Recently, SZSE has completed the appraisal on 2013 information disclosure of companies listed on the Main Board, SME Board, and the ChiNext Board. According to the appraisal result, information disclosure quality of companies listed on Shenzhen Market is overall satisfactory, with companies graded with A or B take up around 90 percent on each boards. Particularly, the proportion of public companies graded with A increases from 15.81% last year to 19.27% this year.
As introduced by relevant principal from SZSE, the revised The Appraisal Measures on Information Disclosure of Listed Companies, released by SZSE on April 8, 2013, explicitly specified more than 40 objective grading indicators, and included into the appraisal scope the public companies’ reply to the investors’ enquiry on Easy IR, the disclosure on investor relationship activities, fulfillment of cash dividend commitment, etc.. The revision materially meets the requirements of acceleration of the supervision transformation, substantial protection to the rights and interests of investors, and further improvement of the transparency of information disclosure. In addition, SZSE have further expanded the scope for companies in ‘Information Disclosure Express’ and announcement categories. SZSE, which is undergoing supervision transformation, put forward more requirements on the information disclosure of public companies. The performance and results in ‘Public Companies Information Disclosure Express’ have also been taken into significant consideration in the annual appraisal on information disclosure.
As the results of appraisal by SZSE on information disclosure in resent years show, listed companies with Grade A appraisal results, such as PAB, Vanke-A, Gree , Zhejiang NHU, Suning Commerce, Hikvision, Bluefocus, Originwater, Inovance Technology, etc. which operated in a standardized way with high information disclosure quality, played exampling role in the market. However, there are also a few companies, such as Extra ST Century Plaza Hotel, Extra ST Zhongfu, Honglei, Extra ST CRTY, Wanfu Biotechnology, Hirisun, etc, appraised as Grade D for the reasons of violation of information disclosure regulation, illegal capital embezzlement by large shareholders, failure in disclosing the major events in timely manners, and major accounting errors, etc.. SZSE will supervise and urge these companies to improve their standardized operation, perform the obligation of information disclosure in good faith, so as to maintain the positive image of genuine and transparent public companies
For the next move, SZSE will further push forward ‘Information Disclosure Express’, strengthen the supervision on information disclosure of companies listed on SZSE during the event, and act upon issues spotted during the supervision in a timely manner, further enhance the quality and efficiency of information disclosure.
480 companies listed on the Main Board participated in the appraisal. Among them, PAB and other 68 companies were appraised as Grade A, taking up 14.38% of the total companies listed on the Main Board participated in the appraisal; Cau-Tech and other 333 companies were appraised as Grade B, taking up 69.58% of the total number; Zhongyin Cashmere and other 67 companies were appraised as Grade C, taking up 14.17% of the total number; Extra ST Good Hand Railway and other 8 companies were appraised as Grade D, taking up 1.87 % of the total number.
701 companies listed on the SME Board participated in the appraisal. Among them, Zhejiang NHU and other 146 companies were appraised as Grade A, taking up 20.97% of the total number; Hongda Xingye and other 479 companies were appraised as Grade B, taking up 68.47% of the total number; Elec-tech and other 67 companies were appraised as Grade C, taking up 9.70% of the total number; Extra ST Xiake and other 5 companies were appraised as Grade D, taking up 0.86% of the total number.
355 companies listed on the ChiNext Board participated in the appraisal. Among them, Hanwei Electronics and other 79 companies were appraised as Grade A, taking up 22.54% of the total number; Tgood and other 249 companies were appraised as Grade B, taking up 70.42% of the total number; Enjoyor and other 22 companies were appraised as Grade C, taking up 6.48% of the total number; Wanfu Biotechnology and Hirisun were appraised as Grade D, taking up 0.56% of the total number.