Gem Strengthens Annual Report Disclosure: Other Channels Should Not Precede The Designation.

< p > the SFC said yesterday that the next step is to further improve the information disclosure mode of < a href= "//www.sjfzxm.com/news/list.aspx ClassID=101112107105" > gem < /a >, enhance the effectiveness of information disclosure, continue to improve the guidelines for annual reports, strengthen supervision and coordination, and improve the quality of annual report disclosure.

At the same time, the second batch of special industry disclosure guidelines for gem will be timely introduced.

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< p > information disclosure has two characteristics: one is to guide investors' needs, highlighting the characteristics of gem, focusing on disclosing non-financial information, such as core competitiveness, risk factors and R & D situation, which is most concerned by investors. At the same time, it provides the necessary quantitative analysis, and some special industries need to comply with the requirements of special industry disclosure guidelines.

The two is to improve the usefulness of investors' decision-making. Information disclosure not only reflects the past business results and asset status, but also focuses on future changes, including business environment, company strategy and industry development trend, so as to make the disclosure content fully relevant, relevant, important and changing.

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< p > as for the announcement of the provisional announcement of the gem, the SFC said it could be disclosed through the designated website at noon or after three thirty p.m.

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< p > the SFC also introduced, from the disclosure of annual reports in 2012, "the content and format of company information disclosure No. thirtieth of public offerings" - the content and format of annual reports of GEM companies (revised in 2012) is relatively good. The supervision and risk disclosure of annual reports have been gradually revealed, non-financial information disclosure has been further strengthened, repeated information has been significantly reduced, and information effectiveness has been strengthened.

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< p > at the same time, according to the relevant regulations, the statutory disclosure information of GEM companies should be disclosed in the designated media, and can also be disclosed through other channels, but the disclosure time should not be earlier than the designated media, and the content of disclosure should not be more than the designated websites, otherwise, it will constitute illegal information disclosure behavior. The SFC will take corresponding regulatory measures according to the situation.

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< p > as for how to supervise the information disclosure of GEM companies, < a href= "//www.sjfzxm.com/news/list.aspx ClassID=101112107107" > SFC < /a >, the stock exchange shall examine the periodic reports and interim reports of the listed companies, and the SFC's dispatched offices shall conduct on-site inspection of the information disclosure of the listed companies, and the SFC's dispatched offices and stock exchanges will also supervise the information disclosure of Listed Companies in a timely manner in combination with complaints, reports and news reports by the SFC.

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< p > the system of ex post disclosure for the growth enterprise market will be increased or reduced by 1%.

Shareholders and actual controllers who require more than 5% shareholding to buy and sell shares of listed companies through the securities trading system, and when each increase or decrease ratio reaches 1% of the total shares of listed companies, relevant shareholders, actual controllers and information disclosure obligor shall issue a notice on the matter within two trading days from the date of the occurrence of the fact.

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< p > the Shenzhen Stock Exchange began to pilot the information disclosure "through train" in October 2011 and expanded the scope of implementation in February this year.

This reporter has learned that as of now, there are 249 GEM companies listed in the "through-train" area, accounting for 70% of the total number of GEM companies, and the announcement of direct access is 187, accounting for 70% of the total announcement.

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< p > with the continuous expansion of the scale of the growth enterprise market, the industry characteristics of the GEM companies are increasingly obvious. Quite a few GEM companies belong to the new mode, new format and new technology enterprises, which are quite different from the traditional manufacturing enterprises. The traditional and widely applicable rules of information disclosure are difficult to fully meet the information needs of investors in the emerging industries such as the gem, such as the operation characteristics and risk situation. Therefore, it is necessary to formulate guidelines for disclosure of special industries.

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< p > it is understood that at present, gem has guidelines for the disclosure of information in two industries, namely, radio, film, television, medicine and biological products.

From the perspective of execution, industry guidelines play a good guiding role in the compilation of annual reports, which enables investors to have a clear understanding of the company's business operation mode, special risks in development, and related accounting treatments, and improves the effectiveness and pertinence of information disclosure.

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< p > "interactive easy" is a listed company investor relations interaction platform launched by Shenzhen Stock Exchange. The main purpose is to meet the exchange and interaction needs between listed companies and investors.

On the platform, investors can ask questions directly to listed companies, and listed companies reply.

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"P >" "interactive Yi" is not a legal disclosure medium at present, and the listed company can carry out full, in-depth, detailed analysis, explanation and reply to the investor on the disclosure of information, but it can not involve undisclosed information. "

The SFC emphasized.

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< p > "interactive easy" has played an important role in protecting investors' right to know and inquiries, improving company's < a href= "//www.sjfzxm.com/news/list.aspx ClassID=101112107108" > information pparency > /a and enhancing supervision effectiveness.

At present, GEM companies use the "interactive easy" situation in good condition, investors ask questions positively, and the quality of reply gradually improves. However, there are also problems such as inaccurate information and a mere formality.

In this regard, the SFC said that the next step will be to solve the problems by strengthening company training, expanding investor coverage and improving the function of "interactive easy" system.

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