Added EDGR 2.03 +.03 on news: EDGAR(R) Online(R) to be the First U.S. Provider of Chinese Company Financial Data in XBRL
Wednesday January 18, 7:00 am ET
SOUTH NORWALK, Conn.--(BUSINESS WIRE)--Jan. 18, 2006--EDGAR® Online®, Inc. (Nasdaq: EDGR - News) announced today that it will be the first U.S. financial information company to deliver Chinese company fundamental data from both the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE) in eXtensible Business Reporting Language (XBRL) format.
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EDGAR Online -- a leading provider of value-added business and financial information on global companies to financial, corporate and advisory professionals -- established a strategic relationship with both Shanghai Stock Exchange InfoNet Co., Ltd., a wholly-owned subsidiary of the SSE, and Shenzhen Securities Information Co., Ltd., a subsidiary of the SZSE, through which EDGAR Online will gain access to the current financial filings of all Chinese companies that trade on the SSE and the SZSE, as well as historical data for up to five years.
EDGAR Online expects to make the Chinese company financial information available to clients of its I-Metrix(TM) suite of XBRL-based products during the first half of 2006. EDGAR Online's relationships with the SSE and SZSE also will open up the Chinese marketplace for EDGAR Online's I-Metrix content and tools.
This is another step in EDGAR Online's strategy to capitalize on its unique skills in employing XBRL to make financial reports accessible and comparable. With the strides in global adoption of XBRL, EDGAR Online's I-Metrix can easily and affordably convert financial reports to that which users of financial data desire - extremely high quality information, faster availability and uniformity of presentation across different companies and multiple reporting periods.
EDGAR Online President and CEO Susan Strausberg said, "Our recent survey of current and potential I-Metrix clients indicates that these consumers of financial information desire company fundamental data from China more than any other individual country. We are excited to partner with the Shanghai Stock Exchange and Shenzhen Stock Exchange and we are aggressively expanding our product offerings to include additional global content."
EDGAR Online is a founding member of the XBRL Consortium. Over the past six years it has worked with the Consortium on the development of the standard, the taxonomies (industry data tags) and global awareness of XBRL.
As the Chinese securities market is expanding and opening up to foreign participation, domestic and foreign investors pay increasing attention to the financial and operating status of listed companies. The SSE and the SZSE have taken a leading role in applying XBRL formatting to listed companies' information disclosures to satisfy both institutional and individual investors.
About the Shanghai Stock Exchange
The Shanghai Stock Exchange (SSE) began operation December 19, 1990. It is a non-profit membership institution directly governed by the China Securities Regulatory Commission (CSRC). The SSE endeavors to realize a variety of functions: providing marketplace and facilities for the securities trading; formulating business rules; accepting and arranging listings; organizing and monitoring securities trading; regulating members and listed companies; managing and disseminating market information. The SSE has become the most preeminent stock market in China in terms of number of listed companies (more than 834), number of shares listed, total market value, tradable market value, securities turnover in value, stock turnover in value and the T-bond turnover in value. More information is available at www.sse.com.cn.
About the Shenzhen Stock Exchange
Since its inception December 1, 1990, the Shenzhen Stock Exchange (SZSE) has been a mutualized organization that provides a venue for securities trading under the authorization of the China Securities Regulatory Commission (the CSRC). A broad spectrum of market participants, including 500 plus listed companies, 35 million institutional and individual investors and 200 or so exchange members, create the market. The Exchange reflects the characteristic of the entrepreneurial spirit of the southern coastal city where it locates. Over the past 14 years, it has blossomed into a market with great competitive edges in the country with capital raised amounted to US$ 807 million. More information is available at www.szse.cn.
About EDGAR® Online®, Inc.
EDGAR Online, Inc. (NASDAQ: EDGR - News), www.edgar-online.com, is a leading provider of value-added business and financial information on global companies to financial, corporate and advisory professionals. The company makes its information and a variety of analysis tools available via online subscriptions and licensing agreements to a large user base.
"Forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future events or results. EDGAR Online, Inc. disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. Please refer to the documents filed by EDGAR Online, Inc. with the Securities and Exchange Commission, which identify important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with our ability to (i) increase revenues, (ii) obtain profitability, and (iii) obtain additional financing, changes in general economic and business conditions (including in the online business and financial information industry), actions of our competitors, the extent to which we are able to develop new services and markets for our services, risks in connection with acquisitions, the time and expense involved in such development activities, the level of demand and market acceptance of our services and changes in our business strategies.
EDGAR® is a federally registered trademark of the U.S. Securities and Exchange Commission (SEC). EDGAR Online is not affiliated with or approved by the U.S. Securities and Exchange Commission.
Contact:
EDGAR Online Public Relations
Jani Spede, 866-669-2889
jspede@edgar-online.com
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Source: EDGAR Online |
