Shanghai Stock Exchange Conducts Online Surveys On Information Disclosure System

To further collect investors' opinions on listed companies' content disclosure so as to improve the information disclosure system, the Shanghai Stock Exchange (SSE) will, from today to January 31, make among the investors and listed companies two surveys on content disclosure of the semi-annual report abstracts and the quarterly reports, respectively. The surveys for investors will be conducted on the SSE external website (www.sse.com.cn). Investors are welcome to participate in.

It is learnt that the survey results will be the important basis for the China Securities Regulatory Commission to modify the "'Semi-annual Report' in Rule No.3 on Content and Format of Information Disclosure of Companies with Securities Issued Publicly" and the "Rule No.13 on Report Composition of Information Disclosure of Companies with Securities Issued Publicly - Special Regulation on Content and Format of Quarterly Report".

Issues in both surveys involve the "appraisal on current report content", "reform methods for periodical report disclosure mode", "concern degree on each part of report text" and the "most concerned major financial data and indicators". Meanwhile, the survey on quarterly reports has some "individualized" issues, including "whether listed companies can disclose the performance express only instead of the quarterly reports", "whether listed companies should disclose additional financial data and indicators after implementation of the new accounting standards" and "whether the 1st quarter report of 2007 should disclose data adjustment in detailed lists according to the 'Accounting Standard for Business Enterprises No.38 – First-time Adoption of Accounting Standards for Business Enterprises' and the requirements of relevant clauses in its application guide". As for the survey on semi-annual reports, other issues are "whether equity change and shareholders information in semi-annual report abstracts should be modified accordingly", "how to disclose the information of directors, supervisors, senior management and employees in the abstract" and the "modification opinions on significant event disclosure".

SSE Listed Company Department officials hope that both investors and listed companies can take an active part in the surveys for the improvement on relevance and effectiveness of the periodic reports. It is learned that listed companies can visit the section of Listed Companies on the SSE website to complete the surveys.