The Shanghai Stock Exchange said yesterday that it has ordered listed firms to file reports with the bourse after they meet with analysts and said it would beef up checks to see if there are any irregularities.
Public companies should work closely with their accounting firms to protect financial information before it is released to the public, the exchange said in a statement on its Website.
The exchange will ban listed companies from revealing anything during analyst meetings, shareholder meetings or interviews that has yet to be publicly announced, the statement said.
Listed firms must also disclose in a timely manner any changes that will significantly affect their operations or force them to alter their financial targets, according to the statement.
The stock exchange will step up checks on stock trading by research analysts who participate in meetings with listed companies or conduct interviews with executives at these public firms, the statement said.
The Shanghai bourse will also encourage companies listed on its board to unveil monthly operating figures and to hold Webcast meetings with public investors after releasing earnings reports or making other important disclosures.
(Shanghai Daily April 14, 2009)
