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The companies listed on the ChiNext Board generally have a small company and market scale, a large performance fluctuation range, but a long legal time limit for annual report disclosure. And the annual performance prediction is only required for several extraordinary situations, which cannot meet the investors’ requirements for mastering the performance change in time. To improve the transparency of the companies listed on the ChiNext Board, ensure that the investors can obtain the annual performance information of these companies and reduce their conjecture and irrational speculation on company performance, Shenzhen Stock Exchange issued Circular on Making Improvements to the Listed Companies' Disclosure of 2011 Annual Report on January 4, 2012, stating that no matter whether the situations mentioned in Section 11.3.1 of the ChiNext Stock Listing Rules will occur, the listed companies on the ChiNext Board shall disclose the 2011 annual performance prediction before January 31, 2012. Thanks to this measure, the investors can obtain the annual performance prediction of the listed companies in advance for one month at least.
To improve the timeliness and efficiency of information disclosure, enable the investors to make correct judgment based on the annual report and quarterly report, and help them thoroughly understand the performance change, the companies listed on the ChiNext Board are required to disclose the performance prediction for the first quarter of 2012, in addition to the 2011 annual report. The companies intending to disclose the annual report before March 31, 2012 shall disclose the performance prediction at the same time, while those companies planning to disclose the annual report in April, 2012 shall disclose the performance prediction before April 5, 2012.
The Exchange will also issue Business Memorandum for ChiNext Information Disclosure – Matters Related to Annual Report in the near future to enhance the requirements on the disclosure of management analysis and discussion. The companies listed on the ChiNext Board will be required to disclose the significant changes in the main business models during the report period and make targeted analysis and explanation on the business conditions and development strategies during this period to the investors on the Interaction Easy. Meanwhile, these listed companies shall enhance the self-checking and disclosure of the cash dividend policy and its implementation.
Shenzhen Stock Exchange will continuously sum up the development rules of the companies listed on the ChiNext Board and perform targeted regulation to improve the information disclosure transparency of these companies.
