How to characterize the information disseminated in these emerging social media

Abstract: In the past two years, many of the major shareholders of listed companies, the relevant traders in micro-blog, micro-letter to talk about stocks, unintentional disclosure of information, and some even questioned by investors caused the stock price fluctuations. What is the nature of the information disseminated in these emerging social media?

In the past two years, many of the major shareholders of listed companies, the relevant traders in micro-blog, micro-letter to talk about "stocks", unintentional disclosure of information, and some even questioned by investors caused the stock price fluctuations. What is the nature of the information disseminated in these emerging social media? Yesterday, the CSRC said for the first time that any insider should not disclose or disclose the information before it is disclosed in accordance with the law. The stock Exchange will check whether it is suspected of insider trading or manipulating the market if the social media releases and disseminates the non-public information of the listed company and causes the stock price to fluctuate abnormally.

A spokesman for the Securities and Futures Commission said that social media, such as micro-blogging and micro-credit, have become an important way to disseminate information about listed companies because of its fast, wide-ranging and influential characteristics. Social media play a positive role, but also associated with the release of listed companies do not disclose information, spread rumors and other irregularities.

"Social media to release the relevant information of listed companies should comply with the provisions of securities laws and regulations." According to the introduction, China's "securities law", "listed companies information disclosure management measures" on social media information dissemination behavior mainly involves three prohibited provisions: first, the information disclosure of the obligation of the company's website and other media to publish information time, not prior to the designated media, Not be able to press release or answer the reporter question and so on any form substitution should perform the report, the announcement duty; second, before the insider information is disclosed according to law, any insider shall not disclose or disclose the information; third, the dissemination of information on the securities market by various media must be truthful, objective and misleading. No institution or individual may provide or disseminate information about listed companies that are false or misleading investors.

On the basis of the above regulations, the SFC made clear yesterday that the SFC and the stock Exchange would monitor the publication of social media information in accordance with the law. When the social media releases and disseminates the non-public information of the listed company and causes the stock price to fluctuate abnormally, the stock Exchange will check whether it is suspected of insider trading or manipulating the market according to law, and whether there is a cross market arbitrage through margin trading, stock index futures trading, etc.

"Any institution or individual using social media to implement insider trading, market manipulation, securities fraud and other illegal acts, the CSRC will be punished according to law." The SFC also warned that listed companies should actively respond to the development of social media, improve internal management mechanisms and accountability mechanisms, strengthen the company's Web site, the official micro-blog, as well as the company's supervisors and other internal personnel certification microblogging or other social media management, from the source to reduce the occurrence of violations.

The listed company director of the High insider information, should be in fact name Micro Bo and related changes, and so on, timely record to the company. The CSRC also requires that for social media information outside the listed companies, the management foothold of listed companies lies in the timely discovery and rapid clarification. When social media information causes the company's stock price to be different, the company must first check the company and the controlling shareholder, the actual controller, whether it should disclose the undisclosed information and fulfill the Information disclosure obligation, "if necessary, apply for suspension and clarify the question quickly".