【The case of "Investor Protection · Clear Rules and Risks" - Open your eyes and read "Information"】

In the public securities market, information disclosure is very important. On the one hand, it shoulders the important mission of conveying the development status of the listed company and affecting the rise and fall of the stock price of the listed company. On the other hand, the acquisition of information is also an important basis for investors to make investment decisions. Every move of a listed company, any information, especially major positive and negative information, closely affects the hearts of investors. However, after entering the NEEQ market at this stage, some listed companies seem to have not realized that they have transformed into public companies, and they handle and disclose information more casually. Or exaggerate the propaganda, which can indeed catch the public's attention in the short term, but the untrue and inaccurate information misleads investors during the transmission process, causing investors to misunderstand and follow suit. The matter ended in failure, then investors will face the loss of funds and the disappointment of investment expectations.

The listed company Y made an advance publicity of the information. Company Y revealed to many media at a product launch that it was about to complete the second and third rounds of financing totaling 222 million yuan, and the financing was jointly invested by several well-known domestic investment institutions. However, after investigation, it was found that the information disclosed by Company Y in the on-site press conference was inconsistent with the information disclosed on the information disclosure platform designated by the National Equities Exchange and Quotations Company. . However, the fact that this eight-character is not enough was widely publicized and widely reported by the well-known financial media at the conference site, which made the news rapidly ferment in the dissemination, and it is very easy for investors to have a strong interest in the company, thereby misleading investors. Investment decision. Regarding the violations of Company Y, the National Equities Exchange and Quotations, in accordance with the provisions of Article 6.1 of the Business Rules of the National Equities Exchange and Quotations (for Trial Implementation) (hereinafter referred to as the "Business Rules") and Article 47 of the "Detailed Information Disclosure Rules", Take self-regulatory measures for interviews with Company Y.

The same situation also appeared in the listed company C. The company's chairman, directors and other personnel disclosed or released undisclosed or exaggerated information to the media several times in a row. The information disclosure platform designated by the company disclosed that it plans to acquire a 9.9% stake in a well-known company for US$40 million through the company's wholly-owned subsidiary, and passed the deliberation of the board of directors, but the news has been widely reported by the media in September, and The acquisition amount reported by the media was 400 million US dollars, which was 10 times the proposed acquisition price, and Company C ignored the media reports and did not make any clarification moves. Such violations of misleading the market have caused the listed company and the information disclosure obligor to be severely punished by the China Securities Regulatory Commission.

The behavior of the above-mentioned two listed companies appears to be eager to attract public attention, vigorously publicize positive news, and create a scene of rapid development of the company for investors, but the information that seems to be blooming is actually a message to investors. It's like a mirror and water moon, it can't be touched, or it's blurry when you touch it. Behind this behavior is disregard for market regulations and irresponsible information transmission. Specifically, the above two cases mainly violated Articles 20, 25 and 29 of the Measures for the Supervision and Administration of Unlisted Public Companies, and the Guidelines for the Supervision of Unlisted Public Companies No. 1 - Information Article 3 of the Disclosure, Article 1.5 of the Business Rules, and Article 8 of the Detailed Rules for Information Disclosure of Companies Listed on the National Equities Exchange and Quotations (for Trial Implementation) (hereinafter referred to as the "Detailed Rules for Information Disclosure"): Company and other information The disclosure obligor shall disclose the information truthfully, accurately, completely and in a timely manner, without false records, misleading statements or major omissions. Although the information can be published on the company's website or other public media, the disclosed content should be exactly the same as the content on the disclosure platform designated by the China Securities Regulatory Commission, and shall not be earlier than the disclosure time on the designated disclosure platform. Moreover, the information disclosure of listed companies is slightly different from that of listed companies, which is mainly manifested in the fact that before the listed company discloses major information, it should be reviewed by the leading securities firm, and the company cannot disclose major information that has not been reviewed by the leading securities firm.

If there is a major event that may have a greater impact on the stock price and investors have not yet learned of it, the company shall immediately submit an interim report on the major event and make an announcement. If a major event that may have a greater impact on the stock transfer price of the listed company is in the planning stage, although the timing of disclosure has not been reached, the company shall perform its first disclosure obligation when one of the following circumstances occurs: 1. It is difficult to keep the event confidential; 2. The incident has been leaked or there are rumors about the incident in the market. For example, in the case of the above listed company C, there have been false rumors in the market. The listed company C should immediately perform the disclosure obligation, clarify the incident, and send The market transmits true, accurate and complete information; 3. The company's stock and derivatives transactions have experienced abnormal fluctuations.

From the violations in the above two cases, we are concerned that the disclosure of false information is extensive, and the truth is mixed, which is easy to mislead investors. Therefore, it is also important to remind investors to pay attention to the content and channels of information in the process of information acquisition. For example, if investors see similar good news about a listed company in the mass media, what they need to do is Go to the National Equities Exchange and Quotations Information Disclosure Platform ("Information Disclosure Column" in http://www.neeq.com.cn/) to confirm whether the information is accurate, true and complete, and carefully analyze the specific situation of the listed company , invest rationally to avoid being misled by false information.