SH Stock Exchange finalizes annual report release date

Shanghai Stock Exchange released a notice yesterday to require listed companies to disclose their 2007 annual reports by Apr. 4.

A maximum of 45 companies' reports can be disclosed on one day in order to avoid excessive density

Those companies that gained in the previous fiscal year but do not provide distribution plan of their profits are required to give reasons in the results of their board meetings, on which the annual reports were passed.

Meanwhile, if big shareholders and their subsidiaries transfer the fund of listed company into non-business area, the company's annual report has to cover the time, amount, reasons, people involved and solutions by the board meeting.

Furthermore, during the reporting period, if directors, supervisors, top administrators and share holders with 5% or above stake of the listed companies sell their shares illegally, the company needs to disclose the amount of their earnings and the time the company takes back the earnings.