Cao Zhongming: Shareholders' Rights Should Be Respected.

In addition to the New Huangpu market, the Silver Star Group's two largest shareholder, the Silver Star Group and its concerted action, and the game of Yu Shang Group and its concerted action have also attracted the attention of the market.

Yu Shang Group asked for a temporary shareholders' meeting, but it was also rejected by the listed companies.

The incident also alerted the Henan Securities Regulatory Commission and the Shanghai Stock Exchange, and the Henan Securities Regulatory Commission and the Shanghai Stock Exchange issued "supervision letters" and "supervision letters" to the listed companies successively.

The Shanghai Stock Exchange also asked Oriental Silver Star and Yu Shang Group to establish a smooth connection mechanism for its own convening of shareholders' meetings, timely feedback and communication related issues, and should not delay or obstruct the relevant shareholders in exercising their shareholders' rights in accordance with the law without proper reasons.

The ninth rule of the general meeting of shareholders of listed companies also stipulates that the common shareholders (including the preferred shareholders who have the right to vote resumption) shall have the right to request the board of directors to convene the provisional shareholders' meeting, and shall submit it to the board of directors in writing in the form of a separate or total shareholder holding more than 10% of the company's shares.

If the board of directors does not agree to convene the provisional shareholders' meeting or fails to make any feedback within 10 days after receiving the request, it shall have the right to propose to the board of supervisors.

Obviously, it is eligible to convene a provisional shareholders' meeting whether it is the founding of the Chinese Academy of Sciences or the group of Henan businessmen and their concerted action.

However, in the two cases mentioned above, the Oriental Silver Star did not disclose relevant information on the grounds that it still needed to communicate with the relevant parties on the basis of information. Xin Huang Pu had rejected the request of the CIC's proposal to convene a temporary shareholders' meeting because of the reason that the main shareholders were not fully negotiated and the conditions were not ripe enough to be convened.

There is no doubt that the so-called "reasons" are inadequate and untenable.

Shareholders' ability to exercise their rights in accordance with the law is the most basic requirement for a listed company.

The first rule of regulation of listed companies is that shareholders, as owners of a company, enjoy the legal rights prescribed by laws, administrative regulations and articles of association.

A listed company should establish a corporate governance structure that can ensure the shareholders' full exercise of their rights.

It is hard to imagine how such a listed company can protect its investors' interests if they are unable to exercise their legitimate rights as shareholders of a listed company.

However, the reality is cruel.

The right to know, to participate, to vote, to make decisions, and to share dividends are the most fundamental rights of shareholders, but it is not easy for small and medium investors to enjoy these rights.

Speaking of the widely known right to know, when listed companies implement information disclosure, delay, concealment or even no reporting is very common.

In order to achieve a certain purpose, some listed companies hold the shareholders' meeting when they choose the location of the meeting in the more remote and inconvenient places, and do not open the Internet voting channel, thereby depriving other shareholders of the right to vote.

Whether it is large or small shareholders of listed companies,

All deserve respect.

However, in this regard, shareholders' rights of major shareholders are basically guaranteed, and the situation of minority shareholders in a weak position is worrying.

In view of this, I have the following suggestions.

First, strengthen the education of listed companies.

Departments are very familiar with the education of small and medium investors, which is most obvious in the "new speculation".

Risk education for medium and small investors is essential, but I think education for listed companies is also indispensable.

Moreover, in view of the frequent violations of listed companies and their supervisors, and ignoring the legitimate rights and interests of minority shareholders, we need to further strengthen the all-round education of listed companies.

Second, strengthen supervision over listed companies.

As far as the listed companies ignore or even deprive shareholders of exercising their rights, as at present, other aspects of supervision are very weak, except that the company is often punished, because of the violation of the letter, and the low cost of violation is just like the shadow.

With "

The rules of shareholders' meetings are taken as an example.

In view of the related irregularities committed by listed companies, the measures adopted by the regulatory authorities mainly include explanations, announcements, public condemnation, or corrections made by the board of directors, especially those with serious circumstances.

Third, we should improve the system construction to protect shareholders' lawful rights in accordance with the law.

Only by managing the market according to law can China's capital market have hope and shareholders can exercise their legitimate rights.

To manage the city according to law, we need to improve the system construction.

The legitimate rights and interests of shareholders include both shareholders' rights and shareholders' interests. The two must not be separated.

It is suggested that the law on the protection of shareholders' rights and interests should be promulgated or the Chinese version of the Securities Investor Protection Act should be established. With the protection of the law, the right of shareholders to be respected by the listed companies will not be empty talk.