China Securities Regulatory Commission www.csrc.gov.cn Time: 2017- 08-18 Source: National Equity Transfer Company

    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 listed companies and affecting the rise and fall of listed companies’ stock prices. . 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 do not seem to realize that they have transformed into public companies. They handle and disclose information more casually. Some matters that are still under planning cannot wait to be publicized and publicized in the market. Or exaggerate the publicity. This can indeed catch the public’s attention in the short term, but the untrue and inaccurate information misleads investors in the process of dissemination, causing investors to misunderstand and follow suit. If you plan The matter ended in failure, then investors will face the loss of funds and the failure of investment expectations.

　　 listed company Y did an advance promotion of the information. Company Y revealed to a number of media on-site at a product launch that it is about to complete the second and third rounds of financing totaling 222 million yuan, and the financing will be jointly invested by several well-known domestic investment institutions. However, after investigation, it was found that the information disclosed by Y company at the on-site press conference was not consistent with the information disclosed on the designated information disclosure platform of the National Equity Exchange Company. The company's third round of financing is still in the stage of plan discussion and preliminary consultation with investment institutions. . However, the fact that this character is still a bit short has been publicized and widely reported by the well-known financial media at the press conference. This news has rapidly fermented in the dissemination. It is very easy for investors to have a strong interest in the company and mislead investors. Investment decision. Regarding company Y’s violations, the National Equities Exchange and Quotations, in accordance with Article 6.1 of the "Business Rules for the National SME Share Transfer System (Trial)" (hereinafter referred to as the "Business Rules"), and Article 47 of the "Detailed Information Disclosure Rules", Take self-regulatory measures for company Y to meet and talk.

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. The information disclosure platform disclosed that the company’s wholly-owned subsidiary plans to acquire a 9.9% stake in a well-known company for US$40 million and passed the deliberation of the board of directors. However, the news has been widely reported by the media in September, and the media reported that The purchase amount was US$400 million, which was 10 times the proposed purchase price. However, Company C ignored media reports and did not make any clarifications. Such violations of misleading the market have caused the listed company and information disclosure obligors to be severely punished by the China Securities Regulatory Commission.

The behavior of the above two listed companies appears to be eager to attract public attention, vigorously promote positive news, and create a scene of rapid company development for investors. However, the information that seems to be blooming and blooming is actually like it to investors. The mirror flowers are so beautiful that they can't be touched, or they are blurred when touched. Behind this behavior is the disregard for market regulations and the irresponsibility of information transmission. Specifically, the above two cases mainly violated Articles 20, 25, and 29 of the "Measures for the Supervision and Administration of Non-listed Public Companies", and the "Guidelines for the Supervision of Non-listed Public Companies No. 1"—&mdash ;Information Disclosure Article 3, "Business Rules" Article 1.5, "National SME Share Transfer System Business Listed Companies Information Disclosure Rules (Trial)" (hereinafter referred to as "Information Disclosure Rules") Article 8: companies and Other information disclosure obligors shall disclose information truthfully, accurately, completely and in a timely manner, and shall not contain false records, misleading statements or major omissions. Although the information can be published on the company's website or other public media, the content of the disclosure should be exactly the same as the content on the disclosure platform designated by the China Securities Regulatory Commission, and should not be earlier than the time of disclosure on the designated disclosure platform. Moreover, the information disclosure of listed companies is slightly different from that of listed companies. The main manifestation is that before the listed company discloses material information, it should be reviewed by the leading brokerage firm. The company cannot disclose material information that has not been reviewed by the leading brokerage firm.

　　In the event of a major event that may have a greater impact on the stock price, the company shall immediately report the major event to an interim report and make an announcement when the investor has not yet learned about it. If a major event that may have a greater impact on the transfer price of the listed company’s stock is in the planning stage, although the disclosure time has not been touched, the company should perform the first disclosure obligation when one of the following situations occurs: 1. The event is difficult to keep confidential; 2. The incident has been leaked or there are rumors about the incident in the market. For example, in the situation encountered by listed company C, there have been false rumors in the market, and listed company C should immediately fulfill its obligation of disclosure, clarify the incident, and report to The market delivers true, accurate and complete information; 3. The company’s stock and its derivatives trading has undergone abnormal fluctuations.

　　From the violations in the above two cases, we are concerned about the wide range of false information leaks, and the fact that it is mixed with false information, it is very easy for investors to misbelieve. Therefore, here is also a key reminder that investors should keep their eyes open and pay attention to the content and channels of the information in the process of obtaining information. If investors see similar good news from a listed company in the mass media, what they need to do is Go to the National Equity Exchange Company Information Disclosure Platform (http:/ /www.neeq.com.cn The "Information Disclosure column" in /) confirm whether the information is accurate, true and complete, and carefully analyze the specific situation of the listed company, and invest rationally to prevent being misled by false information.