Legal basis: Securities Law of People's Republic of China (PRC).
Article 78 Issuers and other information disclosure obligors stipulated by laws, administrative regulations and the State Council securities regulatory authority shall fulfill their information disclosure obligations in a timely manner according to law.
The information disclosed by the information disclosure obligor shall be true, accurate, complete, concise and easy to understand, and there shall be no false records, misleading statements or major omissions.
Where securities are publicly issued and traded both at home and abroad, the information disclosed by the information disclosure obligor abroad shall be disclosed at the same time in China.
Article 197 Where an information disclosure obligor fails to submit relevant reports or perform information disclosure obligations in accordance with the provisions of this Law, it shall be ordered to make corrections, given a warning and imposed a fine of not less than 500,000 yuan but not more than 5 million yuan; Give a warning to the directly responsible person in charge and other directly responsible personnel, and impose a fine of not less than 200,000 yuan but not more than 2 million yuan. If the controlling shareholder or actual controller of the issuer organizes or instigates the above-mentioned illegal acts, or conceals relevant matters, resulting in the above-mentioned situation, a fine of not less than 500,000 yuan but not more than 5 million yuan shall be imposed; The directly responsible person in charge and other directly responsible personnel shall be fined from 200,000 yuan to 2 million yuan.
If the report submitted by the information disclosure obligor or the information disclosed contains false records, misleading statements or major omissions, it shall be ordered to make corrections, given a warning and imposed a fine of not less than one million yuan but not more than ten million yuan; Give a warning to the directly responsible person in charge and other directly responsible personnel, and impose a fine of not less than 500,000 yuan but not more than 5 million yuan. If the controlling shareholder or actual controller of the issuer organizes or instigates the above-mentioned illegal acts, or conceals relevant matters, resulting in the above-mentioned situation, a fine of more than1000000 yuan and less than1000000 yuan shall be imposed; The directly responsible person in charge and other directly responsible personnel shall be fined from 500,000 yuan to 5 million yuan.