Gazette Case: Zhongjing Industrial (Group) Co., Ltd. v. Shanghai Electric Power Industrial Co., Ltd. et al.
Where state-owned equity is publicly transferred through an exchange venue, the "same terms" requirement for shareholder pre-emption includes both substantive conditions such as price and procedural conditions such as entering the exchange process and posting the required deposit. A shareholder who refuses to participate under the exchange rules cannot bypass that process and compel a direct transfer through litigation.
Holding
Where state-owned equity is publicly transferred through an exchange venue, the "same terms" requirement for shareholder pre-emption includes both substantive conditions such as price and procedural conditions such as entering the exchange process and posting the required deposit. A shareholder who refuses to participate under the exchange rules cannot bypass that process and compel a direct transfer through litigation.