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Recently, SZSE completed the appraisal of information disclosure of the companies listed on the Main Board, the SME Board and the ChiNext Board in 2018. The appraisal results show that the information disclosure quality of the SZSE-listed companies is good on the whole. The proportion of the companies on the three boards that were rated A and B in the appraisal results is 82.04%, and that of the companies rated C and D is 17.96%.
Information disclosure appraisal is an important measure to implement the “information disclosure-centered” regulatory concept, an important foundation for carrying out the regulatory requirement of the China Securities Regulatory Commission (CSRC) of “focusing on the two ends and letting the two ends bring the middle forward”, and an important way to improve the information disclosure quality of listed companies. SZSE started to implement the information disclosure appraisal system in 2001. Since then, based on the development of the capital market and the changes in the regulatory situation, SZSE has been constantly refining the system. So far, SZSE has established a comprehensive appraisal system that centers on listed companies covering the de facto controllers, controlling shareholders, directors, supervisors, senior management and information disclosure staff. The appraisal combines self-assessment by companies and assessment by SZSE, follows the principles of objectivity and fairness, takes into account the quality of listed companies’ announcements as well as their operation according to standard and protection of investors’ rights and interests and other factors, compares with the negative list specified in the appraisal measures, adopts the quantitative scoring method and ranks companies by four grades, namely, A, B, C and D, based on their scores from high to low.
SZSE always takes improving the quality of listed companies as its primary goal in the regulatory work. With a focus on the regulation of information disclosure and corporate governance, SZSE has made full use of graded regulatory results and scientific and technological regulatory means, and promptly detected and seriously cracked down on illegal actions such as financial fraud, sudden turn in performance, concept hype, fund embezzlement and illegal guarantee. During the information disclosure appraisal in 2018, SZSE issued 154 decision letters of disciplinary punishments and 486 regulatory letters, together up 14.90% year on year. The number of companies rated C and D in the appraisal results in 2018 totaled 383. The proportion rose from 15.94% last year to 17.96%. The number of companies rated A was 353, accounting for 16.55%, slightly down 1.40 percentage points from last year.
In the meantime, a number of “top students” with good information disclosure quality and highly standard operation level since listing emerged on Shenzhen Market, playing an excellent exemplary and leading role. On the Main Board, CMSK is rated A for the 16th straight year, Yunnan Baiyao is rated A for the 13th straight year, and Guoyuan Securities is rated A for the 12th straight year. On the SME Board, Suning.com is rated A for the 14th straight year, and Bank of Ningbo is rated A for the 11th straight year. On the ChiNext Board, Inovance is rated A for the 9th straight year, and Zhonghang Electronic is rated A for the 8thstraight year. A group of “new forces” that were listed after 2017 also stood out in the information disclosure appraisal for 2018, such as Desay SV on the SME Board and Autek on the ChiNext Board.
Relevant official of SZSE said that SZSE has always been focusing on the regulation of information disclosure by listed companies and corporate governance, and strictly guards the lifeline of information disclosure and consolidates the ballast stone of operation according to standard through measures as implementing industry regulation on all aspects, continuing to deepen classified regulation and effectively exploring technology-based regulation, striving to improve the quality of listed companies. Next, SZSE will, according to the CSRC’s work requirements of “four reverences” and “one combined force” (reverence of the market, the rule of law, professionalism and risks, and give play to one combined force), continue to improve the information disclosure-centered regulatory system, improve the dimensions and ways for implementing information disclosure appraisal, better advance the application of appraisal results in regulation. By actively supporting companies with continuous standard operation in using the capital market to become better and stronger, strictly regulating companies with frequent regulatory problems, and effectively safeguarding investors’ legal rights and interests, SZSE strive to build a resilient multi-tiered capital market that is standard, transparent, open, and dynamic.
