Source: Edgar Online
EDGAR Online, Inc. (Nasdaq: EDGR) 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.
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 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.