What are the main reasons for the compliance of information disclosure and external reporting procedures?

Whether the information disclosure and external reporting procedures are compliant mainly depends on whether the information disclosure of listed companies is timely, accurate, complete and compliant. Information disclosure mainly refers to the public company's public disclosure of the company and its related information to investors and the public in the form of prospectus, listing announcement, periodic report and interim report. Abiding by external procedures mainly refers to all kinds of regulatory agencies and relevant departments to fulfill their obligations of system approval, filing and information disclosure, and actively participate in the legislative demonstration work of regulatory agencies. The latter includes the former. Whether the information disclosure of listed companies is timely, accurate, complete and compliant is the main criterion for evaluating whether the securities market is standardized and healthy.