Research on the Protection Path of Minority Shareholders’ Rights and Interests Under the Mandatory Delisting System

Abstract

With the continuous development of the capital market, the mandatory delisting system has become an important means to maintain market health. Since the implementation of the Opinions on Strictly Implementing the Delisting System, the number of listed enterprises subject to mandatory delisting has increased sharply, significantly enhancing the market’s capacity for clearing out inefficient entities. However, the issue of minority shareholders’ rights and interests being impaired during the delisting process has become increasingly prominent, making the protection of these rights a major social concern. Taking the mandatory delisting case of Guanghui Automotive, whose stock closed below 1 yuan for 20 consecutive trading days, as the research object, this paper explores the internal and external causes of the company’s mandatory delisting against the backdrop of the current delisting system. It further analyzes the root causes of the infringement on minority shareholders’ rights and interests, and proposes targeted counter-measures including improving the information disclosure system, strengthening accounting supervision, implementing compensation mechanisms, perfecting the representative litigation system, and enhancing investor education. This study aims to provide theoretical support and practical reference for protecting minority shareholders’ rights and interests under the capital market delisting system, and promote the construction of a more fair, transparent, and efficient capital market environment.