Gazette Case: Shenyin Wanguo Securities Co., Ltd. v. Shanghai Guohong Real Estate Co., Ltd.

Where an original shareholder transfers listed-company legal-person shares for consideration and the agreement clearly expresses a transfer and is followed by registration, the arrangement is a transfer rather than nominee holding; non-payment of the price restores only a claim for payment, not the transferred shares. Holdings and changes in listed-company shares should generally be determined by the public registration record.