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On the basis of studying in depth the characteristics of industries and summing up regulation experience, SZSE has recently formulated and released four industry information disclosure guidelines for the industries of industrial robotics, integrated circuits, lithium batteries and non-metallic building materials. It is another measure adopted by SZSE to continue to improve the basic systems of the capital market, promote the construction of the systems of rules for industry information disclosure and put forth effort to enhance the effectiveness and pertinence of information disclosure.
The guidelines released this time focus on core issues, strengthen the disclosure of specific information and put forward disclosure requirements on key information such as companies’ business models, the links of industrial chain in which they are located, environmental information, etc., to make it easy for investors to understand listed companies thoroughly. For the industrial robotics industry, as the market is generally concerned about companies’ product performance and application fields, the guidelines require relevant companies to disclose key technical or performance indicators that reflect the core competitiveness of products, such as the technological type of speed reducers, the category of industrial robots, application field, function, etc. For the integrated circuit industry, as the market focuses more on companies’ independent R&D capability, the guidelines require relevant companies to fully disclosure information that can reflect their product competitiveness and R&D and innovation capability, including product type, application field, performance, patented technology, R&D orientation, R&D personnel, development status of new products or new process, etc. The guidelines also specify the requirements for disclosure by category based on the characteristics of sub-industries such as integrated circuit design, wafer fabrication and encapsulation testing. For the lithium battery industry, the industrial chain links of the industry, which has seen rapid growth with the development of new energy and electronic industry, include anode and cathode materials, diaphragm, electrolyte, unit cells, battery pack and battery management system, relevant manufacturing equipment, recycling, etc. and involve many technical terms and technological concepts. Therefore the guidelines require relevant companies to fully disclose industry situation, their market positions and key technical or performance indicators of their main products and business, and to promptly disclose the impact of policy changes. For the non-metallic building materials industry, as it is closely related to factors like macroeconomic policy and changes in the cost of upstream raw materials and fuel, has cyclic, seasonal and regional features and have big impact on the environment, the guidelines require relevant companies to specify whether their business conditions match the development of the industry based on macroeconomic data, the raw materials and energy of their main products and their supply and specific measures on environmental protection and to promptly disclosure environmental accidents.
In the preparation of the guidelines, SZSE conducted several rounds of communication with market players, sought advice through on-site discussions, company visits, telephone communication, questionnaires, etc., learnt the situations of industries in depth, fully listened to the voices of all market participants including listed companies, securities companies, fund companies and investors, and built market consensus. SZSE attached great importance to, carefully studied and fully demonstrated the advice and suggestions from market players, and adopted and absorbed reasonable advice and suggestions.
The industry guidelines are important foundation and means for SZSE to advance industry regulation. SZSE will, according to the unified arrangement of the China Securities Regulatory Commission, continue to uphold the “information disclosure-based” regulation idea, upgrade basic regulations, optimize the system of rules, enhance the enforcement effect of industry guidelines and improve the information disclosure quality of listed companies to lay a solid foundation for the building of a law-based, transparent, open, dynamic, resilient capital market.
