Baosteel strengthened the protection of investors' right to know and continued to improve investor relations management

Baosteel strengthened the protection of investors' right to know and continued to improve investor relations management

Published on:2021-09-27 08:38:40 Hits: 91

A series of publicity articles on the special action for investor protection of "being honest and trustworthy as a respected listed company"


Strengthen the protection of investors' right to know and continuously improve investor relations management

Secretary Office of the board of directors of Baosteel


1、 Changes in the new securities law

At the end of 2019, the Standing Committee of the National People's Congress of China deliberated and adopted the revised Securities Law of the people's Republic of China (hereinafter referred to as the new securities law), which has been officially implemented since March this year. After the promulgation of the bill, the company has conducted in-depth study and Discussion on this, and feels that the new securities law puts forward higher requirements in terms of "information disclosure" and "investor protection".

"Information disclosure" is a separate chapter in the new securities law, setting a new concept of "information disclosure obligor", broadening and enriching the scope and standards of information disclosure, highlighting the status, obligations and responsibilities of Dong Jiangao and controlling shareholders in information disclosure, improving the basic rules of information disclosure, and clarifying the direction and focus of information disclosure supervision, Reshape the regulatory system and power of information disclosure, build a three-dimensional normative model of information disclosure of listed companies, and give full play to the overall effectiveness of information disclosure rules.

At the same time, the new securities law also set up a special chapter on "investor protection" to greatly improve the level of investor protection: distinguish between ordinary investors and professional investors, and make targeted arrangements for the protection of investors' rights and interests; For the first time in Chinese law, the investor suitability system was clearly stipulated, the securities representative litigation system - "implied participation and explicit withdrawal system" was clarified, and the punishment level for illegal acts was greatly increased in the chapter of "legal liability", and the punishment multiple was basically increased from 1-5 times to 1-10 times. When the securities market adopts the policy of "lenient entry and strict management" in the future, it will achieve the policy goal of strict management with effective punishment measures.

These changes reflect the determination of regulators to restrict the management behavior of listed companies, strengthen the information disclosure of listed companies and protect the majority of investors.

2、 Practice of company under the new securities law

The introduction of the new securities law makes the capital market see legislative progress in line with national conditions and practical significance. While carefully studying laws and regulations, the company is also reviewing its own operation practice, hoping to continuously improve the company's information disclosure and investor relations management.

1. Disclose acute events at the first time to protect investors' right to know

Baosteel has been adhering to the information disclosure principle of "openness, fairness and impartiality" for many years. Adhering to the concept of "telling investors the real story", Baosteel has done a good job in information disclosure seriously and rigorously. The company makes information disclosure in strict accordance with the requirements of temporary announcement and periodic report format guidelines. The information disclosed is brief, clear and easy to understand, reflects the real situation of the company in a targeted and timely manner, does not make false or hide reports, helps investors timely understand the latest situation of the company and increases the transparency of the company.

In March this year, a production accident occurred in a base of the company. On the night of the accident, there was news on microblog, video spread on wechat, and all kinds of comments and speculation flooded the network. In the face of this emergency, the company attaches great importance to it: the internal department combed the relevant situation overnight; Based on this and in view of the concerns of the external market, the Board Secretary drafted an interim announcement and submitted it to the management of the company for review. Early the next morning, the company's temporary announcement was submitted and released, so that investors can understand the specific impact of the event through the company's announcement before the opening of the stock market. Such timely and accurate information disclosure has effectively quelled the spread of market rumors, ensured investors' right to know, and maintained the stability of the company's share price.

2. Increase voluntary disclosure in periodic reports to improve investors' reading experience

While doing a good job in routine information disclosure, the company continued to increase voluntary information disclosure in the preparation of periodic reports from the perspective of investors' reading and transposition, starting from the two aspects of "improving reading experience" and "highlighting key contents". Starting from the 2013 annual report, the chapter of "company highlights" was added to extract and refine the core contents of the annual report and put it in the primary chapter for investors to understand; Starting from the 2014 annual report, add "one picture to understand the annual report performance" to the front page of the annual report to introduce the company's operating performance with a concise and straightforward picture, so that investors can understand the annual operating situation at a glance and with the fastest speed; In the 2019 annual report, a summary of the interaction between the company and investors is added to respond to the concerns of the external market.

In the future, the company will continue to review the preparation of periodic reports, continue to optimize and improve the reading experience of investors according to the concerns of investors, and help the company's periodic report information get a better understanding and promotion in the capital market.

3. Adhere to high-quality investor relations interaction

Since 2020, affected by the epidemic, although the companies have resumed work and production, there are still many restrictions and inconveniences for assembly, communication and contact. How to carry out a series of investor relations activities after the release of this year's periodic report and ensure high-quality communication between the company and the capital market has become an urgent problem to be solved by the team of the company's board of directors and secretaries.

In order to give consideration to epidemic prevention and control and investor communication feelings, the company finally chose the way of "live video + teleconference" to hold the company's annual performance conference. The company's board office works closely with external service providers to confirm the details of live video broadcasting; At the same time, the venue and network support shall be tested in advance to ensure the audio-visual effect of the venue.

At the end of April, the company held a performance conference in the form of live video. Chairman Zou Jixin, general manager Hou Angui and chief financial officer and Secretary of the board of directors Wang Juan attended the meeting. The performance materials closely focused on the focus of the market and made an in-depth exposition from the aspects of performance interpretation, Baowu merger, environmental protection, industry outlook and so on. In the interactive communication session, the company's management answered many questions on long-term strategy, medium-term operation, short-term performance and so on. The whole meeting lasted 2 hours, the process was compact and the amount of information was huge, which was highly praised by the participants.

This is the company's first attempt to release the performance of live video broadcasting, which has achieved good results, and the coverage has been greatly improved compared with the past live mode. According to statistics, on the day of performance release, there were 1036 hits on webcast. As of May 8, the total number of hits on webcast page was 8000.

In addition, the live video also improved the company's employees' sense of participation in the performance release, giving them the opportunity to listen to the company's management's thinking about the industry and the company, which was well evaluated by many employees.

With the implementation of the new securities law, China's capital market reform is advancing in depth, and the investment concept of the capital market will tend to be mature and diversified in the future. At that time, a cyclical basic material company such as Baosteel is expected to get a more reasonable valuation by virtue of its excellent performance and high score. The company will continue to strengthen information disclosure and investor relations, improve and optimize corporate governance; We are ready to move in response to the times and usher in the spring of the company's valuation as soon as possible.

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