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Since January 2013, in order to increase the effectiveness of information disclosure of listed companies and improve the market transparency, Shenzhen Stock Exchange (‘SZSE’) has promulgated a series of information disclosure guidelines for industries like radio film and television, bio-pharmaceuticals, photovoltaics, energy conservation and environmental protection, internet game, internet video and internet e-commerce, forming industrial information disclosure rules and supervision systems with the characteristics of ChiNext board. In order to further regulate the information disclosure for internet marketing companies listed in ChiNext board, SZSE recently promulgated the Information Disclosure Guidelines for Internet Marketing Companies Listed in ChiNext Board.
In recent years, internet marketing business has gradually become development direction of marketing industry, internet marketing companies show unique industrial characteristics in terms of business mode and profit pattern. There are no unified and fair evaluation indicators for internet marketing business due to short industrial history, and the existing information disclosure rules are not perfect, so internet marketing companies couldn’t have enough disclosure in business indicators, and investors have difficulty in carrying out effective comparative analysis to companies of the industry. Now there are eight ChiNext board listed companies engaging in internet marketing business, in order to promote such listed companies to better perform their information disclosure obligations and improve their transparency of information disclosure as well as facilitate investors to understand their business situation, SZSE formulated the Guidelines by fully learning from the information disclosure experience of internet marketing companies at home and abroad after summarizing the common characteristics of internet marketing companies.
The Guidelines has the following characteristics:
Firstly, it clearly defines the applicable scope, i.e. listed companies engaging in internet business like search engine marketing, integral wall marketing, programmatic buying and marketing data services are applicable to the Guidelines;
Secondly, it clearly requires such listed companies to disclose in their annual and semi-annual reports about their data or flow conditions, such as the proportion of self-owned and imported data or flow from a third party, the number of users of mobile end and PC end and the average daily number of active users.
Thirdly, it requires such listed companies to disclose in their annual and semi-annual reports about technical indicators under different standards (such as conversion rate, click rate and display rate), such as quotes per second, deals per second, average daily number of web scraping and average daily number of keywords display;
Fourthly, it requires such listed companies to disclose the transaction amount on their main cooperation platforms (such as demand side platform, supply side platform and advertisement exchange platform) in consideration of great influence on them by the transactions on platforms;
Fifthly, it requires such listed companies to disclose in their annual and semi-annual reports about revenue and purchase amount according to different dimensions in consideration of great influence on them by customer and media resources;
Sixthly, it requires such listed companies to perform the obligations for disclosing interim reports in case of major changes in customer and media resources during daily operation;
During the drafting process of the Guidelines, SZSE adheres to promote the formulation of the Guidelines with market orientation. After the completion of the first draft, SZSE invites many industrial analysts from securities companies to participate in the formulation of the Guidelines, meanwhile, it seeks advice from related listed companies for many times and discusses, amends and replies to such opinions one by one. Besides, SZSE sends out questionnaires to more than 3000 investors, which makes the Guidelines more close to the actual situation of listed companies and meet the needs of investors.
ChiNext board listed companies have obvious characteristics of emerging industry, SZSE will continue to start from ChiNext board to study the industrial characteristics and summarize supervision experience, and constantly improve the effectiveness and pertinence of information disclosure through steady promotion of industrial supervision, so as to provide better services for investors.
