Series of promotional articles on the "Honesty and Creditworthiness as Respected Listed Companies" Investor Protection Special Action (III)
Release time：
2020-06-17
Learn and understand the requirements of the new securities law to effectively improve the level of corporate governance
Report on the Implementation of the New Securities Law by Phoenix Media
This revision of the Securities Law summarizes the practical experience of China's securities market reform and development, regulatory enforcement, and risk prevention and control over the years. Based on a thorough analysis of the operating rules and developmental characteristics of the securities market, a series of new institutional reforms and improvements have been made, laying the foundation for the long-term stable development of the capital market and placing higher demands on listed companies. Phoenix Media has carried out the following work since the beginning of this year to implement the new Securities Law.
1、 Deeply understand the essence of the new law and ensure that corporate governance keeps pace with the times
The company actively organizes its directors, supervisors, relevant department personnel, and controlling shareholders to participate in training on the new Securities Law organized by authoritative institutions, learning about its important changes in improving the securities issuance system, securities trading system, listed company acquisition system, strengthening information disclosure requirements, enhancing investor protection, significantly increasing the cost of securities violations, strengthening regulatory enforcement and risk prevention, understanding regulatory intentions, mastering the latest regulations, and striving to understand, abide by, and use the law.
Through learning and training, relevant personnel in the company feel both increased pressure and full of hope. The pressure comes from the increasingly high requirements of regulations for corporate governance, the significant increase in the cost of illegal and irregular activities, and the implementation of the registration system will inevitably lead to polarization of companies, with many companies at risk of marginalization; I hope that Phoenix Media, as a company rated as an A-level information disclosure company by the Shanghai Stock Exchange for three consecutive years, has a good foundation. As long as it can timely adapt to regulatory changes, improve corporate governance and internal control levels, it will have the opportunity to stand out among many listed companies and achieve better development through the capital market. At present, the company has optimized and adjusted its rules and regulations such as the "Management System for Insiders" in accordance with the requirements of the new law.
2、 Improve the quality of information disclosure and provide sufficient basis for value judgments
One of the core aspects of the registration system is that market entities disclose information fully, timely, and verifiable under the effective supervision of legal regulations and regulatory authorities. In this revision of the Securities Law, a separate chapter on information disclosure has been added, highlighting and strengthening the relevant requirements for market information disclosure. The main contents include: expanding the scope of information disclosure obligors; Improve the content of information disclosure; Emphasis should be placed on fully disclosing the information necessary for investors to make value judgments and investment decisions. These regulations generally contribute to improving the quality of listed companies, further leveraging the functions of the capital market, and creating a better environment for all participating entities. The Shanghai Stock Exchange also issued a notice in February this year on conscientiously implementing the new Securities Law and doing a good job in information disclosure of listed companies.
In addition to ensuring authenticity, accuracy, completeness, timeliness, and fairness, Phoenix Media strives to make its information disclosure concise, clear, and easy to understand, making it convenient for investors to read and comprehend. In the process of disclosing annual reports, actively disclose industry information, including the company's business model, competitive advantages, and segmented operating data, to provide sufficient information for investors' value judgments; And according to the requirements of the new law, the scope of guarantee will be expanded from directors and executives to supervisors. When making voluntary disclosures, we adhere to the principle of prudence, especially when responding to investors' questions on the Shanghai Stock Exchange E-interactive platform. The company can be objective and rational, and prevent any behavior of riding on hot topics.
3、 Strengthen investor relations management and effectively maintain investor interests
The company always attaches great importance to investor relations management and maintains smooth communication with various investors through various methods such as securities strategy meetings, investor meetings, inviting investors for research, conference calls, and the Shanghai Stock Exchange E-interactive platform. After the promulgation of the new law, the company's attention has further increased, especially during the epidemic period. Investors are very concerned about the development of online education and the impact of the epidemic. We have overcome difficulties and increased our communication with investors. Through well-known securities firms such as China International Capital Corporation, China Merchants Securities, and Fangzheng Securities, we have organized multiple conference calls to fully communicate with institutional investors; Since the beginning of this year, a total of 29 questions have been answered through the Shanghai Stock Exchange e-Interactive Platform, promptly addressing the concerns of small and medium-sized investors. After the disclosure of the 2019 annual report and the first quarter report of 2020, we promptly organized a performance briefing on the Shanghai Stock Exchange platform to fully communicate with investors on important issues such as business development status and cash dividends.
The company always insists on rewarding investors with a high proportion of cash dividends. Since its listing, the company has implemented a cumulative cash dividend of 4.581 billion yuan, accounting for 106.09% of the raised funds, ranking among the top listed companies. In the past two years, the company's cash dividend ratio has approached 60%, which has been recognized by a large number of investors.
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