companies, comprising three datasets:
Listed Companies Rights Exercise Profile, Listed Companies Q&A Records, and Listed Companies News Coverage.
Time Coverage
2018.07-2023.06
Field Description
Sample Data
Listed Companies Rights Exercise Profile
Listed Companies Q&A Records
Listed Companies News Coverage
Related Literature
- Chen Yunsen, Yuan Wei, Li Zhe, 2021: "Effectiveness of Regulatory Minority Shareholder Activism: Evidence from China's Investor Services Center," Management World 6.
- Zheng Guojian, Zhang Chao, Xie Sujuan, 2021: "Shareholder Guardians: Investor Services Center Activism and Minority Investor Protection—Evidence from Shareholder Meetings Participation," Journal of Management Science 9.
- Chen Kejing, Xiong Xiong, Yang Guochao et al., 2023: "Institutional Innovation in Minority Investor Protection and Capital Market Pricing Efficiency—Evidence from Investor Services Center Activism," China Economic Quarterly 6.
Data Update Frequency
Annual updates