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Shenzhen Stock Exchange recently promulgated the Notice on Spearhead the Information Disclosure Express Practice for Administrative Permissions-exempted Corporate Information Disclosure Including Preplans of Listed Company Major Assets Restructuring (the “Notice”). In the future, Information Disclosure Express Practice will be applied to corporate information, such as preplans of listed company major assets restructuring, which is exempted from administrative permissions. SZSE will carry out ex post supervision over such information disclosure.
According to the Notice, SZSE will make public the ex post supervision inquiry letters for information disclosure involving restructuring in the “Rules & Regulations” Column on its official website, representing a big step of SZSE from supervisory result openness to supervisory process openness, which would further enhance the quality, efficiency and transparency of its supervision and services. As introduced by an officer of SZSE, in case that listed companies fail to prepare restructuring schemes as stipulated or violate the Management Measures on Major Assets Restructuring of Listed Companies, SZSE will send out inquiry letters and request them to explain; listed companies should disclose such inquiry letters in a complete and overall manner, so that market players would have a clear picture of the supervision process of relevant information disclosure.
SZSE has been accelerating supervision transition this year by switching regulatory focus of information disclosure from ex ante supervision to the process and ex post supervision. The Information Disclosure Express Practice of SZSE, after two-year pilot running, launched in full sail at the beginning of the year. 98.76% companies listed on the Shenzhen market are included in the Practice, and eligible announcements are enlarged to all categories even including those might have operational risks. In addition, SZSE has been constantly improving the regulatory transparency by making public the processing schedule for seven types of business such as listing of non-public offering shares, and by releasing supervision updates on the official Weibo and WeChat.
Adhering to the concept of “Deregulation, and Strengthening Supervision”, SZSE will, from the perspective of information needs of investors, push market players back to their bounden duties, guide information disclosure responsible persons to bring subjective initiatives into full play, improve corporate governance and standardized information disclosure, so as to better protect the rights and interests of small and medium-sized investors. SZSE will also intensify efforts to improve the transparency of supervision and services in accordance with laws.
