In disputes over share repurchase Valuation Adjustment Mechanism,if the contract fails to explicitly specify the manner in which multiple shareholders bear the repurchase obligations,the courts'judgments present three different outcomes:joint liability,shared liability,or proportional liability.While courts'judgments reflect the rationality of analyzing case facts and applying legal norms,there are varying degrees of omissions leading to obstacles for investors to realize their creditor's rights.Under the framework of China's Civil Code,combined with the stance of the new Company Law,courts should scientifically identify the elements and features of Valuation Adjustment Mechanism,judge the intentions of the market entities based on the specific contents of the contracts,thereby determining joint liability or proportional liability,and select enforcement plans according to the mode of liability.The refinement of judicial paths not only aids in forming relatively consistent conclusions but also contributes to the implementation of the conceptual requirements of commercial trials.
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