Knowledge Base Update (I): Latest Annual Report Disclosures and Exchange Inquiry Responses from Listed Companies in 2026

Table of Contents 01 Knowledge Base Update 02 How to Use It 03 Annual Report Inquiries and Responses 04 Join Us [Annual Report Season] We are now entering late April—just before the most intensive period for listed companies to disclose their annual reports. The hectic annual report season is finally approaching its conclusion; some outstanding project teams may already be winding down. Yet this may not be the end… I did a quick tally of annual report revisions and exchange inquiries over the past two years: • Approximately 1%–2% of listed companies across all exchanges issued revised or corrected versions of their annual reports for various reasons; • Around 10% of listed companies received annual report inquiry letters from stock exchanges (figures vary slightly by year; historically, the proportion of companies receiving such inquiries has ranged between 10% and 15% of the entire market). Rounding off, at least 500–800 A-share listed companies will still have ongoing annual report-related work even after April 30—the official deadline. 01 Knowledge Base Update Accordingly, our knowledge base has urgently compiled and organized the latest annual reports of listed companies across four exchanges in mainland China and Hong Kong (Shanghai Stock Exchange, Shenzhen Stock Exchange, Beijing Stock Exchange, and Hong Kong Exchanges and Clearing Limited) and seven listing segments (main boards of the four markets, ChiNext, STAR Market, and GEM of the Hong Kong Stock Exchange), enabling users to instantly access and compare corporate performance changes, as well as understand disclosure requirements under accounting standards and regulations. In addition to the latest annual report texts, the knowledge base also specially includes annual report inquiry response documents from A-share listed companies for the past decade (2015–2025), revealing each year’s common information disclosure violations and regulatory priorities of the exchanges. The complete set of materials updated this time has been uploaded to the following sub-libraries: “CPA Certification Knowledge Base”, “Investment & Investment Banking”, and “Listed Companies’ Annual Reports”. Due to capacity limitations of the shared knowledge base, Hong Kong-listed companies’ annual reports have only been uploaded to the “Listed Companies’ Annual Reports” sub-library. Users who haven’t subscribed can access them directly via the pinned navigation note. 02 How to Use It The iMA knowledge base supports folder-specific Q&A mode. For instance, if you want to identify which companies listed on the Beijing Stock Exchange received qualified audit opinions—and what types—they were, you can first open the corresponding folder and then ask your question within that context to receive targeted answers. Note, however, that the output above is actually inaccurate. First, it fails to list all types of qualified audit opinions—for example, unqualified opinions with an emphasis-of-matter paragraph (e.g., Kangle Weishi, stock code 833575) or with a going-concern explanatory paragraph (e.g., Kaida Catalysis, stock code 830974); Second, Tonghui Information (stock code 430090), which received a qualified opinion, is also omitted. AI Hallucination This reflects a current limitation of AI: constrained by model context length and computational resources, large language models easily lose focus or drop data when processing massive volumes of information.

How can beginners quickly understand listed companies’ financial reports?

May’s financial reports are like the Spring Festival travel rush. Open any financial news site lately, and you’ll see earnings reports everywhere. On May 13, Tencent and Alibaba both released their quarterly results on the same day. Baidu followed closely on the 18th. Xiaomi and Meituan scheduled theirs for May 26. Throughout late May, releases come thick and fast—like China’s annual Spring Festival travel rush. At first glance, it looks coordinated—but it isn’t. Underlying this timing is a rigid regulatory framework. Hong Kong’s listing rules state clearly: annual financial results must be published within three months after the fiscal year-end, and the full annual report must be delivered to shareholders within four months. In the U.S., Chinese ADRs file Form 20-F for annual reports, with a four-month window after the fiscal year-end. In mainland China, the fiscal year is uniformly aligned with the calendar year (January 1 to December 31), and the annual report filing deadline is fixed at April 30 of the following year. The result is obvious. Most internet firms adopt the calendar year as their fiscal year; once the April 30 deadline hits, May becomes the peak season for earnings releases. Hong Kong adds another constraint—annual results must be published within three months—so firms must go public by mid-May. It’s exactly like students racing to meet assignment deadlines. By the way, Hong Kong’s listing rules only mandate disclosure of annual and semi-annual results; quarterly reports are not compulsory. Yet for giants like Tencent and Alibaba, releasing quarterly results has become standard practice—investors demand it. One point often causes confusion: although Tencent and Alibaba announced results on the same day covering the same natural quarter (January–March of this year), their fiscal year definitions differ. Tencent follows the calendar year, so its release covers Q1 2026. Alibaba’s fiscal year begins each April, meaning its release covers the final quarter of FY2026. Behind the numbers, two distinct calendars run in parallel. The Caribbean Island Nation on Financial Report Covers A more intriguing question than “When are reports issued?” is: “Where are these companies actually incorporated?” Flip through the cover pages of Tencent’s, Alibaba’s, Meituan’s, Baidu’s, and Xiaomi’s financial reports—and you’ll find their registered addresses all point to one place: the Cayman Islands. How does this tiny Caribbean island—under 300 square kilometers—become the de facto “capital” for China’s internet giants? Here, a key term comes into play: VIE (Variable Interest Entity). On April 13, 2000, Sina rang the opening bell on NASDAQ. Founder Charles Cao took a pivotal step: incorporating a listed company in the Cayman Islands, then using a series of contractual arrangements to control its domestic operating entities. This structure—where the listed entity resides overseas while actual operations occur domestically—came to be known as the VIE structure, or the “Sina Model.” Why go through such an elaborate detour? Why not simply incorporate domestically and list overseas? The problem lies in China’s historical foreign investment restrictions in sectors like internet services, telecommunications, and education. Direct foreign equity ownership was prohibited—but control via contractual arrangements was permissible. The VIE structure served as a bridge across this regulatory gray zone. Eventually, nearly all Chinese ADRs adopted it: by 2021, at least 220 of the 285 Chinese ADRs had implemented VIE structures. The Cayman Islands didn’t rise to prominence solely because of VIEs. It holds several genuine competitive advantages.

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