China Securities Network News (Reporter Huang Yiling) In order to further improve service levels, standardize supervisory practices, and implement “open up supervision”, on January 12, the Shanghai Stock Exchange issued and implemented the “Self-Regulatory Guidelines for Companies Listed on the Shanghai Stock Exchange No. 3 - Information Disclosure Consultation, Performance Briefings and Other Services” and “Self-Regulatory Guidelines for Companies Listed on the Shanghai Stock Exchange Science and Technology Innovation Board No. 11 - Information Disclosure Consultation, Performance Briefings, etc.” (hereinafter collectively referred to as the “Guidelines”). The “Guidelines” system summarizes mature practices for serving listed companies in regulatory practice, and further improves working mechanisms and procedures. The aim is to allow listed companies to follow the service needs of listed companies, have something to mention, and ask questions, improve the service plans of listed companies for “urgent and urgent” matters, effectively enhance the sense of acquisition and satisfaction of listed companies, and continuously improve the quality and efficiency of supervisory services.

In recent years, promoting the improvement of the quality of listed companies has become a top priority in comprehensively deepening capital market reforms. “Open doors for supervision”, unblocking the service channels of listed companies, promptly understanding and meeting the reasonable demands of listed companies, and stimulating the internal motivation for the development of listed companies is an important way to further improve the quality of listed companies. With the continuous development of the capital market, the number of listed companies continues to increase, and the demand for services is becoming more and more abundant. There is an urgent need to establish a systematic, standardized and normalized service mechanism, enrich service content, improve service levels, provide more support and create more conditions for listed companies to standardize development, improve and strengthen. On the basis of a comprehensive summary of practical practices, the “Guidelines” institutionalize and disclose the contents of various services such as information disclosure consultation and performance briefings to the public, taking into account the needs of listed companies and actual business development, so as to fully facilitate listed companies, consciously accept market supervision, and better perform the duties of first-line exchange supervision services.

The first is to systematically sort out and summarize, and institutionalize effective practices. In practice, the Shanghai Stock Exchange has established smooth communication channels with listed companies, and each company is equipped with corresponding contacts. Service matters such as information disclosure consultation, on-site visits, and participation in training for listed companies have become common practice. The working mechanism is clear, and the company's acceptance rate is also high. The “Guidelines” elevate these mechanisms to specific specifications through thorough sorting and summarization. It is clear that listed companies can consult with the Shanghai Stock Exchange through off-site methods such as phone calls or on-site methods such as visits, etc., and stipulate response methods and response time limits, as well as requirements such as receiving visits by two people and registering after the fact.

The second is to innovate communication mechanisms to strengthen in-person communication. The “Guidelines” thoroughly implement “open door supervision” and adhere to the combination of “please come in” and “go out”. In addition to regular visits, a special reception day system for department heads has been added. The main department head or other authorized person in charge receives visits from listed companies at a fixed time every week to directly listen to opinions and requests. Listed companies can inquire and reserve reception days through the company's business management system. At the same time, a special chapter has been set up on research visits, making it clear that important rules or business arrangements involving listed companies require thorough research opinions, as well as relevant requirements for visiting listed companies.

The third is to respond to the company's demands and enrich and improve service content. The Shanghai Stock Exchange continues to pay attention to new changes and demands in the market. Currently, performance briefings have become the “standard” for many listed companies after the disclosure of regular reports. The intention and frequency of meetings have increased across the board, and related service mechanisms are becoming more mature. A special chapter of the “Guidelines” stipulates service matters for performance briefings, and a dedicated consultation line is set up to provide sufficient convenience. Furthermore, in response to the company's urgent need to keep abreast of regulatory developments and regulatory standards in a timely manner in practice, it is stipulated that relevant content will be regularly promoted to listed companies in the form of videos, etc., to clarify market expectations.

Fourth, strengthen cooperation comprehensively and fully gather the joint efforts of all parties. In recent years, the Shanghai Stock Exchange has continuously improved its ability to serve the real economy. It has actively collaborated with local governments, state-owned assets supervisory and management agencies, and agencies dispatched by the Securities Regulatory Commission on risk mitigation for listed companies, reform and development of state-owned enterprises, and regional capital market construction. It has achieved some results and accumulated useful experience. The “Guidelines” will clarify the coordination mechanisms and content of local governments, state-owned assets supervision and management agencies, etc., and promote it as a normalized work to fully consolidate strong synergy to improve the quality of listed companies.

Establishing an open, transparent and standardized service mechanism for listed companies is an important measure to optimize working methods, strengthen external supervision, and improve the effectiveness of supervisory services. In the next step, in accordance with the deployment and requirements of the China Securities Regulatory Commission, the Shanghai Stock Exchange will continue to enrich service initiatives, improve service levels, actively accept supervision, provide more convenience for listed companies and related parties, and jointly build a good market ecosystem to promote the improvement of the quality of listed companies.