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In order to facilitate directors, supervisors and senior executives of GEM board listed companies to systematically study and master information disclosure business rules and knowledge for GEM board listed companies, and further improve the business level and work quality of board secretaries, SZSE recently promulgated the Compilation of Rules Governing GEM Board Listed Companies (hereinafter referred to as “Compilation of Rules”) and Information Disclosure Practical Manual for Board Secretaries of GEM Board Listed Companies (hereinafter referred to as “Manual for Board Secretaries”).
Effective information disclosure is not only the premise for capital market to display the function of resource allocation, but also the important basis for investors to know, analyze and judge company value as well as make investment decisions. Since the establishment of GEM board, SZSE has always implemented the regulation concept centered on information disclosure, and made all efforts to provide better information disclosure service for investors. In order to better guide the information disclosure work of GEM board listed companies and further improve the information disclosure quality, SZSE organized to formulate the Compilation of Rules and Manual for Board Secretaries.
The Compilation of Rules collects 54 business rules not stipulated in the Rules Governing Listing of Stocks on GEM Board and Guidelines on Standard Operation of GEM Board Listed Companies, including special provisions, guidelines, notices, memorandum and business guides for GEM board listed companies, covering many aspects such as information disclosure, corporate governance, sponsorship business, equity changes, mergers and acquisitions and refinancing. Through collecting current rules, it facilitates listed companies to search and use the rules in their routine work, and aims to become a reference book for listed companies to get familiar with and study relevant rules.
On the basis of learning the Information Disclosure Practical Manual for Board Secretaries of Main Board and SME Board Listed Companies, integrating with the characteristics, rules and regulations, information disclosure situation and regulation practices of GEM board listed companies, the Manual for Board Secretaries starts from problems faced by listed companies in their work, takes the form of “ask and answer”, focuses on introducing the key points and procedures for board secretaries in handling specific business, and selects relevant typical cases of GEM board to make detailed analysis on business difficulties and risks. It has distinctive features of GEM board, emphasizes the differentiated regulatory requirements for GEM board listed companies, such as emphasizing the characteristics of refinancing rules for GEM board listed companies, clearly defining the guidelines and information disclosure requirements for industries such as film and television, medicine, PV, energy conservation and environmental protection and Internet, highlighting special provisions on pre-disclosure of majority shareholders and reduction of shareholding of directors, supervisors and senior executives, meanwhile, it makes stipulations on market value management and trading suspension and resumption system by integrating with the new market situation. It has 12 chapters in total, including 442 questions and answers and 81 cases, covering all aspects of information disclosure, aiming to become a practical reference book for board secretaries of GEM board listed companies to do well information disclosure affairs.
SZSE has always actively promoted the reform and development of GEM board, closely paid attention to new market situation and problems, strived to explore the differentiated regulatory systems and measures of GEM board, so as to promote market participants to perform their own duties. According to the requirements for actively cultivating open, transparent and healthy capital market, SZSE will continue to deepen the reform of GEM board, constantly enhance the core market service capability and regulatory transparency, so as to make all efforts to serve the capital market and overall national development strategies.
