Shenzhen Stock Exchange has been disclosing weekly updates for its supervision over listed companies via official Micro-blog and WeChat platform since February 24, giving public access to regulatory information with the focus on ex post reviewing of information disclosure by listed companies, provisional trading suspension, risk warnings, supervision measures and irregularities punishments. As addressed by principal of SZSE, market transparency is the cornerstone for the effective running of securities markets, and is also the essential for the protection for investors, especially medium and small investors. On the one hand SZSE will push forward the transparency of listed companies, and on the other hand enhance the transparency in its own supervision. Disclosing supervisory information updates is an important move in SZSE’s regulatory transparency efforts, which would safeguard the sunlight supervision in compliance with laws.
Since February 17 to March 14, SZSE has reviewed 10909 pieces of listed company announcements, given out warnings or requested companies to verify and make timely disclosure on issues of commitment fulfillment results, media queries, investors’ complaints, management shareholding changes during window periods, loans overdue, and material assets restructuring by means of issuing inquiry letters or official regulatory correspondences. The scope for SZSE’s open regulatory information has been expended and the content has been enriched. For example, the open information has included changes in stock trading risk warning and trading of restricted shares, and further statements on reasons for provisional trading suspension and regulatory letters’ issuing.
Moreover, in order to further enhance the quality, efficiency and transparency of its self-supervision and services, SZSE has been providing open information to listed companies about business processing schedule and specific steps they’re at. On the official website of SZSE, listed companies can get timely updates about the processing schedule of seven businesses including applications for unlocking of restricted shares and listing of non-public offering securities. They can also learn about the processes undergoing and time spent in the processes of application material submission, material receiving, material supplement and correction, application reviewing, and review results (approved or unapproved). So far, open information for 540 businesses has been available for listed companies of Shenzhen markets.
As addressed by Mr Xiao Gang, the head of the China Securities Regulatory Commission, at the national conference on securities and futures regulation, supervision and regulatory should turn for fairness, transparency, preciseness and efficiency. SZSE will intensify efforts to improve regulatory transparency, following the principle of stabilizing the regulatory expectations of market players, and putting rules, processes and results in the openness and transparency.