Ancient China And Innovative XBRL Qinye Zhou Deputy President Shanghai Stock Exchange

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Ancient China And Innovative XBRL Qinye
ZhouDeputy PresidentShanghai Stock Exchange
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Agenda

• Review on the development of XBRL in China in the
  past four years
• Thoughts and experiences gained from SSEs use of
  XBRL
• SSEs next agenda
• Questions Answers

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Review On the development of XBRL

• As early as 2002, establishing a research group
  for XBRL application, consisting of staff from
  China Securities Regulatory Commission, Shanghai
  Stock Exchange, Shenzhen Stock Exchange, Shanghai
  New Lido Data Technology Co., Ltd and Genius Co.,
  Ltd.
• On October 29, 2003, SSE held a symposium on XBRL
  taxonomies. Experts and professionals from
  Chinese Academy of Sciences (CAS),
  PriceWaterhouseCoopers (PwC) and FACTIVA attended
  the symposium.

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• On November 20, 2003, SSE started implementing
  the XBRL-based listed company filing system.
• On December 30, 2003, 50 Shanghai-based listed
  companies were selected for a pilot program.
• In 2004, SSE launched the XBRL Pilot Project.
• In April, 2005, XBRL International granted direct
  participant membership to the SSE.

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Taxonomy development

• In September, 2005, the China Listed Company
  Information Disclosure Taxonomy Framework
  developed by the SSE was granted Acknowledged
  status by XBRL International.
• In July 2006, the China Fund Company Information
  Taxonomy Framework developed by the SSE was
  granted Acknowledged status by XBRL
  International.
• On February 13, 2008, the Financial Listed
  Company Taxonomy Framework was granted
  Acknowledged status by XBRL International.

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• The participation of XBRL in China
• Initially, SSE and Shenzhen Stock Exchange
• Currently, government agencies, regulatory
  authorities, academic institutions and
  universities, intermediaries, software vendors,
  other organizations and individuals

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• XBRL-based products
• TopView, which is the first XBRL data product in
  China.
• XBRL E-Filing system, by which all 863 companies
  are now filing their regular reports in XBRL
  format.

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XBRL E-filing System
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XBRL E-filing System

• Pre-defined templates are customizable to
  varieties of business and covered all periodic
  reports requirements quarterly, half year and
  annual report.
• The resulting XBRL instance document can be
  converted to MS word.
• The E-filing system becomes a platform between
  the listed companies and SSE to submit and
  disclose the information.

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• Four thoughts gained from SSEs use of XBRL
• Governmental support is critical
• Help from XBRL international organization and
  experts is very valuable
• Leveraging the breakthrough in specific project
  to create a platform for XBRL application
• Building an industry chain of information
  services

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• Government support
• The high level China Securities Regulatory
  Commission (CSRC), National Committee for
  Standardization, the Ministry of Finance, the
  Chinese Institute of Certified Public Accountants
  (CICPA)
• The listed company information disclosure
  taxonomy has become a national standard

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• Help from XBRL international organization and
  experts
• On May 16, 2004, Mr. Walter Hamscher, Chair of
  XBRL International Steering Committee, visited
  the SSE
• On October 13, 2006, Mr. Kurt Ramin, Chair of
  XBRL International, visited the SSE
• On April 20, 2007, Mr. Micheal Ohata, Chair of
  XBRL International, and Ms. Liv Watson, Chair of
  the XBRL Jurisdiction Development Sub-Committee,
  visited the SSE.

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• Leveraging the breakthrough in specific project
• The XBRL Pilot Project
• XBRL E-filing System
• The filing system for the reports of fund
  companies
• IPO and refinancing filing System

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• Building an industry chain of information
  services
• Topview company information product in XBRL
  format
• Business cooperation with Edgar Online and
  Bloomberg
• Analytical tools

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Analytical Tool
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• The main aspects we focus on
• Due consideration to client needs
• Adequate logistics support
• Participation of intermediaries
• Great importance placed on XBRL

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Next Agenda

• Advancing fund company reporting using XBRL
• Accelerating the application of XBRL in IPOs and
  refinancing activities
• Adopting digital signature in XBRL application
• Further promoting the establishment of XBRL China

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• Questions Answers

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• Thank You