Learn to understand the requirements of the new securities law and effectively improve the level of corporate governance

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Learn to understand the requirements of the new securities law and effectively improve the level of corporate governance

Report on the Implementation of the New Securities Law by Phoenix Media

This revision of the "Securities Law" summarizes the practical experience of China's securities market reform and development, supervision and law enforcement, and risk prevention and control over the years. On the basis of in-depth analysis of the operating laws of the securities market and the characteristics of the development stages, a series of new institutional reforms and improvements have been made, which have laid the foundation for the long-term stable development of the capital market and put forward higher requirements for listed companies.Since this year, Phoenix Media has carried out the following aspects of work around the implementation of the new "Securities Law".

1. Deeply understand the essence of the new law and ensure that corporate governance keeps pace with the times.

The company actively organizes the company's directors, supervisors, relevant department personnel, and controlling shareholder related personnel to participate in the new "Securities Law" training organized by authoritative institutions to learn about its important changes in improving the securities issuance system, improving the securities trading system, improving the acquisition system of listed companies, strengthening information disclosure requirements, strengthening investor protection, significantly increasing the cost of securities violations and violations, strengthening regulatory law enforcement and risk prevention and control, understanding the intent of supervision, mastering the latest regulations, and striving to be law-abiding and law-abiding.

Through learning and training, the relevant personnel of the company feel both increased pressure and full of hope.The pressure comes from the higher and higher requirements of regulations for corporate governance, and the cost of violations and violations has increased significantly. The implementation of the registration system is bound to lead to polarization of companies, and many companies may be marginalized; the hope lies in Phoenix Media, as a company rated as A file A for information disclosure by the Shanghai Stock Exchange for three consecutive years, it has a good foundation. As long as it can comply with regulatory changes in a timely manner and improve the level of corporate governance and internal control, it will have the opportunity to stand out among many listed companies and achieve better development with the help of the capital market.At present, the company has optimized and adjusted the rules and regulations such as the "Company Insider Management System" in accordance with the requirements of the new law.

2. Improve the quality of information disclosure and provide a sufficient basis for value judgment.

One of the core of the registration system is that under the effective supervision of legal regulations and regulatory authorities, market entities make adequate, timely and verifiable information disclosure.This revision of the Securities Law lists information disclosure in a single chapter, highlighting and strengthening the relevant requirements for market information disclosure. The main contents include: expanding the scope of information disclosure obligations; improving the content of information disclosure; and emphasizing that investors should fully disclose the information necessary for making value judgments and investment decisions.These regulations generally help to improve the quality of listed companies, further play the function of the capital market, and create a better environment for participating entities.The Shanghai Stock Exchange also issued the "Notice on Conscientiously Implementing the New <Securities Law> and Doing a good Job in Information Disclosure Related to Listed Companies" in February this year.

In addition to ensuring truthfulness, accuracy, completeness, timeliness and fairness, Phoenix Media's information disclosure strives to be concise, clear, easy to understand, and easy for investors to read and understand.In the process of disclosing the annual report, actively disclose industry information, including the company's business model, competitive advantages, and sub-sector operating data, to provide sufficient information for investors' value judgment; and according to the requirements of the new law, the scope of guarantee will be broadened from directors and executives to supervisors.When conducting voluntary disclosure, adhere to the principle of caution, especially when responding to investor questions on the SSE E-interactive platform, the company can be objective and rational, and eliminate hot spot behavior.

3. Strengthen the management of investor relations and effectively maintain the interests of investors.

The company has always attached great importance to the management of investor relations, and maintains smooth exchanges with all kinds of investors through various methods such as brokerage strategy meetings, investor meetings, inviting investors for research, conference calls, and the SSE E-interactive platform.After the promulgation of the new law, the company's attention has been further increased. Especially during the epidemic, investors are very concerned about the development of online education and the impact of the epidemic. We have overcome difficulties and increased our communication with investors. Through CICC, China Merchants Securities, Founder Securities and other well-known brokerage companies organized a number of conference calls to fully communicate with institutional investors; Since this year, through the SSE e Interactive platform, a total of 29 questions have been answered, and questions of concern to small and medium-sized investors have been answered in a timely manner.After the disclosure of the 2019 annual report and the first quarter of 2020 report, we organized a performance briefing on the Shanghai Stock Exchange platform in a timely manner to fully communicate with investors on important matters such as business development status and cash dividends.

The company has always insisted on returning investors with a high proportion of cash dividends.Since the company went public, it has implemented a total of 4.581 billion yuan in cash dividends, accounting for 106.09% of the funds raised, ranking among the forefront of listed companies.In the past two years, the company's cash dividend ratio has been close to 60%, which has been recognized by the majority of investors.