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Securities regulators are now facing more lawsuits and disputes over companies that are on the brink of being delisted and those that have already delisted.

Last week, the China Securities Regulatory Commission (CSRC) was sued by two groups of investors which are minority shareholders of two loss-making companies delisted in May - Shenzhen Zhongqiao Development Company, and Hubei Jianghu Ecology Company.

In both cases CSRC had declined to grant an administrative review of the appeals by shareholders to prevent the companies from being delisted.

CSRC had said the shareholders could not appeal its decision. But the plaintiffs claim that it was wrong for the regulator to reject their appeal.

Both cases will be heard in the Beijing No 1 Intermediate People's Court.

Three years ago, the court gained much attention when it ruled in favour of a listing candidate in Hainan Province, against the CSRC for the unreasonable rejection of its listing application.

This time around, both plaintiffs are awaiting a decision on whether their cases would be formally accepted and tried.

Yet the lawsuits reflect pitfalls in the delisting regulations. Experts say that while the issue involves many interest groups, it is the small shareholders who get hurt.

He Libo, one of the plaintiffs and a small shareholder of Shenzhen Zhongqiao, said her action was supported and sponsored by many small shareholders.

He Libo said it was hard to ascertain exactly which companies could be delisted. While being aware that some poor-quality firms continue to be traded publicly after asset restructuring, she had bet that Zhongqiao would also turn around.

But her hopes were dashed when the company was removed from the bourses on May 30 this year.

Then, on June 26, she and some other minority shareholders sought a review of the CSRC delisting order. But they were told the request would not be accepted a month after the event.

He Libo said she was aware that there was only a slim chance of a review from the regulator. She tried nevertheless.

Legal experts are also split on the issue.

Some said CSRC's action was right because only the delisted companies themselves were entitled to an appeal.

But others said CSRC was at fault in taking a long time to respond. They also say that standards for administrative review of such disputes were vague.

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