China News Online, September 25th (Gao Zhimiao) The Shanghai Stock Exchange recently issued the "Guidelines for the Application of Self-Regulatory Rules for Listed Companies on the Science and Technology Innovation Board of the Shanghai Stock Exchange No. 2-Voluntary Information Disclosure" (hereinafter referred to as the "Guidelines") On the evening of the 25th, the Shanghai Stock Exchange answered questions from reporters on the background and purpose of the release of the Guidelines.
The Shanghai Stock Exchange stated that voluntary information disclosure is an important content for listed companies to fulfill their continuous information disclosure obligations, and it is also a necessary and useful supplement to statutory information disclosure.
There are three main considerations for issuing voluntary information disclosure guidelines.
Specifically, the first is to implement the new "Securities Law"; the second is to promote the improvement of the effectiveness of information disclosure on the Sci-tech Innovation Board; and the third is to prevent improper behavior in voluntary disclosure.
In response to the specific specifications in the Guidelines, the Shanghai Stock Exchange introduced that it focuses on regulating voluntary information disclosure from four aspects, namely, accurately grasping the scope of voluntary information disclosure; following the basic requirements of voluntary information disclosure; paying attention to the main points of common voluntary disclosure announcements and clear signs" "Voluntary disclosure" announcement type.
The Shanghai Stock Exchange pointed out that in addition to stipulating the requirements and content of voluntary information disclosure, the Guidelines also specifically stipulate the internal decision-making procedures for voluntary information disclosure of science and technology companies.
Emphasize the implementation of key personnel responsibilities, the establishment of unified standards, and the necessary confidentiality requirements.
According to the Shanghai Stock Exchange, preventing improper behavior in voluntary disclosure is an important consideration in issuing the Guidelines.
Individual voluntary disclosures that are improperly related to market hotspots, which are commonly known in the market as "hot spot" announcements, can easily interfere with investors' rational decision-making, cause abnormal fluctuations in stock trading, and even breed illegal activities such as insider trading and market manipulation. They must be strictly regulated.
The Shanghai Stock Exchange emphasizes that for actively catering to market hotspots, especially the illegal behaviors that abuse voluntary information disclosure to implement information-based market manipulation, the Shanghai Stock Exchange will continue to strictly supervise, fight on the spot, and resolutely maintain the information disclosure on the science and technology innovation board. Market Order.
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