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Information disclosure "God fights" Listed companies should take full responsibility

September 01, 2018 22:59
Author:Pi Haizhou
source: International financial newspaper
edit:Eastern Fortune Network

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Summary
[Information Disclosure "God fights" Listed companies should take full responsibility] Recently, "Xianyou" Zhonghong shares became the "net bonus" and "star stocks" in the stock market. First, on August 28th, the stock appeared in the “one” board and then stopped trading in the intraday trading session. On the following day, it went out of the “floor board”, with a shock rate of 23.08%. The strange trend of Zhonghong shares is obviously a kind of performance that investors are not comfortable with, which actually intensifies the investment risk of Zhonghong shares. The reason why this strange trend will occur is the "fair fight" in the disclosure of relevant information. (International Finance News)

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Recently, "Xianyou" Zhonghong shares became the "net stocks" and "star stocks" in the stock market. First, on August 28th, the stock appeared in the “one” board and then stopped trading in the intraday trading session. On the following day, it went out of the “floor board”, with a shock rate of 23.08%.

The strange trend of Zhonghong shares is obviously a kind of performance that investors are not comfortable with, which actually intensifies the investment risk of Zhonghong shares.The reason why this strange trend will occur is the "fair fight" in the disclosure of relevant information.

Since becoming a cent stock on August 15, Zhonghong shares have been under pressure to force a delisting. Because according to the current delisting system, when the stock price is lower than the face value of 1 yuan for 20 consecutive trading days, the company will be forced to withdraw from the market. Therefore, how to get rid of the predicament of "penny stock" becomes Zhonghong The preoccupation of the stock.

From the "debt restructuring and business custody" agreement issued by Zhonghong shares on the evening of August 27, the company is indeed making efforts to this end. According to the agreement, Jiaduobao and Yinyi Capital carried out debt restructuring on Zhonghong and Zhonghong Group, while Jiaduobao and Yinyi Capital injected quality projects into Zhonghong and Zhonghong Group to provide liquidity support and help Zhonghong The shares and Zhonghong Group resolved the current debt crisis.It was precisely the stimulation of this news that Zhonghong shares had a daily limit of “one” on the 28th.

However, the “Debt Restructuring and Operational Trusteeship” agreement issued by Zhonghong Group has not been recognized by Jiaduobao. On the morning of the 28th, the Jiaduobao Group issued a statement denying the signing of the “Operational Trusteeship and Debt Restructuring Agreement” and completely ignoring the contents of the agreement.It also stated that Zhonghong’s business and financial data regarding the Jiaduobao Group in the announcement were seriously inconsistent with the actual situation.

  It is based on the serious conflict between the two companies that Zhonghong shares were suspended on the 28th.At the same time, the Shenzhen Stock Exchange also issued a letter of concern, requesting Zhonghong Shares to explain the relevant circumstances of signing the "Debt Restructuring and Operational Trusteeship Agreement". To this end, on the evening of the 28th, Zhonghong Co., Ltd. stated that the agreement was signed under the witness of the parties. The company believed that the signing of the agreement was legal and compliant, true and effective, and the operation and financial data of the Jiaduobao Group were provided to the company by Jiaduobao Group. The company has made a false disclosure in the announcement. As a result, the statement of Jiaduobao and the information disclosure of Zhonghong shares continued to stage the "fairy fight" situation.

  This kind of "fairy fight"-like information disclosure obviously violates the original intention of information disclosure and is an irresponsible way for investors.Information disclosure is to increase the transparency of listed companies and enable investors to make the right investment decisions. However, this kind of "fairy fight"-like information disclosure makes it difficult for investors to make a mistake and make a correct judgment. Therefore, such information disclosure should be strictly prohibited.

  First of all, listed companies must be cautious about information disclosure matters. When it comes to third-party information disclosure, it must be recognized by third parties.Just like Zhonghong, a major issue involving debt restructuring and business custody, only one client is not enough, and it must have extensive contacts with Jiaduobao. From the official seal of the client, it is obviously different from the official seal of Jiaduobao. This is easy to cause the "radish chapter" incident. This is also the place where Zhonghong shares are not careful on the agreement between the two parties. .

  Secondly, in the case of "fairy fights", the listed companies once again released information disclosure, it is necessary to reach an agreement on the "fairy fight", can not talk to themselves, the "fair fight" to the end.On this issue, both the listed company and the exchange must fulfill their respective responsibilities.

  In addition, in the case that the information of “God fights” is not unified, the stocks of listed companies should be suspended, rather than letting the shares of listed companies continue to trade.On this issue, the exchange has emphasized that the practice of resumption of trading is biased. For example, the trend of “Hongtian Board” on August 29 of Zhonghong shares clearly highlights the risk of the stock trading on the day of the “Fairy Fight”.


                (Editor: DF010)

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