Zheng Quan Zhi Xing·2025-08-15 12:16Core Points - The article outlines the information disclosure deferral and exemption management system of China COSCO Shipping Energy Transportation Co., Ltd. to ensure compliance with legal obligations [1][2] - The company can defer or exempt disclosure of information under specific conditions, such as maintaining confidentiality and the absence of abnormal stock price fluctuations [2][3] - The definition of trade secrets and state secrets is provided, emphasizing the importance of confidentiality in protecting the company's interests [3][4] - The company must document and review any deferral or exemption requests, ensuring proper internal procedures are followed [4][5] - If the reasons for deferral or exemption are no longer valid, the company is required to disclose the information promptly [6][7] Summary by Sections - Conditions for Deferral/Exemption: The company can defer or exempt disclosure if the information remains confidential, insiders commit to confidentiality, and there are no abnormal stock price movements [2][3] - Definition of Secrets: Trade secrets are defined as non-public information that provides economic benefits and is protected by confidentiality measures, while state secrets relate to national security [3][4] - Documentation Requirements: The company must maintain records of deferred or exempted disclosures, including the content, reasons, and internal review processes [5][6] - Disclosure Obligations: If the conditions for deferral or exemption change, the company must disclose the information, including the rationale for considering it a trade secret [6][7] - Compliance with Regulations: The system must adhere to applicable laws and regulations, and any conflicts with these must be resolved in favor of legal requirements [7]