Association of publicly listed Chinese companies in Germany adopts Code of Conduct
Frankfurt am Main, September 8, 2014
The Council of the „Association of publicly listed Chinese companies in Germany” („Verein der in Deutschland börsennotierten chinesischen Unternehmen“), which was founded in 2013, has adopted a “Code of Conduct” that is now mandatory for all members of the association.
The new “Code of Conduct” explicitly states that the members of the association shall act in a responsible, ethically unobjectionable manner and comply with capital market regulations. The Code of Conduct includes e.g. the following items:
- All members of the association have to respect and comply with the law and official regulations binding for a German AG as well as with the German Securities Trading Act.
- The association will not tolerate any form of bribery or corruption on behalf of its members.
- The members of the association aim to comply with the recommendations defined in the German Corporate Governance Code in its latest version.
- Management Board members must ensure that their private interests do not come into conflict with the interest of the company.
- The members of the association should set up an internal investor relations team which can be supported by an investor relations agency to ensure the fulfilment of all capital market requirements and a continuous and transparent news flow.
- The publication of regular research reports by an independent research firm is highly recommended by the association as well as the regular information of the investors and analysts e.g. via telephone conferences and/or the participation on capital market conferences.
- All financial reports are to be published within the deadlines specified by the German securities law and should be audited by a well-known auditor based in Germany. The association will not tolerate breaches of accounting rules, fraudulent accounting or incorrect documentation.
The association will take disciplinary measures within the scope of the applicable law in the case of violations of the “Code of Conduct” and has the right to immediately exclude a member that violates against the code immediately. In response to the recent developments at Youbisheng Green Paper AG, the Council of the association decided to terminate the membership of Youbisheng Green Paper AG with immediate effect.
The complete Code of Conduct of the Association is available under the following link:
China e.V. – Code of Conduct (PDF, EN, 73 KB)
ABOUT THE ASSOCIATION
The „Association of publicly listed Chinese companies in Germany" („Verein der in Deutschland börsennotierten chinesischen Unternehmen") was established in 2013. The goal of the association is to promote the mutual understanding and cooperation between the German and Chinese capital markets and to improve the image of Chinese companies listed on the Frankfurt Stock Exchange. The current members are: ZhongDe Waste Technology AG, Vtion Wireless Technology AG, Joyou AG, Powerland AG, China Specialty Glass AG, Haikui Seafood AG, Firstextile AG.
For further questions please contact:
Verein der in Deutschland börsennotierten chinesischen Unternehmen e.V., Frankfurt am Main
Mr. David Chen
Tel: +49 69 509565656
E-mail: david.chen@vdbcu.de