Listed companies refused to investigate how many "big retail investors" fund managers had.

"This is not convenient to disclose", which is a problem that some brokers and fund company researchers will inevitably encounter during their research. Because the disclosure of the interim report is in a sensitive period, and the warning of the previous regulatory authorities to the investigation of institutional investors of listed companies, these researchers generally find that the current investigation is suddenly more difficult. A researcher of a fund company said that although the attitude of listed companies in the face of research will be different, the obvious feeling is that enterprises are cautious about research as the interim report approaches. The secretary-general of a listed company in Zhejiang said that this situation is really helpless now. In the face of various queries from fund and brokerage researchers during the investigation, it is not convenient for the company to disclose too much information about its operation. A fund manager in Shanghai believes that he is extremely depressed by the current attitude of enterprises to research: "It is necessary to know some normal production and operation of a company. Now listed companies are silent to everyone when the interim report is about to come out, which makes it more difficult for us to make a buying choice. " After a recent investigation in a Zhejiang enterprise, several researchers complained: "Here we are, we don't even know the annual production capacity of this enterprise. I want to know what is the significance of such an investigation? " It is understood that due to the increasing supervision of information disclosure, all questions about the company's production situation of listed companies are handed over to "waiting for the data of the interim report" to answer. For the researchers who come to investigate, they can only look at the general situation of the factory building and the start-up situation, and the door to further understanding has been closed. As early as April this year, in the face of institutional research activities during the disclosure of annual reports, the Shanghai Stock Exchange has issued and implemented the Notice on Further Improving Fair Information Disclosure of Listed Companies, which clearly stipulates that listed companies and related information disclosure obligors shall not disclose or disclose important information to individuals or some investors, but shall disclose it to all investors at the same time to ensure that all investors have equal access to the same information. Since the publication of the Notice, listed companies have turned around in the face of institutional research activities, and "sensitivity" is not just an attitude that appeared before the interim report. Listed companies simply say "no" to the visit of institutions in order to save all kinds of problems reported after investigation. "This at least shows that this notice of the Shanghai Stock Exchange has played a certain role. From the way of obtaining information, it ensures the equality of individual investors and institutions and prevents the asymmetry of information disclosure of listed companies, which is the progress of the market. " An industry insider analyzed this. However, it is understood that although the SSE's move is aimed at all institutional investors, Public Offering of Fund is obviously subject to more constraints. "For listed companies, it is more cautious to collect public funds. After all, the fund is currently the most regulated institution. " A fund manager revealed. At the same time, due to the difficulty of current research, "mutual inquiry has become a common practice for fund managers to get together, and sometimes they feel like a big retail investor." The fund manager looked helpless.