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Bourse orders disclosure meetings

By Li Zengxin (Chinadaily.com.cn)
Updated: 2007-06-06 14:59

Shenzhen Stock Exchange has asked firms with improper information disclosures to communicate with investors directly and make apologies and unveil plans to rectify the irregularities.

Special coverage: Markets Watch  Related readings:  Tough job ahead to improve supervision  China sets rules for information disclosure of commercial banks

Firms listed on Shenzhen's second board must launch meetings or online briefings with minority investors to clarify problems if their disclosures fail to meet requirements, the Shenzhen bourse said in a website statement.

The meeting should last for at least two hours and investors must have at least one hour to raise questions with the company, according to the statement.

The firm's chairman and executives responsible for improper disclosures must attend the meeting and clarify measures to deal with its problems, the statement said.

China's stock regulators are urging listed companies to beef up corporate disclosures and prevent price-sensitive information from being leaked ahead of schedule to weed out potential insider transactions.

Authorities are worried that the current market bull run may stoke up speculation and lead to a string of scandals that were blamed for a four-year stock slump from 2001.

The Shenzhen Stock Exchange in 2004 established its second board, or the Small and Medium-sized Enterprise Board, which has 130 companies listed on its floor. Most of the board's listed firms have an equity base of under 400 million shares.