Under strict supervision, many listed companies have been found out for their bad deeds in the past. Data show that as of December 26, since December, 17 Listed Companies in Shanghai and Shenzhen have been filed for investigation, of which “illegal information disclosure” is still the main reason for being filed for investigation. Among the 17 companies, 16 were investigated for “suspected information disclosure violations” and the other for “suspected insider trading”.
The above objects to be investigated include not only the listed company itself, but also the actual controllers, executives and shareholders holding more than 5% of the shares of the company. Among the 17 companies under investigation, ST company accounted for a large share, reaching 13, which were investigated because of “suspected information disclosure violations”.
After receiving the notice of being filed for investigation, most companies made disclosure in time, but there was a “time difference” between the time of being filed for investigation and the time of information disclosure. For example, Misho Ecology & Landscape Co.Ltd(300495) announced on December 23 that Wang Yingyan, the company’s controlling shareholder and actual controller, recently received the filing notice issued by the CSRC. On December 3, the CSRC decided to file a case against the company and Wang Yingyan because the company and its controlling shareholder violated laws and regulations in Information Disclosure. The time of filing the case of the company and the actual controller is 20 days different from the time of announcement.
Some companies have been filed for investigation because of “common” problems. On December 17, HNA, a number of listed companies, announced that they were filed for investigation by the CSRC for suspected information disclosure violations. Given that these companies have the background of HNA department and have been filed for investigation by the CSRC at the same time, the market generally interprets that this investigation is related to violations in history, not new violations in the near future.
Wang Zhibin, a lawyer of Shanghai Minglun law firm, analyzed the reporter of Securities Daily and said that from the comprehensive information of all aspects, the collective investigation of many companies of HNA is likely to be related to the illegal occupation of funds by the actual controller. “In the process of solving the debt crisis in the early stage, the relevant subjects are likely to have various types of violations. After the CSRC issues a formal decision on administrative punishment, the damaged investors have the opportunity to file a lawsuit and claim.”
In recent years, it is not uncommon for investors to successfully claim for compensation from listed companies due to false statements of listed companies.
It should be noted that many companies under investigation have experienced changes in shareholders and senior management in the past. Therefore, many investors worry about whether these factors will affect their rights and interests.
“If the violation occurred earlier, the shareholders affected at that time may no longer be the registered shareholders of the company. This part of historical shareholders may no longer care about the historical ‘old accounts’, their willingness to participate in litigation claims will be relatively low, and the deterrent effect of civil litigation on violators will be greatly reduced.” Wang Zhibin told the reporter of Securities Daily that if the subject of accountability is a listed company, the change of its actual controller does not affect the external responsibility of the listed company, but the new actual controller can require the original actual controller to compensate for the losses according to the acquisition agreement and other documents when he took over the company.
(Securities Daily)
