What Is Data Disclosure?

Information disclosure mainly refers to public companies' public disclosure of information about the company and the company to investors and the public in the form of prospectuses, listing announcements, periodic reports and interim reports. ^[1] Listed company information disclosure is a bridge for public companies to comprehensively communicate information to investors and the public. Investors and the general public obtain information about listed companies by reading various temporary announcements and periodic reports through the mass media. Investors and the public can use this information as the main basis for investment decisions. Truthful, comprehensive, timely, and full disclosure of information is essential, and only in this way can it really help those investors who hold a value investment philosophy.

Information disclosure

The information that a listed company should disclose includes:

1.First disclosure-

There are various chaos in the information disclosure in the domestic A-share market:

Chaos one : information disclosure is long overdue

Chaos II : Some information is inconsistent

Chaos III : The promise mentioned in the letter is not fulfilled

Chaos 4 : Information disclosure should be avoided

Chaos five : Listed companies are keen to "patch" financial reports

In response to the above-mentioned chaos, Mr. Qiu Chuang, President of Jinghua Tianchuang Company and a guest tutor of the School of Accounting of Central University of Finance and Economics, believes that while intensifying supervision and improving relevant laws and regulations, while using advanced management methods and IT technology tools, Help listed companies improve the level of information disclosure management. The core of information disclosure is corporate financial information. Consolidated statements account for most of the information disclosure periodic reports. Therefore, it is imperative to improve the management level of corporate consolidated statements.

The main ways and methods of information disclosure:

Information Disclosure Management:

(1) Institutionalized management of information disclosure of listed companies

A listed company shall formulate a management system for information disclosure affairs. After review and approval by the company's board of directors, it shall report to the CSRC and the stock exchange for registration.

(II) Duties of listed companies and other information disclosure obligors in information disclosure

1. A listed company shall perform the information disclosure obligations of major events in a timely manner at any of the following points that occurred first:

(1) When the board of directors or the board of supervisors makes a resolution on the major event;

(2) When the parties concerned sign a letter of intent or agreement on the major event;

(3) When the directors, supervisors or senior executives are aware of the major incident and report it. Here, "timely" refers to two trading days from the date of calculation or the time of disclosure.

2. If one of the following situations occurs before the time specified above, the listed company shall promptly disclose the status of related matters and risk factors that may affect the progress of the event:

(1) The major event is difficult to keep secret;

(2) The major incident has been leaked or there are rumors in the market;

(3) Abnormal trading of company securities and derivatives.

(III) Duties of directors, supervisors and other senior management personnel of listed companies in the work of information disclosure

Directors, supervisors and other senior management personnel of listed companies shall be diligent and responsible, pay attention to the preparation of information disclosure documents, ensure that periodic reports and interim reports are disclosed within the prescribed period, and cooperate with listed companies and other information disclosure obligors to fulfill their information disclosure obligations. The directors and senior managers of a listed company shall sign a written confirmation of the company's periodic report. The board of supervisors of a listed company shall review the company's regular report prepared by the board of directors and submit written review opinions. The directors, supervisors and senior management personnel of a listed company shall ensure that the information disclosed by the listed company is true, accurate and complete.

(IV) Obligations of shareholders and actual controllers of listed companies in information disclosure

1. Shareholders and actual controllers of listed companies shall actively notify the board of directors of listed companies and cooperate with listed companies in fulfilling their information disclosure obligations when the following events occur:

(1) The shareholder or actual controller holding more than 5% of the company's shares, the situation in which the shares or controlling company's holdings have changed significantly;

(2) The court ruled that the controlling shareholder was forbidden from transferring the shares held by him. Any shareholder holding more than 5% of the company's shares was pledged, frozen, judicially auctioned, placed in trust, or a voting right was restricted according to law;

(3) intending to carry out major assets or business restructuring of a listed company;

(4) Other circumstances stipulated by the China Securities Regulatory Commission.

2. Shareholders or actual controllers who hold more than 5% of the listed company's shares by accepting entrustment or trust shall promptly inform the listed company of the client's situation and cooperate with the listed company in fulfilling its information disclosure obligations.

(V) Obligations of Sponsors and Securities Service Institutions in Information Disclosure

Sponsors and securities service agencies that issue special documents for information disclosure obligors to perform their information disclosure obligations shall ensure the authenticity, accuracy, and completeness of the documents issued.

(6) Obligations of other related parties

Chapter V Information Disclosure and Reporting

Article 46 Members shall report to the Exchange before 22:00 on each trading day the securities financing purchase amount, financing repayment amount, financing balance, and margin trading volume, margin financing repayment volume, and financing of each target securities on that day. Coupon balance and other data.

Members should ensure that the data submitted is true, accurate and complete.

Article 47 Before the market opens on each trading day, the Exchange will announce the following information to the market based on the data submitted by members:

(1) information on the securities and margin trading of a single target on the previous trading day, including information on financing purchases, financing balances, margin sales, and margin financing;

(2) Information on the total amount of margin financing and stock trading on the market on the previous trading day.

Article 48 Members shall report to the Exchange within 7 working days after the end of each month the development of margin financing and securities lending business for that month.

On January 4, 2015, a reporter from the Daily Economic News learned from the Shanghai Stock Exchange that on January 5, 2015, after nearly a year of relevant preparations, the Shanghai Stock Exchange will officially adjust the current information disclosure supervision model of listed companies. The supervision by jurisdiction has been transformed into supervision by sub-sectors for nearly two decades. At the specific promotion level, the relevant person in charge of the Shanghai Stock Exchange disclosed. The SSE is working on developing guidelines for information disclosure in the retail and power industries, which are expected to be formally implemented in early 2015.

Well-known economist Song Qinghui pointed out to reporters that information disclosure is not only serving the needs of supervision itself. Prior to this, the State Council successively issued a series of important documents on the reform and development of the capital market, clearly proposing that listed companies should be urged to be guided by investor needs and enhance information Effectiveness and relevance of disclosure. Comparatively speaking, the supervision of information disclosure by industry is investor demand-oriented and a more scientific and reasonable supervision model.

The relevant person in charge of the Shanghai Stock Exchange stated that it is ready to strengthen the horizontal comparison and analysis of financial information, business operations and business models of companies in the same industry in the forthcoming 2014 annual report review, and urge the company to disclose the information that investors care about further. Improve the effectiveness and comparability of information disclosure supervision. ^[2]