SSE releases new plan for information supervision

The Shanghai Stock Exchange (SSE) on Monday released its plan for evaluating the quality and accuracy of information released by listed companies.

The Shanghai bourse will conduct annual checks on public companies' release of information, so as to improve the transparency of the exchange's supervision efforts and make firms more responsible to investors, the exchange said.

The exchange will consider the accuracy, completeness and timeliness of the information, and will rate the firms based on their performance in this regard from May 1 this year to April 30 next year.

The Shanghai bourse will punish under-performing firms in ways including openly criticizing them, naming board members or senior executives who should be removed, and suggesting legal action.

The exchange will mostly use quantitative analysis measures to evaluate companies' performance, so as to avoid making unfair or subjective decisions, the Xinhua News Agency reported Monday.

The exchange has been collecting public reviews of the evaluation plan since mid--September, Xinhua reported.