Inquiry letters refer to regulatory documents issued by the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) when they identify issues in listed companies' announcements that fail to meet "direct regulatory criteria" (typically manifested as inaccurate or incomplete information disclosure). These letters address events such as financial reports, mergers and acquisitions, related-party transactions, abnormal stock price fluctuations, and media-reported social hotspots. They explicitly cite specific clauses of regulatory rules, requiring listed companies to provide explanations, supplementary disclosures, error corrections within stipulated timelines, or to solicit targeted opinions from legal/financial advisors. Both the issuance and responses to inquiry letters must be publicly disclosed. If deficiencies persist, exchanges may issue secondary or tertiary inquiry letters. This regulatory mechanism serves as a crucial instrument for daily supervision of listed companies in China's capital markets.

  The widespread adoption of the inquiry letter system originated from the 2013 information disclosure "express reform," which shifted regulatory focus from ex-ante to ex-post supervision of financial reports, establishing inquiry letters as a primary ex-post regulatory tool. As an essential mechanism for enhancing information disclosure, inquiry letters provide timely and professional insights into regulatory priorities and intensity. They enable analysis of corporate governance capabilities, latent risks, and influence stakeholder decision-making.

  The CnOpenData platform's A-Share Listed Companies Exchange Inquiry Letter Database comprehensively covers SSE inquiry letters and SZSE inquiry letters with responses, providing robust data support for case studies and large-sample empirical research.

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Time Range(时间区间)

All data prior to October 31, 2021

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Field Display(字段展示)

SSE Inquiry Letter Fields(上交所问询函件字段)

SZSE Inquiry Letter Fields(深交所问询函件字段)

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Sample Data(样本数据)

SSE Inquiry Letter Sample Data(上交所问询函件样本数据)

SZSE Inquiry Letter Sample Data(深交所问询函件样本数据)

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Related Literature(相关文献)

• Chen Yunsen, Deng Yilu, Li Zhe, 2018: "Does Non-punitive Regulation Convey Information? Evidence from Inquiry Letters," Journal of Financial Research 4.
• Chen Yunsen, Deng Yilu, Li Zhe, 2019: "Effectiveness of Front-line Stock Exchange Regulation: Evidence from Financial Report Inquiry Letters," Management World 3.
• Li Xiaoxi, Yang Guochao, Rao Pingui, 2019: "Do Exchange Inquiry Letters Have Regulatory Effects? Textual Analysis of M&A Restructuring Reports," Economic Research Journal 5.
• Zhang Junsheng, Tang Xiaojian, Li Guangzhong, 2018: "Can Preventive Regulation Mitigate Stock Price Crash Risk? Evidence from Annual Report Inquiry Letters," Journal of Management Sciences in China 10.

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Data Update Frequency(数据更新频率)

Annual updates