Introduction to exchange inquiry letter data of A-share listed companies

 Inquiry letters refer to when the Shanghai Stock Exchange and Shenzhen Stock Exchange find problems that do not meet the "direct supervision standards" (generally manifested as inaccurate or incomplete information disclosure) during the review of relevant announcements of listed companies. , will issue inquiry letters regarding financial reports, mergers and acquisitions, related transactions, abnormal stock fluctuations and social hot topics reported by the media, detailing the specific terms of relevant regulatory rules, and requiring listed companies to combine the listed terms with their own behavior Provide explanations, supplementary disclosures and error corrections within the specified time, or require the listed company's legal advisors and financial advisors to express targeted opinions. Regardless of whether it is sending a letter or replying to a letter, the exchange requires listed companies to make public disclosures in a timely manner. If the listed company still has problems with inaccurate or incomplete information disclosure, the exchange will issue a second inquiry letter or even a third inquiry letter. The form of supervision with inquiry letters as the carrier is an important means for my country's stock exchanges to conduct daily supervision of listed companies.

  The widespread adoption of the inquiry letter system stems from the information disclosure through-train reform in 2013. After the reform, the focus of the exchange's supervision of the financial reports of listed companies shifted from ex-ante supervision to ex-post supervision. The inquiry letter is an ex-post supervision. One of the main ways of supervision. Obviously, the inquiry letter is an important way to increase information disclosure. Its timely and professional nature allows us to not only understand the content and intensity of the exchange's supervision of listed companies, but also analyze and evaluate relevant listed companies. Corporate governance capabilities and potential risks will also have an impact on the decision-making of stakeholders.

 CnOpenData platform's A-share listed company exchange inquiry letter database covers inquiry letters from the Shanghai Stock Exchange, as well as inquiry letters and responses from the Shenzhen Stock Exchange, providing a data basis for case analysis and large-sample empirical research.

Time interval

All data before 2021.10.31

Field display

A-share listed company Shanghai Stock Exchange inquiry letter fields

A-share listed company Shenzhen Stock Exchange inquiry letter fields

Sample data

Sample data of inquiry letters from A-share listed companies on the Shanghai Stock Exchange

Sample data of inquiry letters from Shenzhen Stock Exchange of A-share listed companies

Related literature

• Chen Yunsen, Deng Yilu, and Li Zhe, 2018: "Does non-punitive regulation have information content? - Evidence based on inquiry letters", "Financial Research" Issue 4.
• Chen Yunsen, Deng Yilu, and Li Zhe, 2019: "Research on the Effectiveness of Front-line Supervision of Stock Exchanges: Evidence Based on Financial Report Inquiry Letters", "Management World" Issue 3.
• Li Xiaoxi, Yang Guochao, and Rao Pingui, 2019: "Do exchange inquiry letters have a regulatory role? - Text analysis based on merger, acquisition and reorganization reports", "Economic Research" Issue 5.
• Zhang Junsheng, Tang Xiaojian, and Li Guangzhong, 2018: "Can preventive supervision suppress the risk of stock price crash? - A study based on the exchange's annual report inquiry letter", "Journal of Management Science" No. 10.

Data update frequency

Annual Update

文件下载