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Listed companies, particularly those from the real estate, coal and oil sectors, will need to follow higher standards of information disclosure, the Shanghai Stock Exchange said on Thursday.

The bourse, said in a statement that listed companies must disclose key information, such as pre-tax profits and free cash flow in a proper and comprehensive manner, and also explain the methodologies used for the calculation of these parameters, as part of a pilot project.

Companies will also need to provide explanations about these in the annual report, especially if it fails to meet the stipulated information disclosure norms.

The bourse said that though policy changes have made the listing process for companies easier, it also calls for higher levels of information disclosure and said it would be effective immediately.

Among the pilot sectors, real estate companies will need to provide information about land reserves and the rental and sales income. Oil and gas companies must provide data on oil and gas reserves, while coal companies should disclose information on their major subsidiaries, including the geographical and reserves data.