In 2005, the Shenzhen Stock Exchange (SZSE) promulgated and implemented the Information Disclosure Evaluation Measures for Listed Companies, initiating the quality rating system for listed companies' information disclosure. The Shanghai Stock Exchange (SSE) commenced similar practices starting in 2016.

  Regarding evaluation criteria, there are slight differences between SSE and SZSE. From 2005 to 2010, SZSE conducted multi-dimensional assessments of listed companies' annual information disclosure based on four dimensions: timeliness, accuracy, completeness, and compliance of routine disclosures, combined with factors such as rewards/punishments, cooperation with regulatory authorities, and investor relationship management. The final ratings were categorized into four levels: Excellent, Good, Pass, and Fail.

  In 2011, SZSE revised its evaluation methodology to adopt a point-adjustment model. Starting from a unified baseline score, points are added or deducted, combined with negative list indicators, to determine final ratings. The baseline score for information disclosure assessment is 100 points, with ratings classified into four tiers from highest to lowest: A, B, C, D. The proportion of A-rated companies is capped at 25% of the total evaluated entities.

  Since 2016, SSE has evaluated listed companies' information disclosure quality annually from July 1 to June 30 of the following year, using a baseline score (80 points) with adjusted additions/deductions. Evaluations are conducted according to specified standards and scoring rules, resulting in final scores categorized as:

1. A: 90 points or above
2. B: 80 (inclusive) to 90 points
3. C: 60 (inclusive) to 80 points
4. D: Below 60 points

  Regarding rating distribution, SSE revised its Information Disclosure Evaluation Measures (2017 Revision) in June 2017, noting that rigid proportional quotas might fail to reflect actual corporate performance:

The original Evaluation Measures divided results into four tiers (A/B/C/D) with fixed proportions of 3:5:2 for the first three tiers (D-tier merged with C-tier). However, companies' disclosure quality primarily depends on their own efforts. Fixed quotas could distort evaluations—for instance, B-tier companies might naturally exceed or fall below 50%, but rigid quotas would force their misclassification into adjacent tiers. Consequently, the revised measures removed mandatory proportion constraints.

  CnOpenData has compiled this data into the A-Share Listed Companies Information Disclosure Rating Dataset to support scholarly research on disclosure quality.

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Time Coverage

• SSE: 2016-2020
• SZSE: 2005-2020

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Field Description

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Sample Data

SSE Information Disclosure Evaluation Results Table

SZSE Information Disclosure Evaluation Results Table

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Update Frequency

Annual updates