The "Stockholders Business Section" of Shenzhen Stock Exchange (SZSE) has recently put on line, signaling the official commission of the disclosure channel for stockholders equity changes. This is another important move of SZSE to implement strict and comprehensive supervision, actively respond to new market situations and issues and deepen the reform of information disclosure system to protect investors' legitimate rights and interests.
Timeliness, fairness and accuracy of stockholders equity changes disclosure being the great market focus
The information of stockholders equity changes often exerts huge impact on the stock price of listed companies and has always been the message of great attention to investors. As per the current practice, disclosure of this information is performed by the companies entrusted by stockholders.
In recent years, as the disputes on equity of listed companies increase and sometimes listed companies fail to fully cooperate with stockholders to fulfill the information disclosure obligation and stockholders equity changes are not disclosed in a timely manner, investors' right to know has been seriously impaired. Under the background that our capital market construction is developing in the legalized, opened and transparent directions, the timeliness, fairness and accuracy of information disclosure on stockholders equity changes is closely followed by the market.
Active response to new market situations and issues to open a disclosure channel for stockholders equity changes
As the frontline supervisory organization for listed companies, SZSE has actively responded to new market situations and issues. While constantly consolidating the awareness of stockholders information disclosure, SZSE has designated a "Stockholders Business Section" on its website, providing a second channel for disclosing stockholders equity changes to stockholders and further enhancing the effectiveness of information disclosure.
According to the released Guideline for Listed Companies' Stockholders Business, the self-disclosure channel for stockholders equity changes is of the following features: First, strict user registration procedure to ensure authentication. Before disclosing information, stockholders have to register online via the help of listed companies or perform self-registration online and activate as SZSE. When registering, stockholders need to provide identity certification documents based on their entity nature. Second, complete coverage of disclosure announcements on stockholders equity changes to enhance disclosure efficiency. After registration, stockholders can submit various kinds of equity change announcements, such as equity change reports, tender offer reports, equity change progress announcements and pre-disclosure reminder of share lessening. At the early stage of system running, SZSE receives information after closing of the day and examines the application of stockholders information disclosure and stockholders may submit the examined information to media for disclosure. When conditions grow mature in the future, stockholders equity changes will be disclosed directly. Third, stockholders are allowed to use the same account to disclose changes of equity in different listed companies, improving business handling efficiency. After registration, stockholders can add stockholding information on the other companies via the function of "Rights Management" and disclose relevant information using the same account.
Competent principal from SZSE said that the system affords stockholders with the initiative to disclose information and allow them to fulfill their disclosure obligation within a time as short as possible, fully protecting market entities' right to know and improving the compliance of equity change information disclosure. The system further specifies the principal status of stockholders as the person responsible for equity change information disclosure, consolidates their information disclosure awareness, urges them to fulfill their duty and assumes due disclosure responsibility. It also enables the connection with Hong Kong and other overseas markets and narrows the gap between domestic and overseas information disclosure systems, thus providing a more convenient and effective market environment to domestic and overseas investors and further strengthening the results of the interconnection brought by Shenzhen-Hong Kong Stock Connect.
Constantly pressing ahead with the reforms and innovation on information disclosure to improve frontline regulatory efficiency
In recent years, SZSE have been sticking to the core of information disclosure system to constantly drive the reforms and innovation on information disclosure. Specifically, it has taken the lead in introducing the direct bus system of information disclosure and the early morning disclosure system, fully implemented the industrial supervision model and established two industrial information guidelines based on the emerging industries and the traditional industries receiving high market attention. The series of reform and innovation measures have worked for enhancing the disclosure efficiency and quality of SZSE-listed companies and relevant parties, improving the transparency of the multi-layer capital market of SZSE market and protecting the legitimated rights and interests of investors.
In the future, SZSE will continue to follow the leadership of CSRC to implement strict and comprehensive regulation, constantly optimize information disclosure system with information disclosure as the core, steadily intensify frontline regulation and urge relevant entities to fulfill information disclosure obligation, thus propelling the sound development of the multi-layer capital market of SZSE market.
