China – SZSE Data Disclosure Evaluation

China – SZSE Data Disclosure Evaluation

On 4 August 2023, SZSE amended guidelines on evaluation of listed firms.

  • SZSE amended SZSE guidelines for self-regulatory supervision of listed companies no. 11 and change name to evaluation of information disclosure of listed companies.
  • Follows SZSE January 2022 issued self-regulatory guidelines for listed firms.


  • Scope of evaluation includes the information disclosure and operation of listed firms, controlling/actual shareholders, directors, supervisors and other relevant entities.
  • Refine content of information disclosure evaluation; new clauses are added to encourage listed companies to carry out targeted investor relationship management.
  • When a listed company is punished by CHI CSRC or disciplinary action by SZSE for the same violation, the information disclosure evaluation only considers the impact once.
  • Adjust evaluation period to 1 July 1 of the previous year to 30 June of the current year.
  • A one-vote veto is implemented for companies that involved in the negative list.
  • Urging listed companies to improve quality, increase efficiency and resolve risks.
  • Revise evaluation benchmark score to 80; broaden evaluation results applications.


  • Amended guidelines are effective from 4 August 2023; abolished previous guidelines.