On January 31, 2019, the Guangdong Securities Regulatory Bureau issued  No. 6 "Decision on the Adoption of Warning Letters for Dong Mingzhu", which stated: "Dong Mingzhu: After investigation, you as Zhuhai Gree Electric Co., Ltd. (hereinafter referred to as Chairman of Gree Electric Appliances Co., Ltd., held in the afternoon of January 16, 2019, the first temporary provision of Gree Electric Appliances in 2019shareholderGree Electric was released in the conference in 2018Operating incomewithNet profitRelatedPerformanceInformation, while Gree Electric, inShareholders' meetingThe 2018 Annual Results Announcement was released only on the evening after the end. Your above acts violate the provisions of Article 6, paragraph 2, and Article 45, paragraph 2 of the Measures for the Administration of Information Disclosure of Listed Companies. ”
Article 6 of the "Administrative Measures for Information Disclosure of Listed Companies": "The time for information disclosure obligors to publish information on the company's website and other media shall not precede the designated media, and shall not be replaced by any form such as press release or answering journalists. Report,announcementObligations shall not replace the interim reporting obligations that should be performed in the form of periodic reports. Article 45, paragraph 2: "The secretary of the board of directors is responsible for handling the public announcement of information on listed companies and other related matters. Except for the announcement of the Board of Supervisors, the information disclosed by the listed company shall be published in the form of an announcement by the board of directors. Directors, supervisors and senior management personnel shall not publish undisclosed information of listed companies without the written authorization of the board of directors. ”
According to the Guangdong Securities Regulatory Bureau issued  No. 6 "Warning Letter", director of the companyExecutiveBefore the disclosure of information through the designated media, there is no right to report the company's performance expectations at the general meeting. However, this behavior violates Article 98 of the Company Law: "The shareholders' meeting is the company's authority."
According to several media reports: "On January 12, 2019, Fang Hongbo, chairman and president of Midea Group, revealed at the 2019 China Manufacturing Forum that Midea Group expects its pre-tax profit to exceed 26 billion yuan in 2018, a new high." January 15 The Japan-US Group released the "2018 Annual Results Preview." In accordance with the "Warning Letter" issued by the Guangdong Securities Regulatory Bureau on  No. 6, Fang Hongbo violated Articles 6 and 45 of the Measures for the Administration of Information Disclosure of Listed Companies.
If the Guangdong Securities Regulatory Bureau issues a "warning letter" to Dong Mingzhu, and the other party's behavior does not issue a "warning letter", then, is the Guangdong Securities Regulatory Bureau selective enforcement?
Regarding the issue of the warning letter issued by the Guangdong Securities Regulatory Bureau on  No. 6, there are two principle questions that must have a clear answer:
First, is the company's directors executives obligated to report performance expectations to the shareholders' meeting?
Second, in violation of Articles 6 and 45 of the Measures for the Administration of Information Disclosure of Listed Companies, are the directors who report the company's performance expectations to the shareholders' meeting or the shareholders who advertise the contents of the shareholders' meeting to the media without authorization? Who should the SFC punish?
The above two principle issues are related to the behavioral standards of directors, shareholders and the media of listed companies, which are related to the ethos and social atmosphere of the Chinese securities market.
The China Securities Regulatory Commission and the Guangdong Securities Regulatory Bureau must give clear answers to the above two principles. Otherwise, the Guangdong Securities Regulatory Bureau issued  No. 6 "Warning Letter" as a demonstration case, which will make the national listed companies feel at a loss.
The implementation of the registration system is a milestone in the development of China's securities market. The basis for the smooth implementation of the registration system is to strictly supervise the securities market and strictly enforce the law. I hope that the Guangdong Securities Regulatory Bureau's  No. 6 "Warning Letter" involves the correct answer to the two principle questions, which can make the securities market feel the supervision and shock of the regulatory authorities.
(Article source: China Economic Net)