LIHANG TECHNOLOGY(SH:603261) Zheng Quan Shi Bao·2025-09-19 18:03Core Viewpoint - The new Company Law, effective from July 1, 2024, allows shareholders to not only access but also copy shareholder information, raising concerns about the sensitivity of shareholder registers and the need for regulations to balance shareholder rights and company operations [1][4]. Group 1: Shareholder Rights and Regulations - The new Company Law stipulates that shareholders have the right to access and copy the company’s articles of association and shareholder register [1][4]. - Currently, only a few listed companies have established a system for accessing shareholder registers, indicating a need for further market work to balance shareholder rights and company operations [1][4]. - There are discrepancies among listed companies regarding the interpretation of shareholders' rights to access the shareholder register, with some companies allowing access to personal holding information only, while others permit broader access [4][5][9]. Group 2: Case of Shareholder Dispute - A well-known investor, Xie Kai, faced verbal abuse from a lawyer representing a listed company when he attempted to exercise his right to access the shareholder register, highlighting tensions between shareholders and company representatives [2][3]. - Xie Kai, who has a significant presence in the capital market, has shown interest in various listed companies, although he was not listed among the top shareholders of *ST Lihang as of mid-2025 [2][3]. Group 3: Access Methods and Company Policies - Companies have varied policies regarding how shareholders can access the shareholder register, with some requiring in-person visits and others allowing remote access after verifying shareholder identity [5][7][10]. - Certain companies mandate that shareholders sign confidentiality agreements and provide proof of ownership before accessing the register, emphasizing the importance of protecting sensitive information [7][10]. Group 4: Balancing Interests - The issue of accessing shareholder registers involves balancing the rights of shareholders with the operational needs of companies and the fairness of securities trading [8][9]. - Legal experts suggest that unrestricted access to shareholder information could lead to unfair practices, advocating for regulations that require shareholders to demonstrate legitimate purposes for accessing such information [8][9].