In order to further improve the quality of information disclosure of listed companies, implement the work requirements of thethree-year action plan forimprovement of the quality of listed companies, SZSE released the Self-regulation Guidelines for Listed Companies No.11 - Information Disclosure Evaluation (Amended in 2023) (the “Evaluation Guidelines”) on August 4 based on the unified arrangements of the China Securities Regulatory Commission (CSRC).

Information disclosure is an important channel for listed companies to reveal their value to the outside world, and also the fundamental basis for investors to make investment judgments and decisions. Attaching great importance to improving the quality of information disclosure of listed companies, SZSE has implemented the information disclosure evaluation system since 2001 and continues to revise and improve it in accordance with the latest regulatory requirements. With the implementation of the comprehensive registration-based IPO systemthatcenters on information disclosure, the original information disclosure evaluation index system needs to be further improvedto refine the classified supervision and enhance the effectiveness of information disclosure. Based on regulatory practice, this amendment aims to improve the quality of information disclosure of listed companies, establish acomprehensive evaluation system driven by information disclosure and standardized operation through improvement of the evaluation mechanism,expand the application scope of evaluation results and leveragethe positive guiding role of information disclosure evaluation.

First,weestablish comprehensive evaluation standardsto help listed companies improve the effectiveness of information disclosure. The Evaluation Guidelines makes it clear that the evaluation scope of information disclosure of listed companies is not only limited to information disclosure itself, but also includes the standardized operation related to information disclosure, and the evaluation results will comprehensively reflect the quality of information disclosure of listed companies. Meanwhile,via the Evaluation Guidelines, we further improve the evaluation of the compliance and effectiveness of information disclosure, strengthen the internal management requirements of information disclosure, guide listed companies to improvement the management of investor relations through multiple channels, and effectively use information disclosure means to promote stable and sound market operation.

Second,we improve the negative list, and urge listed companies to improve quality and efficiency through information disclosure.The Evaluation Guidelines implements “one-vote veto” for companies to which the circumstances in the negative list apply, and this amendment fully reflects the regulatory guidance of urging listed companies to improve quality and efficiency and resolve risks through information disclosure. For instance, in the case that the financial reports of listed companies are given a non-standard audit opinion or that a listed companyis under investigation due to information disclosure violations, the evaluation result should be no higher than C after the amendment, while the evaluation result of the listed companies is anything but an A according to the previous guidelines;For a listed company whose evaluation result is not higher than C,more cases are included in the negative list: risk warning, high proportion of pledge,or the shareholder general meeting, the board of directors or the supervisory committee unable to operate normally and other cases that have a greater impact on the company. For an evaluation result no higher than D,the list of negative cases is expanded by including an adverse opinion, disclaimer of opinion, andbeingpublicly condemned  or criticized twiceorabove by the SZSE during the evaluation period.

Third, adjust the score indicators to better adapt to the new regulatory situation and requirements. The score adding or subtracting items are an important basis for reflecting the quality of information disclosure, and this amendment further improves the relevant standards according to the new situation and new problems faced by regulation.With the score adding items, listed companies should be driven to regularly hold performance briefs,adopt introduce innovative information disclosure forms to facilitate investors to gain a more concise and intuitive understanding of corporate information, and encouraged to appropriately disclose regular reports in advance. With the score subtracting items, we discourage behaviors that cater to market hot-spot issues or constant supplementation or revision of previous disclosure and other violations.

Last,we broaden the application of evaluation results and strengthen the driving force of listed companies to improve the quality of credit.The guidelines are consistent with the registration-based IPO review system, increase support for companies with an A evaluation result, and make it clear that for companies with high information disclosure quality, the number of inquirieswill be reducedorwaived concerning theirM&As and refinancing auditsaccording to relevant regulations. It is clearly specified that companies with an evaluation result of D are not allowed to be granted with the information disclosure direct access in principle, and compliance training should be provided for actual controllers, directors, supervisors, and senior managers to help companies improve the quality of information disclosure.

It should be noted in particular that in order to allow the evaluation results to more accurately reflect the quality ofdisclosureof the annual reports of listed companies, the evaluation period has been adjusted from May 1 of the previous yearthrough April 30 of the current year to July 1 of the previous yearthrough June 30 of the current year.

In the process of amending the Guidelines, SZSE has always adhered to the principle of staying open to make regulations, fully solicited the opinions of market players and listened to their demands, conducted research and studies careful, and adopted reasonable opinions and suggestions.

Going forward, SZSE will adhere to the general requirements of the themed education of“learning about the ideology, strengthening the Party spirit, valuing practice and scoring new achievements” under the leadership of the CSRC, further strengthen the awareness of active service and constantly improve the basic system. SZSE will also continue to improve the functions of the market, accelerate the establishment of a concise, clear and friendly system of institutional rules, and provide institutional support for the high-quality development of listed companies.