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Location: Company Annual Reports   ※ Guangzhou /Foshan /Nanhai /Shunde /Shenzhen /Dongguan... HK /UK /USA /BVI...

Company Annual Reports |Company Annual Return

An enterprise shall report its annual reports and disclose the reports to the public periodically in China.

Pursuant to the Regulation, enterprises shall submit the annual reports of the preceding year to "the State Administrtion for Market Regulation"(AMR) and disclose such reports to the public through the Disclosure System between January 1 and June 30 each year. A newly established enterprise shall submit its annual reports and disclose such reports to the public in the following year.

The annual reports shall contain the information, including enterprise address, zip code, phone number, E-mail, etc., enterprise existing status: open, close, liquidation, investment on business establishment and equity acquisition.

Moreover, the annual reports shall also cover the information including enterprise staff number, total assets, total debts, external guarantees, shareholders’ equity, gross revenue, revenue of main businesses, total profits, net profits and total taxes. This kind of information is at the discretion of the enterprise itself on if it is disclosed to the public.

Nonetheless, the Regulation also stipulates that citizens, legal persons or other organizations can have access to the information that is not disclosed to the public with the permission of the enterprise.

Enterprise disclosed information shall be randomly checked

The AMR of the State Council and the AMRs of provinces, autonomous regions, and municipalities directly under the Central Government shall, in the spirit of fairness, through random pick based on enterprise registration numbers, determine which enterprise to check and organize the check of enterprise disclosed information.

If citizens, legal persons or other organizations find information disclosed by the enterprise to be false, they have rights to report to the AMRs, who shall conduct checks, process facts and notify the reporters in writing with 20 workings days from report receiving date.

Enterprises failing to disclose annual reports within the time period or not to disclose pertinent enterprise information will be blacklisted

In accordance with the Regulation, an enterprise failing to disclose its annual report within the stipulated period or report false information shall be listed in an abnormal operation recording system (the “Abnormal System”) by the AMRs at or above the county level and disclosed to the publicthrough the Disclosure System.

Where the circumstances are severe, an enterprise, based on the Regulation, shall be subject to administrative penalties by pertinent government departments pursuant to laws and regulations; where the circumstances cause losses to others, an enterprise shall take liability for compensation in accordance with the law; if the circumstances constitute a crime, an enterprise shall be subject to criminal liability in accordance with the law.

If an enterprise fails to fulfill its disclosure obligations for three years, the AMRs shall list such enterprise in a severe violation recording system, and disclose such violation to the public through the Disclosure System. Legal representatives, persons in charge of the enterprise listed in the Violation System shall not act as legal representatives or persons in charge of other enterprises within three years.

"Blacklisted" companies will face restrictions and bans in Government procurements.

The People’s Government at or above the county level and pertinent government departments shall establish a credit restraint mechanism, and shall deem enterprise information as a key indicator in government procurements, constructions tenders, grant of state-owned land, and honor conferring, etc.. Enterprises listed in the Abnormal System or the Violation Systems shall be restricted or prohibited from the aforementioned in accordance with the law.
 
 

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