Recently, the Shanghai Stock Exchange ("SSE") has issued the revised Measures for the Assessment of the Information Disclosure of Listed Companies (Revised in 2017) (the "Measures"), with immediate effect.
Revisions made in the Measures mainly relate to the following three aspects. The first is to improve the assessment method, that is, the assessment period adjusted starts from July 1 of the immediate last year and ends at June 30 of the current year, and the proportional rating model is replaced by the scoring model. The second is to adjust items with bonus scores, stipulating that the items with bonus scores could have a contribution limit of 20 scores and that extra scores awarded for implementing requirements on the disclosure of information for regulatory transformation are cancelled; besides, the wording of some items is modified and the similar type of items are consolidated. The third is to add negative provisions involving certain circumstances, such as where the commitment on the business performance after the material assets reorganization is not fulfilled, how opinions are issued by the accounting firm in the audit report on internal control, the assessment period is shorter than 12 months, or the listed company is temporarily disqualified for information disclosure fast-track procedures or refuses to take the initiative to correct major issues concerning information disclosure within the required time limit. Furthermore, the Measures state that a transitional period will be set up and thus the assessment period is from May 1, 2016 to June 30, 2017 for the current year, but will be subject to the adjusted one from the year 2018.