Recently, SZSE completed the 2019 annual appraisal of information disclosure of listed companies and announced the results. Among the 2,196 listed companies on SZSE, 387 companies were graded A (17.62%), 1,400 companies B (63.75%), 314 companies C (14.30%), and 95 companies D (4.33%). In recent years, there are 178 companies graded as A in the last three consecutive years (8.58%), 129 companies in the last four consecutive years (6.68%), and 92 companies in the last five consecutive years (5.09%). A group of excellent companies featuring high quality information disclosure, good integrity in standardized operation, and strong sense of active services is emerging, which has set an example for all SZSE-listed companies. The 2019 appraisal results of listed companies show that the proportion of grade-A and grade-D companies is higher than that in previous years, indicating the prominent problem of non-standard information disclosure in some listed companies despite the steady improvement in the overall quality of information disclosure.
On the same day, SZSE also released the newly revised Measures on the Appraisal of Information Disclosure of Listed Companies (hereinafter as the “Appraisal Measures”). According to the requirements of the new Securities Law, the Appraisal Measures further improves the transparency and effectiveness of the appraisal and evaluation mechanism from the perspectives of information disclosure appraisal method, appraisal contents and the use of results by putting the improvement of information disclosure quality as core and the deepening of classified regulation as orientation while taking consideration of the performance of the existing system and the new situation and changes in the market.
Adjusting the appraisal method to reflect the regulation orientation. The mode of “awarding-and-deducting” is adopted in the appraisal method. That is to say, points may be awarded or deducted on the basis of unified appraisal benchmark scores. The appraisal results of listed companies shall be based on this, in combination with the negative list indicators. The “awarding items” focus on whether a company’s information disclosure is standardized, the maintenance of investor relations, the disclosure of social responsibility fulfillment and the cooperation with SZSE. The “deducting items” focus on major negative matters and the self-discipline measures or disciplinary punishments imposed on listed companies and related parties. With a clearer and more visible appraisal method, and a procedure holding greater openness and transparency, it is beneficial to sending a clear signal to listed companies to urge them to make constant improvement in the quality of information disclosure and standardize the level of operation.
Completing the appraisal content and focusing on market concerns. The Appraisal Measures strengthens the appraisal on hot and key issues with a high degree of market concert based on the regulation practices. First, appraisal on the effectiveness of disclosure is added, which focuses on whether the disclosure content is investor
