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The Shenzhen Stock Exchange (SZSE) recently held meetings in Qingdao, Xiamen, Hangzhou and Shenzhen respectively, during which six measurements to supervisor the Small and Medium-sized Enterprise Board (SMEs) for the second half of 2008 was pointedly noted.
The SZSE would adapt categorized supervisions to improve pertinence and validity of supervision task, to strengthen internal controlling systems and implementation, to further enhance joint supervision mechanism and to apply for special inspection to companies with potential substantial risks.
Guidance on senior officials of listed companies on the SMEs Board should be drafted to achieve better supervision on conducts and trading of senior officials of listed firms. Reinforced supervision should be cast on information disclosure to bolster quality of information disclosure and management on secretaries of board of directors. Guidance on sponsoring for listed firms on SMEs Board should be amended to specify working criterion and requirements for sponsors.
ZHOU Ming, Deputy General Manager of the SZSE pointed that listed firms have been operating properly since the establishment of the SMEs Board excluding several firms involved in misappropriation of corporate capital. Listed firms should study uncertainties and challenges and opportunities brought by macro control in the year of 2008. He also said that firms listed on SMEs Board should have stronger sense of responsibility, sense of laws and regulations and confidence to boost regulated operation of companies, to protect retail investor’s rights and to be more competitive.
Officials from the SZSE reported newly-taken actions aimed to tackle new problems for this year including enhancement to quality of information disclosure and sponsoring, implementation of internal system of listed firms and supervision on shareholder, and management of listed firms and timely punishment to irregularity.
