What is information disclosure?

Legal analysis: information disclosure refers to the behavior of the relevant parties in the securities market to publicly disclose securities-related information to investors and the public in a certain way in a series of processes such as securities issuance, listing and trading according to laws and regulations, management rules of securities authorities and relevant regulations of self-regulatory institutions such as securities trading places. The contents of information disclosure include: initial information disclosure (such as prospectus, bond prospectus, etc.). ), listing announcements, periodic reports and interim reports on major issues.

Legal basis: Article 193 of the Securities Law of People's Republic of China (PRC). Issuers, listed companies or other information disclosure obligors who fail to disclose information in accordance with regulations, or disclose information with false records, misleading statements or major omissions, shall be ordered to make corrections, given a warning, and be fined between 300,000 yuan and 600,000 yuan. Give a warning to the directly responsible person in charge and other directly responsible personnel, and impose a fine of more than 30,000 yuan and less than 300,000 yuan.

Issuers, listed companies or other information disclosure obligors fail to submit relevant reports in accordance with the regulations, or the reports submitted contain false records, misleading statements or major omissions, and shall be ordered to make corrections, given a warning, and imposed with a fine ranging from 300,000 yuan to 600,000 yuan. Give a warning to the directly responsible person in charge and other directly responsible personnel, and impose a fine of more than 30,000 yuan and less than 300,000 yuan.

If the controlling shareholder or actual controller of an issuer, a listed company or other information disclosure obligor instigates the illegal acts mentioned in the preceding two paragraphs, he shall be punished in accordance with the provisions of the preceding two paragraphs.