The 4th Session of Training Course for Board Secretary of ChiNext Board Follow-up Course was held by Shenzhen Stock Exchange（SZSE） by means of remote video and on-site training recently. About 550 board secretaries and securities affair representatives from companies listed on ChiNext Board attended the training.
The theme of the course--'Prevention and Control of Insider Trading and Speculation over Restructuring' has been highlighted in the training, which proved to pertinent. SZSE have long attached great importance to the prevention and control of insider trading, requiring public companies prevent insider trading and share holding management. Combining M&A Restructuring Diversified Review Courses Mechanism, which has currently gone into full effect, and phenomenon of blooming M&A on ChiNext Board and specific stock price fluctuation due to the restructuring this year, the course emphasized that prevention of speculation over restructuring was the top priority agenda of SZSE's supervision on M&A. According to the Diversified Review Courses Mechanism, the standard operation and honesty of the company are crucial factors contributing to the eligibility of public company’s M&A restructuring of going into the exemption or quick course. In the event of abnormal trading of the stock before the trading suspension due to the major restructuring, it will be difficult for the Company's M&A restructuring to go into the exemption or quick course. It was highly suggested that public company should be well aware of the current market situation, pay attention to the prevention and control of insider trading, standard operation and carry out the information disclosure obligation. It was also indicated that Public companies, on the one hand, should establish and standardize major information internal circulation procedure, reinforce the internal filtering, gathering, delivering, disclosing sensitive information mechanism, improve the procedure and mechanism of major information disclosure, and curb down the insider trading from the source; on the other hand, substantially disclose the quality of assets involved in M&A restructuring and various of influence of M&A restructuring on the public company in a honest, accurate and integrated manner. The public company should reveal related risk to the investors, in order to prevent irrational speculation on the market, materially protect the legitimate rights and interests of small and medium investors, and maintain the normal trading order.
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