China Corporate Disclosures

The China corporate-disclosure lane monitors a small reviewed issuer basket against official exchange metadata. It is not a general-purpose exchange scraper, a full-market announcement archive, or a document redistribution service.

Source admission

The reviewed terms records are:

• SSE: official legal terms
• SZSE: applicable rules and notices
• HKEX: terms of use

SSE and SZSE are metadata-only because commercial reuse of document bodies can require written permission. documentRetrieval is lazy-link-only: consumers receive the official link but WorldMonitor does not ingest or redistribute the linked body. HKEX terms prohibit programmatic systematic retrieval without permission, so the source remains blocked even when its website is reachable.

Reviewed issuer basket

HKEX issuers remain in the reviewed registry so the source decision is visible; they do not cause HKEX network requests.

Event classification and revisions

Only reviewed title patterns become typed events:

• trading halt and resumption;
• share pledge;
• investigation;
• exchange risk alert;
• earnings warning; and
• major restructuring.

Each event retains official exchange identity, issuer mapping, original title, publication time, metadata URL, document link, extraction/classification confidence, content hash, transport/content freshness, and a stable lineage. Corrections, revisions, withdrawals, and cancellations attach to that lineage instead of appearing as unrelated new events. Unclassified revisions are kept in a bounded diagnostic collection rather than promoted to decision signals.

Bounded collection

SSE requests at most 100 rows from one reviewed 90-day page. SZSE requests at most 50 rows from one reviewed page. Neither adapter silently follows additional pages. A saturated page reports PAGE_LIMIT_REACHED; three consecutive empty results report COVERAGE_GAP.

The combined snapshot retains at most 100 classified events, at most 20 revisions per event, and at most 100 unclassified revisions. The Railway market-backup member runs every 30 minutes and publishes market:china:corporate-disclosures:v1.

Transport fallback

SSE and SZSE first try direct Railway egress. At process start, each source selects the first non-empty proxy setting in this precedence order:

SSE:  SSE_PROXY_URL → SZSE_PROXY_URL → PROXY_URL
SZSE: SZSE_PROXY_URL → PROXY_URL

This is configuration precedence, not sequential URL failover. After a proxy URL is selected, a failed attempt does not advance to the next environment variable. Distinct SZSE proxy attempts rotate eligible Decodo sticky gateway ports within the selected proxy configuration.

SSE uses up to four direct and four proxy requests with bounded concurrency. SZSE uses one direct attempt and up to two proxy attempts on distinct eligible gateway ports.

The fallback order applies only to transport failures. HTTP or schema results that prove an application-level response are recorded and do not trigger unbounded route guessing. SZSE requires two consecutive successful runs to clear its durable transport-failure state.

SSE_PROXY_URL is an optional SSE-specific override. SZSE_PROXY_URL is an optional shared China exit. PROXY_URL is selected only when the corresponding source-specific setting is absent and is also required by other market-bundle members.

Coverage and health

The snapshot can be:

• healthy when every launched exchange has usable reviewed coverage;
• degraded when SSE or SZSE is missing, stale, saturated, repeatedly empty, or in transport error while another launched exchange remains usable; or
• unavailable when no launched exchange can provide a usable result.

A fresh seed heartbeat does not override a degraded embedded source state. Failed refreshes preserve valid last-good events with their original publication times and current transport failure. The blocked HKEX decision is reported separately and does not masquerade as a runtime outage.

The public China decision-signal surface includes at most four valid classified events. Proxy credentials, raw per-attempt source diagnostics, and unclassified revisions are operator-only.