Shenzhen Stock Exchange recently promulgated the Notice of Implementing the Information Disclosure Express Practice during Morning Sessions of Trading Days and Non-trading Days, which will initiate the morning information disclosure practice in China’s securities markets. Succeeding the launch of midday disclosure in August 2007, it is another great move of SZSE to implement CSRC’s work deployment of regulatory transition which is centered by information disclosure system.
As introduced by an officer of SZSE, the information disclosure express practice during morning sessions of trading days and non-trading days will be put into official running on April 8 2015. From this day on, companies can make express disclosure during the morning sessions (6:00-8:00) of each trading days and the afternoon sessions (12:00-16:00) of a single non-trading day or the last day of several consecutive non-trading days, adding to the two existing disclosure periods (i.e. midday disclosure and after-market disclosure) on trading days.
Further enhancing the market efficiency and improving the timeliness of information disclosure, the launch of morning disclosure allows listed companies to perform disclosure obligations at the shortest possible time upon major events happen, thus greatly reducing trading suspension on stocks and fully protecting the trading rights of investors. By adding the morning disclosure and non-trading days disclosure, the Shenzhen market realizes butt joint with the Hong Kong market and other mature capital markets abroad in terms of information disclosure periods, which can provide investors with a more convenient and effective market environment and lays a solid foundation for Shenzhen-Hong Kong Stock Connect and other capital market reforms.
According to the officer of SZSE, the institutional arrangement of multi-period information disclosure and the launch of morning disclosure will not only lead to more emphasis on the efficiency of information disclosure of listed companies and improve quality of information disclosure, but also bring forward higher requirements to regulatory departments in such aspects as regulatory sensitivity, rapid response ability, etc. SZSE will earnestly implement the regulatory concepts centered by information disclosure, guide by the demands of investors, further simplify the uploading processes for information disclosure, optimize the display interface for information disclosure, strengthen the function of “Easy IR”, improve information disclosure interactivity, constantly push forward the real-time, concise and interactive information disclosure, and improve the systems of information disclosure for listed companies.