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Implementing XBRL at SSE Gang Zheng Director, IT Center Shanghai Stock Exchange 5/16 /2005

Implementing XBRL at SSE Gang Zheng Director, IT Center Shanghai Stock Exchange 5/16 /2005. Agenda. Brief Introduction of Shanghai Stock Exchange (SSE) XBRL Implementation at SSE XBRL-Based Information Product Business Model Next Step. Brief Introduction of SSE (1) . Market Overview

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Implementing XBRL at SSE Gang Zheng Director, IT Center Shanghai Stock Exchange 5/16 /2005

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  1. Implementing XBRL at SSE GangZheng Director, IT CenterShanghai Stock Exchange 5/16/2005

  2. Agenda • Brief Introduction of Shanghai Stock Exchange (SSE) • XBRL Implementation at SSE • XBRL-Based Information Product Business Model • Next Step

  3. Brief Introduction of SSE (1) • Market Overview • Number of listed companies: 832 • Market capitalization: about RMB 2.5 trillion • Number of investors: 36.57 million • By the end of Date 2006-4-12

  4. Brief Introduction of SSE (2) • Products • Stocks (A-shares & B-shares), Treasury Bonds, Corporate Bonds • Recent products and services • ETF • Warrants • Mutual Funds Distribution Channel • Open end Bond Repo • Market data service • Indices • SHSE-SZSE 300, SSE 180, SSE 50, SSE Composite, New SSE Composite, SSE Dividend …… • As of 2006-2-7

  5. Brief Introduction of SSE (3) • Technology Innovation NGTS NGIS SSEportal 3GSS

  6. Brief Introduction of SSE (4) A good location for investment • 40 Qualified Foreign Institutional Investors (QFII), with combined investment worth US$63.2 billion (as of 2006-4-23) • 66% of the listed companies at SSE have commenced share reform,which involves 67.85% of the overall market capitalization value • The introduction of Qualified Domestic Institutional Investors (QDII) scheme will further facilitate China capital market development

  7. Brief Introduction of SSE (5) • 2006-1-1 SSE Composite Closed at 1169.86 • 2006-5-10 SSE Composite Closed at 1545.69

  8. Agenda • Brief Introduction of Shanghai Stock Exchange (SSE) • XBRL Implementation at SSE • XBRL-Based Information Product Business Model • Next Step

  9. XBRL Implementation at SSE • XBRL Pilot • XBRL pilot project for listed company’s 2003 annual report information disclosure • XBRL Implementation Phase-1 • XBRL application support text format of annual report • SSE submitted the application as the Direct Participant application and obtained approved • China Listed Company Information Disclosure Taxonomies developed by SSE is granted “Acknowledged” status by XBRL International • Subsequent XBRL Implementation Phases • XBRL application for fund industry • XBRL-based application in Data Warehouse • Web-based XBRL Instance documents query and analysis

  10. Background • More than 10 years of listed companies disclosure data • Most data are in the format of hard copy, or Word (doc), Excel (xls) and pdf files format • Difficult to access these information

  11. Background • Regulatory requirements • Requirements from market participants • A efficient way to transfer and exchange information • High quality, reusable data • Requirements from foreign investors • Data Access • Data Analysis

  12. Background • Objectives of Project • Establish China’s Taxonomy for all listed companies • Increase market transparency • Enhance market efficiency • Improve investor relationship and protect investor interest • Establish a common language for the financial statement

  13. Background • Government support, especially from China Securities Regulatory Commission • External Support • XBRL International • XBRL symposium in Shanghai On August 18,2004 • Consultation and training from Mr. Walter Hamscher • Lido • Project Vendor • Pwc • Agreement with PwC to evaluate project • Fujitsu • On site visit to Japan and collaboration with Fujitsu on XBRL application

  14. XBRL Pilot Project • Step by step application • Listed Company template (fill in the original data) • Exchange’s conversion and check tools (screen out errors and convert the data) • Instance document presentation and analysis tool (provide investors an easy way to analyze financial reports)

  15. XBRL Pilot Project

  16. XBRL Pilot Project XBRL XBRL DOC DOC Public Company SSE e-Filing System SSE Work Flow Check Result SSE Web Site PDF XBRL DOC XBRL Public Media Data Warehouse PDF XBRL Investors

