How To Reform The Registration System? "Secret Book" Of High Score In Xinpi Assessment Of Shenzhen Stock Exchange Company

The annual information disclosure assessment is a comprehensive evaluation of information disclosure work and standardized operation level of listed companies by the exchange. It is an important indicator to measure the quality of information disclosure of listed companies.

At present, the reform of registration system is advancing steadily and rapidly in A-share market. Under the reform of registration system with information disclosure as the core, how to answer the problem of letter cover of listed companies becomes more critical and urgent.

A few days ago, the Shenzhen Stock Exchange announced the assessment results of information disclosure of Listed Companies in Shenzhen Stock Exchange in 2019, of which class A and B companies accounted for more than 80% of the total. A group of excellent companies with high quality of information disclosure, good faith in standardized operation and strong sense of active service have emerged in Shenzhen stock market, which has provided a demonstration and set an example for all listed companies in Shenzhen stock market.

On the same day, the revised version of the assessment method for information disclosure of listed companies was also issued. The Shenzhen Stock Exchange optimized and improved the assessment method from three aspects: the assessment method, the assessment content and the application of results, so as to further improve the transparency and effectiveness of the assessment and evaluation mechanism.

So, how to get high marks in the annual Shin Phi assessment?

"Secret script" of high score candidates

According to the information disclosure assessment results of Listed Companies in Shenzhen Stock Exchange in 2019, among 2196 listed companies in Shenzhen Stock Exchange, there are 387 companies with assessment result of a, accounting for 17.62%; 1400 companies with assessment result of B, accounting for 63.75%; 314 companies with assessment result of C, accounting for 14.30%; and 95 companies with assessment result of D, accounting for 4.33%. A and B companies accounted for more than 80% of the total.

How to stand out in this letter examination? Combined with the experience of the following three high score candidates, you may have a glimpse of the secret.

For example, China Merchants Shekou has been assessing information disclosure for 17 consecutive years, and the result is a. As a real estate industry development company, since the issuance of the guidelines for industry information disclosure No. 3 - listed companies engaging in real estate business of Shenzhen Stock Exchange, the company has insisted on disclosing the main business data such as sales area and sales amount on a regular basis every month; in accordance with the requirements of the incentive provisions of the guidelines, it has actively disclosed the land use rights purchased recently, including land area, plot ratio and land Detailed information such as purpose, proportion of equity held, etc.

The reporter is concerned that since 2016, China Merchants Shekou has released the investor protection work report simultaneously when the annual report and the interim report are disclosed, actively explaining the company's multi-channel communication with investors, as well as the company's relevant measures in actively practicing the protection of investors' rights and interests.

Bank of Ningbo has also achieved excellent credit rating for 12 consecutive years. The banking industry is a knowledge intensive and capital intensive industry. Its business model is different from that of general industrial and commercial enterprises. In order to facilitate investors to have a clearer and comprehensive understanding of the company's operation and risk characteristics, although there is no mandatory disclosure requirement, the Bank of Ningbo, in its periodic report, distinguishes the business modules of the company, such as corporate banking and retail banking According to the bank's risk management characteristics, it analyzes in detail from nine aspects: credit risk, liquidity risk, market risk, country risk, operational risk, compliance risk, anti money laundering management and internal control management.

In view of the transformation strategy of "light bank", Ningbo bank introduces the construction of light network, application of intelligent equipment, transformation of teller service and development trend of financial technology to investors in easy to understand language in regular reports, so as to enable investors to establish a solid perception of the company's future development plan. In terms of return to investors, since its listing, Ningbo bank has accumulated a dividend of 16.292 billion yuan, 7.180 billion yuan in the past three years and 3.004 billion yuan in 2019.

Huichuan technology is a high-tech enterprise specialized in the R & D, production and sales of industrial automation and new energy related products. At present, Huichuan technology has been evaluated as excellent for 10 consecutive years. In addition, it is easy to analyze the business situation and business model of the company in the form of annual report and business model analysis It is not a mere formality to provide relevant data and objective information for analysis.

Always in awe

It is not difficult to find that "thinking what investors think", active communication, strengthening communication, steady return, and actively practicing social responsibility are the common characteristics of the three top students. According to statistics, 25 companies have been rated as a in Shenzhen information disclosure assessment for more than 10 years in a row. In addition to China Merchants Shekou, Ningbo Bank and Huichuan technology, Suning e-buy, Yunnan Baiyao, Guoyuan securities won a for 15 consecutive years, Yunnan Baiyao for 14 years, Guoyuan Securities for 13 consecutive years, and XinHeCheng and broadcast & TV express won a for 12 consecutive years. 12 companies have been rated a in gem for more than five years in a row. In addition to Huichuan technology, AVIC has been awarded a for 9 consecutive years, and CASS and soles have won a for 8 consecutive years.

From the perspective of investors, whether the company's information disclosure truly reflects the objective facts, whether the report disclosure is timely, whether the announcement is concise, clear and clear, and whether the investors' demand is oriented is conducive to investors' value judgment and investment decision.

At the same time, in the aspect of investor relationship management and social responsibility performance, whether it actively introduces the company's performance to investors, whether it responds to investors' concerns timely and effectively through "interactive easy", whether it actively discloses the performance of social responsibility report or environmental, social responsibility and corporate governance (ESG) and other aspects, and whether it improves the performance through cash differentiation The return level of investors, etc.

It is not recommended to disclose the information of any listed company in the past year, and it does not represent the evaluation results of any listed company's investment in the past year. But from the list of excellent information disclosure assessment, companies with good information disclosure quality tend to have better operating performance and higher cash dividend ratio.

According to statistics, among 178 companies that have been a in the last three years, the compound growth rate of net profit after deducting non-profit in the last three years is close to 18%, and the average dividend ratio in the last three years is as high as 36.55%. The assessment results of information disclosure in 2019 have been settled. With the new assessment method coming out, the Shenzhen Stock Exchange will evaluate the quality of information disclosure of listed companies according to the requirements of the new assessment method.

Compared with the old method, the new assessment method adds new requirements such as the effectiveness of information disclosure, industry information disclosure and voluntary information disclosure, and the content is more reasonable and comprehensive; the assessment method adopts the mechanism of basic points + plus points minus sub items, which makes the procedure more transparent and the method more scientific. However, the main reason is that listed companies should do a good job in information disclosure and improve the quality of information disclosure We should always be in awe of investors. (Editor: Wu Yanling)

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