Effective shareholder derivative lawsuits by the China Securities Investment Services Center against listed companies' misuse of funds.

Major shareholders, actual controllers, and other "key minorities" illegally occupy listed company funds, infringe on the interests of listed companies, and even "empty" listed companies, which may lead to the inability of listed companies to operate normally or even delist, ultimately harming the legitimate rights and interests of small and medium investors. In recent years, the China Securities Regulatory Commission and stock exchanges have taken strong measures to crack down on malicious fund occupation, insisting on the principles of "repayment for occupation, rectification within a time limit, and no exemption from delisting." In this process, the China Securities Investor Protection Center has represented small shareholders in accordance with the law to defend shareholder rights, and has explored a model of litigating for shareholder rights protection with the combination of shareholder inquiry letters and shareholder representative lawsuits. Since the *ST Modern case, the China Securities Investor Protection Center has issued shareholder inquiry letters to multiple listed companies this year, urging companies and boards of directors to take measures to recover occupied funds, leading to the resolution of typical cases such as the ST Xintong case, Taian's retirement case, and ST Lutong's case, and safeguarding the legitimate rights of shareholders.