  17. XBRL Implementation Phase-1 XBRL-based Listed Company Information Disclosure Year 2003annual report summary Year 2004 Q1 report Year 2004half annual report summary Year 2004Q3 report Year 2004Comprehensive annual report Year 2005Q1 report Year 2005 Comprehensive half-year annual report Year 2005Q3 report Year 2005Comprehensive annual report Year 2006Q1 report

  18. XBRL Implementation Phase-1 XBRL-based Listed Company Information Disclosure (7485XBRL Instance Documents) • 118 instance documents on annual report of 2003 • 742 instance documents on 1st quarter report of 2004 • 832 instance documents on summary half-annual report of 2004 • 800instance documents on 3rdquarter report of 2004 • 839 instance documents on comprehensive annual report of 2004 • 837instance documents on 1st quarter report of 2005 • 831 instance documents on comprehensive half-annual report of 2004 • 824instance documents on 3rdquarter report of 2005 • 831 instance documents on comprehensive annual report of 2005 • 831 instance documents on 1st quarter report of 2006

  19. XBRL Implementation Phase-1 • Solicited feedback from Listed Companies (based on Q1 report of Year 2004) • Based on the acceptance of listed companies, XBRL instance document will be adopted from Q1 of Year 2006

  20. XBRL Implementation Phase-1 • The XBRL International Executive Committee reviewed and approved the Direct Participant application submitted by the Shanghai Stock Exchange. It is the first time that a Chinese organization joined XBRL International within the securities industry. • XBRL International has granted Acknowledged status to the China Listed Company Information Disclosure Taxonomies developed by the Shanghai Stock Exchange. It is the first taxonomy with the “Acknowledged” status in China.

  21. Subsequent XBRL Implementation Phases • Making XBRL Fund Data Available http://fund.sseinfonet.com/xbrl.shtml • XBRL-based fund data analysis tools

  22. Subsequent XBRL Implementation Phases • XBRL-based application in Data Warehouse

  23. Subsequent XBRL Implementation Phases • Web-based XBRL Instance documents query and analysis tool • http://www.sse.com.cn/sseportal/ps/zhs/fwzc/scfw/xbrl.shtml

  24. SSE’s Efforts and Progresses in XBRL Implementation Template-based XBRL data collection value-added XBRL application and service Listed Company Regulators International XBRL community … Direct membership Listed Company Analysts SSE Investors Mutual funds Semi-structured data management and analysis … XBRL repository Mutual funds Information Service providers XBRL v2.1 based Taxonomy for the whole industry

  25. Agenda • Brief Introduction of Shanghai Stock Exchange (SSE) • XBRL Implementation at SSE • XBRL-Based Information Product Business Model • Next Step

  26. Who is SSE INFONET ? SSE Infonet is responsible for planning and implementing SSE’s Internet strategy, undertaking a supporting role during the course of SSE’s informatization journey, maintaining operational rights for proprietary information of the SSE and developing value-added information services.

  27. Listed Company Information Product Based On XBRL • Features • Include Annual, Half-Year and Quarterly reports • Both Shanghai Stock Exchange and Shenzhen Stock Exchange • From 2000 to 2006 • Benefits • Fully automated • Cost effective • Faster turnaround time • More Reliable and More Accurate • Improved analysis and better quality of information to support decision-making

  28. Target Client • Information Vendors • Moved away from costly manual processes • Cost effective • Institutional Clients • Moved away from typically time-consuming comparison, assembly and re-entry of data • Able to focus on information analysis

  29. Business Model • For vendors • Develop value-added products and services • Fee structure (License fee + Terminal fee) • Practical User management (with periodic feedback on users) • For Institutional Clients • Provide direct XBRL data • Analysis application will not be included

  30. Agenda • Brief Introduction of Shanghai Stock Exchange (SSE) • XBRL Implementation at SSE • XBRL-Based Information Product Business Model • Next Step

  31. Next Step • Strengthen corporation with XBRL International • Seek approval for the listed companies Taxonomy from XBRL International • Apply for the “Acknowledge” status for Fund Taxonomy from XBRL international

  32. Next Step • Develop XBRL-Based Information Product Business • Commercialize XBRL data • Develop advanced application for end user

  33. Next Step • Embrace advance XBRL application within SSE • XBRL application for ad hoc report • Further develop XBRL usage for mutual fund information

  34. Thanks！ • http://www.sse.com.cn

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