First, the disclosure of regular reports means that the company's development situation is open in stages, which is not only what listed companies on the science and technology innovation board should do, but also what every listed company should do. Generally speaking, there are three kinds of periodic reports, namely, annual report, semi-annual report and quarterly report. The disclosure time of these three reports is different, but they are all closely related to the fiscal year of that year.
If a listed company on the science and technology innovation board encounters any unexpected situation and cannot disclose its periodic report on time, it should make a special announcement to tell investors why the company can't disclose it on time, what are the good solutions to the problem, and how long it will take to solve the unexpected situation in general. Of course, if this happens, investors need to keep an eye on it and don't miss any key information.
Second, disclose the progress in stages. Generally speaking, no matter which project a listed company carries out, it needs to release reports to investors and the public regularly according to the principle of importance to explain the situation. As mentioned above, listed companies can issue problem announcements, so in this case, in order to protect investors' right to know, it is necessary to disclose the situation in stages.
For example, a listed company on the Science and Technology Innovation Board has launched a new project with uncertain future, which is both an opportunity and a risk for the company and investors. Then, in order to prevent the adverse impact of large risk fluctuations on investors, the company must report the progress of the project regularly and in stages, including the degree of risks related to the project. If investors feel that the risk of the project is too high, they can directly withdraw from the investment to avoid their own big losses.