Shenzhen Stock Exchange has completed the appraisal on the information disclosure of the companies listed on main board, SME board and ChiNext board for 2011 in recent days. According to the appraisal results, the listed companies performed well in terms of information disclosure. The proportion of companies with Grade A appraisal results in every board increases. In the light of the information disclosure appraisal result, SZSE will adjust to the pilot scope for the information disclosure through system.
484 companies listed on the main board participated in the appraisal. Among them, Shenzhen Development A and other 55 companies were appraised as Grade A, accounting 11.57% of the total number; Cau Technology and other 323 companies were appraised as Grade B, accounting 66.94% of the total number; Zero-seven and other 87 companies were appraised as Grade C, accounting 18.18% of the total number; Shenzhen Fountain and other 15 companies were appraised as Grade D, accounting 3.31 % of the total number.
646 companies listed on the SME board participated in the appraisal. Among them, Zhejiang NHU and other 130 companies were appraised as Grade A, accounting 20.28% of the total number; Huapont Pharm. and other 455 companies were appraised as Grade B, accounting 70.59% of the total number; Hedy Holding and other 51 companies were appraised as Grade C, accounting 8.05% of the total number; Extra ST Guanfu and other 6 companies were appraised as Grade D, accounting 1.08% of the total number.
281 companies listed on the ChiNext board participated in the appraisal. Among them, Lepu Medical and other 45 companies were appraised as Grade A, accounting 16.37% of the total number; Tgood and other 204 companies were appraised as Grade B, accounting 72.95% of the total number; Bode Energy Equipment and other 28 companies were appraised as Grade C, accounting 10.32% of the total number; Zhendong Pharmaceutical was appraised as Grade D, accounting 0.36% of the total number.
According to the relevant responsible person of Shenzhen Stock Exchange, this is the first appraisal after the implementation of the new Appraisal Measures. On the basis of dynamic appraisal on the timeliness, correctness, completeness and compliance of the routine information disclosure, Appraisal Measures on Information Disclosure of Public Companies revised by SZSE in 2011 establishes quantitative comprehensive appraisal indicators system in the fields of information disclosure, standardized operation, supervision measures and penalty on violation of regulation, increases the link of listed company self-evaluation, further improves the objectivity of appraisal standard, and openness of appraisal process, fairness of appraisal result and the scientific appraisal measure, and thus gives a better play of the positive guiding of information disclosure appraisal to listed companies’ regulatory operation.
As SZSE’s appraisal results for information disclosure showed, listed companies with Grade A appraisal results, for example, China Merchants Property, Hikvision, Lepu Medical, etc. operate in a standardized way, disclose information in high quality, and play exampling roles in the market. However, there are also a few companies, for example, Extra ST Chalkis, Rainbow Fine Chemical Industry, etc, appraised as D grade for the reasons of violation of information disclosure regulation, failure in disclosing the major events in timely manners, and major accounting errors, etc.
It is also reported that on November 24, 2011, SZSE piloted information disclosure through system on 155 companies, which had been appraised as excellent in terms of information disclosure in 2010. The implementation of information disclosure through system enhanced the disclosure efficiency and quality of pilot companies significantly. SZSE will further establish information disclosure through system’s mechanism of rewarding excellence and punishing inferior in the light of the 2011 information disclosure appraisal results, and adjust to the scopes for the pilot companies. According to the Grade A company through disclosure principle, the Main board will remove 10 companies and take in 12 companies for pilot; the SME board will remove 17 companies and take in 67 companies for pilot; the ChiNext will remove 6 companies and take in 32 companies for pilot. After the adjustment, the pilot companies for information disclosure through system will increase to 233.
What is more, SZSE will try to find out solutions to the problem found in the appraisal, and improve the listing rules; to deal with the the listed companies and related persons involved in the event of violation of the fair disclosure principle, releasing the insider information, insider transactions, SZSE will carry out various actions including dunning the related parties to improve the relevant systems, and enhancing the supervision and striking on the non-compliance, in order to practically maintain the market order.