Refining and reducing the burden of information disclosure: Shanghai Stock Exchange revises the self-discipline supervision guidelines for listed companies.

The Shanghai Stock Exchange recently released a newly revised guidelines for the format of the public announcements and business handling procedures for listed companies. This revision fully incorporates the opinions and suggestions collected during visits to listed companies, significantly simplifying the filing documents, streamlining the contents of the announcements, and improving the user-friendliness of the announcement format. It is estimated that after the rule revision, the number of documents for reference by listed companies will be reduced by more than 50%. The announcement format and filing documents serve as reference requirements and supporting materials for the disclosure of information by listed companies. With the continuous improvement of the standardized operation level of listed companies, the problems of redundant format content and cumbersome reference documents are becoming increasingly prominent, objectively increasing the cost and burden of information disclosure for listed companies. Firstly, some announcement formats and reference documents repeat each other, with unclear verification functions; secondly, some reference documents are not closely related to the disclosure matters and no longer necessary for submission; thirdly, some announcement formats are too detailed and complex, making it difficult for investors to understand effectively. Therefore, the Shanghai Stock Exchange has comprehensively reviewed the current guidelines for announcement formats, streamlined and optimized the types and quantities of format contents and reference documents, making it easier for listed companies to prepare announcements and more efficient for investors to access them.