CHINA: SZSE Promulgates the Compilation of Rules Governing GEM Board Listed Companies and Information Disclosure Practical Manual for Board Secretaries of GEM Board Listed Companies

Wednesday December 9 2015

The Shenzhen Stock Exchange (SZSE) has announced that in order to facilitate directors, supervisors and senior executives of GEM board listed companies to systematically study and master information disclosure business rules and knowledge for GEM board listed companies, and further improve the business level and work quality of board secretaries, SZSE recently promulgated the Compilation of Rules Governing GEM Board Listed Companies and Information Disclosure Practical Manual for Board Secretaries of GEM Board Listed Companies.

The Compilation of Rules collects 54 business rules not stipulated in the Rules Governing Listing of Stocks on GEM Board and Guidelines on Standard Operation of GEM Board Listed Companies, including special provisions, guidelines, notices, memorandum and business guides for GEM board listed companies, covering many aspects such as information disclosure, corporate governance, sponsorship business, equity changes, mergers and acquisitions and refinancing. Through collecting current rules, it facilitates listed companies to search and use the rules in their routine work, and aims to become a reference book for listed companies to get familiar with and study relevant rules.

On the basis of learning the Information Disclosure Practical Manual for Board Secretaries of Main Board and SME Board Listed Companies, integrating with the characteristics, rules and regulations, information disclosure situation and regulation practices of GEM board listed companies, the Manual for Board Secretaries starts from problems faced by listed companies in their work, takes the form of “ask and answer”, focuses on introducing the key points and procedures for board secretaries in handling specific business, and selects relevant typical cases of GEM board to make detailed analysis on business difficulties and risks. It has distinctive features of GEM board, emphasizes the differentiated regulatory requirements for GEM board listed companies, such as emphasizing the characteristics of refinancing rules for GEM board listed companies, clearly defining the guidelines and information disclosure requirements for industries such as film and television, medicine, PV, energy conservation and environmental protection and Internet, highlighting special provisions on pre-disclosure of majority shareholders and reduction of shareholding of directors, supervisors and senior executives, meanwhile, it makes stipulations on market value management and trading suspension and resumption system by integrating with the new market situation. It has 12 chapters in total, including 442 questions and answers and 81 cases, covering all aspects of information disclosure, aiming to become a practical reference book for board secretaries of GEM board listed companies to do well information disclosure affairs.

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