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February 3, 2020

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Stock exchange authorities: Stay calm, and invest

THE Shanghai Stock Exchange has urged investors to act rationally in the face of the caroanavirus epidemic and prudently invest in the securities market.

In response to the novel coronavirus outbreak, the city’s bourse yesterday announced changes for operations when markets reopen today after the Chinese New Year break which was extended from Friday.

On the SSE STAR Market, applications for initial public offerings and approval of material asset restructuring is suspended, along with the time limit for issuers to update financial reports.

During approval, no on-site communications or consultations can take place. Sponsors can contact the bourse online or by phone. The exchange has set up channels for disclosure of information of IPOs and similar business.

The annual listing fee this year for companies registered in Hubei Province — the hardest-hit area — is waived, so is the initial listing fee.

The SSE will also set up special service channels for information disclosure of listed companies. Enterprises that are affected by the coronavirus outbreak and which expect to be unable to release their 2019 annual report on time can apply for a postponement to April 30. Companies which still find it hard to post annual reports or the first quarterly report of 2020 by April 30 should contact the corporate regulation department of the stock exchange.

The exchange provides online roadshow services to listed companies and encourages them to hold briefings via Internet platforms such as the SSE Roadshow Center to introduce the company’s annual operations, communicate with investors and enhance investor confidence.

The bourse also encourages issuers and lead underwriters to use online platforms in handling most review and approval affairs, submitting the required materials via the Internet, fax or mail.

“Financial authorities have taken active measures to support the fight against the (cornavirus) pandemic and to calm investor sentiment,” said Xun Yugeng, chief analyst at Haitong Securities. “The coronavirus outbreak will deal a blow to the economy, but it is expected to be short-term.”




 

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