| Investor protection is an important foundation for the healthy development of the capital market and a measure of market vitality and attractiveness.Therefore,how to effectively protect the legitimate rights and interests of minority investors has always been an inevitable problem in the development of the securities market.Recently,the number of compulsory delisting companies has increased,leaving many minority investors’ rights and interests damage problems.After the vaccine fraud incident of Changsheng Bio-technology Company was revealed in 2018,the listing was terminated at the end of 2019.As a white horse stock that is widely optimistic by the industry,Changsheng Biology collapsed overnight,which had a great impact on the pharmaceutical industry.Its investors were hit harder and the rights protection was particularly difficult.Therefore,it is urgent to study the protection of the rights and interests of minority investors in the compulsory delisting of listed companies,and it will also play an important role in promoting the development of my country’s capital market.This article uses case analysis and literature research to study the protection of the legal rights and interests of minority investors in the compulsory delisting of Changsheng Bio.This article reviews the compulsory delisting process of Changsheng Bio.During the delisting process,regulatory agencies and companies disclose information according to regulations,but there are still many minority investors’ rights protection issues that have not been resolved.For example,intermediaries have not been held accountable for negligence and delisted the company’s “capital not offsetting punishment” makes it difficult for minority investors to defend their rights.Even if they win the lawsuit,they may not be compensated.There are three main reasons for the forced delisting of Changsheng Bio to damage the rights and interests of minority investors: First,the company’s internal and external supervision has not worked.The company’s internal management structure is unbalanced,shares are highly concentrated in the hands of the family,and independent directors are in vain;the company’s external supervision is severely absent from regulatory agencies to intermediary agencies,and potential risks are not discovered early.The second is the imperfection of my country’s delisting system.The delisting process is protracted,the delisting standard is mainly quantitative,the ST system is not flexible enough,the relevant laws and regulations are less content,and the supporting rules are lacking.The third is that investors prefer speculation,have a low degree of professionalism,and lack a correct understanding of their own legal rights protection.Through an in-depth analysis of the causes of these problems,combined with the experience of other countries and regions,this article puts forward some suggestions on the protection of the rights and interests of minority investors in the mandatory delisting of listed companies,including improving laws and regulations;giving full play to the service center for minority investors Greater role;use high fines to compensate minority investors for losses in two ways;strengthen the education ofminority investors;improve the internal control system and strengthen internal and external supervision.The purpose of writing this article is to protect the rights and interests of minority investors affected by compulsory delisting companies,and also hope to provide some reference opinions for the establishment of my country’s investor rights protection system. |
