Shenzhen Stock Exchange: To Improve Investors Relation Management, To Enhance The Transparency Of Fair Information Disclosure
“Fairness, justness and openness” are the fundamental safeguards for the proper functioning and sound development of securities market, likewise, the openness and transparency of information is the essential feature and internal requirement of capital market. In order to standardize the public companies’ activities on investors relation management, substantially protect the medium-and-small investors’ rights to acquire information equitably, and further boost the transparency of public companies, Shenzhen Stock Exchange recently launched the Investors Relation Column on the website of “Easy for Interaction”(http://irm.cninfo.com.cn/szse/). Results of investors relation activities, including public companies’ reception of institutional investors’ investigation, media interview, road show, are revealed via the website “Easy for Interaction” to the market in a timely manner.
According the fundamental principle and explicit requirement of information disclosure by public companies, public companies shall fairly disclose information to all the investors. As the information regarding investors relation activities is disclosed on a voluntary basis, public companies used to disclose it incorporated in their periodical reports. This mode of information disclosure hardly meets the investors’ needs in terms of information promptness and sufficiency. To solve this conflict, SZSE have carried out substantial research and works on fundamental platform development, completed the supporting transform on “Easy for Interaction” and CNINFO website, and built for public companies voluntary information disclose platform, which enables them to disclose information regarding investigation, road show via “Easy for Interaction”. This is another major breakthrough and innovation by SZSE in respect of fair and voluntary information disclosure, after the revision and upgrade of “Easy for Interaction”.
As of December 3, 2012, after having been run for more than 4 month, Investors Relation Column has disclosed 3367 related reports, among which, 2969 are on investigation activities, 107 on media interview, 77 on road show, 214 on management system. The reports on investors relation increases month by month, for example, the number of reports disclosed on November is up 57.88% comparing with that on August. In the operation process, SZSE made improvement and optimization in accordance with the market’s opinion.
Investors may acquire detail information regarding the public companies’ investors relation activities from Investors Relation Column, which includes investors relation activities record sheet that contains investigation results, investigated targets, questions raised to listed company and answers thereof, and material provided by the listed companies or the presentation material for these activities, questions of investors’ interest that cover the public companies’ major business, core technology, profit model, competition situation, financial status, and development situation of the industry etc. However the investors relation information disclosed on the “Easy for Interaction” is not involved with major information yet to be disclosed, this kind of information disclosure behavior can not substitute the listed company’s legal disclosure obligation.
Relevant principal from SZSE indicates that SZSE will continue to probe for innovation, intensify the information disclosure, and further guide the work on enhancing fairness and transparency of the information disclose.