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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

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

agenda
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
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
brief introduction of sse 2
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
brief introduction of sse 3
Brief Introduction of SSE (3)
  • Technology Innovation

NGTS

NGIS

SSEportal

3GSS

brief introduction of sse 4
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
brief introduction of sse 5
Brief Introduction of SSE (5)
  • 2006-1-1 SSE Composite Closed at 1169.86
  • 2006-5-10 SSE Composite Closed at 1545.69
agenda8
Agenda
  • Brief Introduction of Shanghai Stock Exchange (SSE)
  • XBRL Implementation at SSE
  • XBRL-Based Information Product Business Model
  • Next Step
xbrl implementation at sse
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
background
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
background11
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
slide12

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
background13
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
xbrl pilot project
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)
slide16

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

xbrl implementation phase 1
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

xbrl implementation phase 118
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
xbrl implementation phase 119
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
xbrl implementation phase 120
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.
subsequent xbrl implementation phases
Subsequent XBRL Implementation Phases
  • Making XBRL Fund Data Available

http://fund.sseinfonet.com/xbrl.shtml

  • XBRL-based fund data analysis tools
subsequent xbrl implementation phases22
Subsequent XBRL Implementation Phases
  • XBRL-based application in Data Warehouse
subsequent xbrl implementation phases23
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
slide24

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

agenda25
Agenda
  • Brief Introduction of Shanghai Stock Exchange (SSE)
  • XBRL Implementation at SSE
  • XBRL-Based Information Product Business Model
  • Next Step
who is sse infonet
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.

listed company information product based on xbrl
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
target client
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
business model
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
agenda30
Agenda
  • Brief Introduction of Shanghai Stock Exchange (SSE)
  • XBRL Implementation at SSE
  • XBRL-Based Information Product Business Model
  • Next Step
next step
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
next step32
Next Step
  • Develop XBRL-Based Information Product Business
    • Commercialize XBRL data
    • Develop advanced application for end user
next step33
Next Step
  • Embrace advance XBRL application within SSE
    • XBRL application for ad hoc report
    • Further develop XBRL usage for mutual fund information
slide34
Thanks!
  • http://www.sse.com.cn