BEIJING, July 17 (Xinhua) – Shanghai Stock Exchange (SSE) released a memorandum to streamline information disclosure of firms to be listed on its science-technology innovation board, reported Economic Information Daily.
SSE publicized the memo before the first batch of stocks being scheduled to be traded on the SSE sci-tech board next Monday and said the memo is a concrete directive for information disclosure of related listed firms.
The memo is comprised of eight guiding documents respectively about information disclosure business treatment, information submitting, disclosure of information on equity incentives, delisting, securities margin trading and securities refinancing, and information disclosure of annual reports.
A SSE official said that the memo reflects differentiated information disclosure requirements for key rules such as ones on delisting, equity incentives, continuous guidance, operating information disclosure, and risk alerts.
During its drafting process, SSE optimized the information disclosure rules system to provide more conveniences for related listed firms and will not require unified information formats for affairs which have undergone long-term practices and formed regular approaches such as resolution announcements of board of directors.
After formal listing of sci-tech board stocks, SSE will amend and optimize, pursuant to concrete market conditions, relevant requirements in the memo and relevant announcement formats.
The new board, proposed in November 2018 and launched at the SSE in June, is the first submarket of China's capital market to adopt the registration-based IPO system. (Edited by Duan Jing, duanjing@xinhua.org)
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