Unprofessional listing reports frequently appear, who hurts?

Original: Xiao Song

In the field of finance, before the company was listed or published on the annual report and quarterly report, there must be a large number of media and financial self -media reports. In this type of report, there are manuscripts that have supervised and reviewed the development of enterprises and industries. Unprofessional manuscripts emerge.

The number of losses in the listing prospectus exaggerate the number of losses into "huge losses". Only with financial report data, it claims that "there is not much time to leave the ×× enterprise" ... Why are listed companies frequently tired of unprofessional reports at the important stage? Who hurts such reports?

In important stages of listing, unprofessional reports appear frequently

Recently, the audio platform that has attracted much attention has appeared rumors of listing related markets. However, the official website of the Hong Kong Stock Exchange shows that the listing process of the Himalayan is "processed", but some financial and economic self -media have "failed listing". These ignore the facts The title thriller articles have confused many netizens.

Himalayan, which is troubled by false information, is not alone. It is fast -handed and Pinduoduo. Then Meituan, Xiaomi, Tencent, and JD, which are forward, have been affected by similar unprofessional reports before and after listing.

"Listing reports have always been one of the most sensitive and cautious parts in financial reports because of the development of corporate development and fluctuations in stock prices. Key business data, capital operation, future development planning, etc., unprofessional and unscrupulous reports often cause public opinion and cause market turmoil. "Wen Yuanzhu, deputy dean and professor of the School of Network News and Communication of Guangdong University of Finance and Economics, analyzed listed companies The reason for attention.

In fact, due to the relevant requirements of the CSRC, enterprises can only be silent during the silence period of listing. During this period, the media's attention and supervision of the enterprise had both the media, but it also became a breeding bed for unprofessional reports and false reports.

In March 2017, before the listing of Meituan, the media "Internet Analyst Yu Bin" published an article on multiple platforms. The article stated that "Meituan suspected internal" and "investors call the listing plan to postpone it again." Due to the people's sensational and out of place, Meituan commented on a lawsuit with the People's Court of Haidian District, Beijing, and claimed 10 million yuan to the self -media.

"The information and events of listed companies cannot be reported. To be reported, one must be true and accurate." Wen Yuanzhu emphasized: "But unprofessional and even false news often causes the interests of listed companies and ordinary shareholders to the interests of ordinary shareholders Big damage. In this case, the media or financial and economic self -media must bear relevant legal responsibilities. "

What are the types of unprofessional listing reports?

What are the main performances of some financial and unprofessional and rigorous reports from the media? Why do such reports often appear?

"Mainly an objective interview with the article is not solid, such as confusion of concepts, incorrect data interpretations, rumors of trust, and hearing." Wen Yuanzhu analyzed the main problems of listed companies.

In the report of listed companies, the conceptual confusion and error of data interpretation are the most common chaos.

For example, when Himalayan updated the prospectus at the end of March this year, some financial and economic self -media rendered its "listing failure" only by the prospectus. , Not the negative opinion of the exchanges on the qualifications of the enterprise. As long as you update the prospectus, you can continue to promote the listing procedures and wait for the appropriate market window to impact listing.

Enterprises such as Huitongda (9878.HK), Ryl Group (6639.HK), Lepu Bio (2157.HK), and Budweiser Asia Pacific (1876.HK) have all submitted the activation and successfully listed after the prospectus failed after the invalidity of the prospectus. Essence

At present, the official website of the Stock Exchange shows that Himalayan is still in "processing", which refers to an effective listing or recognition application, indicating that the listing process is in progress.

In addition, the prospectus shows that the net profit of Himalayan in 2021 was -5.11 billion yuan. As a result, some finances used the title of "Himalayan to lose 5.1 billion in 2021" and other words, which attracted attention, and used numbers to make articles.

In fact, the number of losses is not a real business performance. In the international financial accounting standards, preferred shares will be included in liabilities, and the fair value changes generated will be recorded as losses. Under the measurement of non -international financial report standards, in 2021, the net loss after the adjustment of Himalayan was 759 million yuan.

Wen Yuanzhu also analyzed another major type of financial and economic unprofessional reports of financial and economic self -media. "There are also subjective aspects of intentional fraud, which may involve operating interests."

From the perspective of Sun Zhifeng, partner of Beijing Zhuowei Law Firm, there are several common issues in such articles:

The first is fictional facts, that is, fabrication, fictional or certain facts, or spreading fictional facts for a certain subject, resulting in a reduction in social evaluation of the subject, damage to goodwill or reputation;

Second, subjective speculation instead of objective facts, that is, the so -called facts that will be judged or speculated by the fabrication or dissemination, and the situation that is seriously inconsistent with the real facts that it is serious or lacks direct evidence to prove that the speculation is the facts;

The third is to disconnect or deliberately misleading, that is, without fully understanding the facts, the context or one -sided description or dissemination will cause readers to misunderstand or misunderstand, resulting in damage to the reputation or goodwill of the subject;

Fourth, Zhang Guan Li Dai, that is, the facts that happened on A, were listed as B during the transmission process, causing B's social evaluation to reduce or personality degradation;

Fifth, derogation and insults, that is, negative evaluations such as degradation of personality or even insults, abuse, and other methods, causing the subject's social evaluation to reduce or degrade. Why do some financial self -media report unprofessional reports?

"The reason behind it is very complicated, maybe it attracts attention and increases traffic; or has economic benefits, for its own self -interest; it also involves not strict control of the content." Wen Yuanzhu said.

In Sun Zhifeng's view, on the one hand, the network economy is essentially an eye economy, which is a significant feature of the current spread of the network. In this case, in order to chase more attention, some media and financial self -media may relax themselves. Relax the review of facts, even if fictional facts or without verification, or directly adopt the information of the hearing theory to speculate, evaluate and spread.

On the other hand, the composition and dissemination of infringement articles is relatively simple, the cost of illegal illegal is relatively low, the cost of rights protection is extremely high, and the huge differences generate make many illegal acts unable to be held accountable. expand.

Who do you hurt unprofessional reports?

We know that improving public opinion's ability to supervise the market, which is conducive to creating a good investment and financing environment in society. In fact, in the report of listed companies, not only the media, as the extensive information dissemination of the audience, also provided reports in a timely and accurate manner. Financial self -media also published industry comments, or it will affect ordinary consumers' judgments.

If the financial and economic releases are unprofessional and unprofessional reports, they will delete manuscripts and apologies. If they seriously cause great damage to the interests of listed companies and ordinary shareholders, they must bear the relevant legal responsibilities. A fine of hundreds of thousands or millions of yuan.

A few years ago, Xiaomi sued cases such as "Jianhua WEI Industry", Renren Cycling sued "Science and Technology Talk", Baidu sued the "Financial Street Gossip Girl" and other cases have attracted widespread attention. fine.

It is true that the media and some finances have supervised the enterprise in the form of publishing articles and comments, and the industries are understandable. For enterprises, they do not accept "friends", but they cannot accept unprofessional and rigorous reports, or even distort the facts of the facts Report.

Furthermore, in recent years, my country is now in an important stage of "stable economy". Some financial and economic reports have not only disrupted the normal operation of listed companies from unprofessional and false reports, but also have a adverse effect on the development of the market business environment. As the most dynamic force in the Chinese economy, unprofessional and false articles are flooded with the Internet, which may also affect the order of economic development in a certain industry or field. This is also a harm to the Chinese economy.

Part of the picture in this article comes from the petal Meisu

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