Special requirements for information disclosure of GEM listed companies
1 GEM interim reports implement a real-time disclosure system. Listed companies can disclose interim reports through designated websites during the noon market break or after 3:30 p.m. Information disseminated in public media may or has had a greater impact on the trading prices of listed companies' stocks and their derivatives. Abnormal transactions in the company's stocks and their derivatives, and incidents involving the company and relevant information disclosure obligors may have a negative impact on the listed company. In the event of a major event that has a greater impact on the trading prices of stocks and their derivatives and the relevant information is difficult to keep confidential or has been leaked, the company may apply for a temporary suspension of trading in the relevant stocks and its derivatives and pass it before the market opens in the morning or during market trading. Designate websites to disclose interim reports.
Adopt a performance reporting system to improve the timeliness of information disclosure. According to the provisions of the GEM Stock Listing Rules (Draft for Comments), companies that are expected to be unable to disclose their annual reports within two months from the end of the fiscal year shall disclose the results of the relevant accounting period within two months from the end of the fiscal year. The performance report should disclose data and indicators such as operating income, operating profit, total profit, net profit, total assets, net assets, earnings per share, net assets per share, and return on net assets of the listed company for the current period and the same period last year. . Secondly, it emphasizes the need to disclose the inspection opinions of the internal control system and the special review report of raised funds. When submitting periodic reports, the company should submit special opinions issued by the audit committee after inspecting and evaluating the company's internal control system; if a listed company still uses raised funds, the company should hire an accounting firm to conduct annual audits while conducting annual audits. Issue a special review report on the use of funds, and disclose the special review status in the annual report.
3 GEM Stock Listing Rules" (draft for comments) puts forward clear requirements for the fairness of information disclosure by listed companies, including the following aspects:
(1) Listed companies pass When communicating with investors about the company's operating conditions, financial status and other matters through performance briefings, analyst meetings, road shows, etc., no undisclosed material information shall be provided, and the conduct shall be conducted simultaneously via online live broadcast to ensure that all investors Everyone has the opportunity to participate.
(2) When institutional investors, analysts, news media and other specific parties come to the company for on-site visits and discussions, listed companies should arrange the visit process reasonably and properly to avoid visitors having the opportunity to obtain undisclosed information. information. The secretary of the board of directors is responsible for the company's investor relations management and information confidentiality, and should adopt effective methods to implement the principle of fair information disclosure.
(3) When a listed company needs to provide undisclosed material information to banks, taxation, statistics departments, intermediaries, business negotiation counterparties, etc. due to special circumstances, it shall report it to the Exchange in a timely manner and, in accordance with the relevant provisions of the Exchange, Provide for the performance of information disclosure obligations. The company should also require intermediaries and business negotiation counterparties to sign confidentiality agreements to ensure that relevant information will not be leaked to the outside world, and to promise not to buy or sell the company's securities before the relevant information is announced
4 GEM Stock Listing Rules" (Solicitation The relevant provisions of the Opinion Draft include: timely disclosure of relevant information when there are major changes in the acquisition and use of important assets such as trademarks, patents, proprietary technologies, and franchise rights; timely disclosure of the resignation of key technical personnel; the subject matter of the transaction involves the company's core technology , it should explain the impact of the sold or purchased core technology on the company's overall business operations and operating performance and possible related risks; listed companies independently or in cooperation with third parties research and develop new technologies, new products, new services or existing If technology is transformed and important progress is made, and such progress has a significant impact on the company's profits or future development, the company should promptly disclose the important impact and possible risks. At the same time, if the disclosure of core technologies belongs to the company’s trade secrets, the company can apply for exemption from relevant information disclosure obligations in accordance with the relevant regulations of the Shenzhen Stock Exchange
5 In order to meet the real-time disclosure requirements and appropriately reduce the information disclosure of listed companies Cost, the full text of temporary announcements and periodic reports of GEM listed companies only need to be disclosed on the website designated by the China Securities Regulatory Commission and the company website. At the same time, in order to take into account the reading habits of the majority of small and medium-sized investors, periodic report summaries still need to be disclosed in newspapers designated by the China Securities Regulatory Commission.