China Financial Consulting Service
Hotline: 86-755-82147392, Email:info@citilinkia.com
Information to be disclosed in the financial reports:
1) Right Issue: Prospectus be submitted to the competent authorities. The Summary of Prospectus (within 10,000 characteristics) has to be in the national newspapers between 2 and 5 days prior to the start of underwriting.
2) Listing: Listing Announcement has to be submitted to the competent authorities. The deadline of the latest financial information shall not be over 180 days from the listing day. The Simple Listing Announcement (within 10,000 characteristics) has to be disclosed on the newspapers and websites appointed by China Securities Regulatory Commission 3 working days before listing.
3) Financial reports: They include annual reports and mid-term reports and have to be published at least twice a year before 2002. Reports have to be completed within 120 days from the end of each fiscal year (currently the fiscal year end of all companies in China is in December) and audited by accountants who have to provide letters of comments; semi-annual reports have to be completed within 60 days from the end of June and disclosed on the newspapers and websites appointed by China Securities Regulatory Commission within 20 working days after shareholders’ meeting. Starting from the first quarter of 2002, in addition to annual and semi-annual reports, all listed companies have to prepare and disclose reports of first and third quarters on the newspapers and websites appointed by China Securities Regulatory Commission. Quarterly reports have to be completed within 30 days after fiscal months of March and September
4) Temporary reports: They are required for major events, acquisition and merger, etc. for a total of 11 conditions to be reported to China Securities Regulatory Commission and the stock exchange respectively. The Announcement of Acquisition has to be submitted to the shareholders and published on national newspapers (within 5,000 characters) within 45 days of the fact for acquisition of a company.
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Generally, financial reports are made in (simplified) Chinese, although they can be in English for B-share companies. If necessary, they can be made in both Chinese and English. In the event of differences, Chinese version shall prevail.
Under requirements of Shenzhen Stock Exchange, from 1 June 1993, when submitting annual reports, all B-share companies have to provide two other financial reports. One is to be made according to GAAP of PRC and the other according to IAS. As there is no compulsory requirement on IAS based quarterly and semi-annual reports from the stock exchanges, only a part of companies will prepare accordingly. Most of the companies issue two kinds of financial reports are listed in Shenzhen.
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For further queries, please do not hesitate to contact ATAHK at anytime, anywhere by simply calling China hotline at 86-755-82148419, 86-755-82143512, or emailing to info@citilinkia.com