Most studies on corporate social responsibility (CSR) have focused on the CSR activities or the CSR disclosure of companies in developed countries and observe whether there is any impact on companies’ sustainability. Few have looked into whether companies have prepared a “complete” CSR report, or if the information disclosed is satisfactory with sufficient response after a major accident has happened, such as the Wenzhou train accident in China on July 23, 2011. The research approach includes collecting and analyzing press releases, corporate websites, and published CSR reports of railway corporations related to the accident. Such CSR reports and the guidelines for CSR reporting in China will be specifically compared to their public disclosures on the “7.23” train accident. The findings show that not every company that was supposed to report the incident had produced a “complete” or satisfactory CSR report. For those that claimed that they had followed the reporting standards and guidelines, the disclosed information appeared to be insufficient with stakeholders’ requirements. This study then examines the general Chinese CSR reporting tool CASS-CSR2.0 and determines that further enhancement is needed in reporting instructions to better reflect corporate practices.