Xingmin steel rim: "Edge" information misleading investors

Opinion Everbright Securities Oolong refers to wave, the recent xingmin rims Information Disclosure Oolong refers to surging. September 17 Night, Xingmin Steel rim issued a notice, said September 16 and Trans Texs TIRE,LLC signed the "procurement contract", the total contract amount of 5,160,792,000 U.S. dollars (equivalent to about 3.1734 million yuan). The announcement data is clearly wrong. September 18 Xingmin Steel rims to trading prices, but opened 1 minutes immediately after the rallying stop plate, in 2 minutes less than the time, has sold more than 100 million yuan. Until about 10:50, the Shenzhen Stock Emergency Bulletin, said xingmin steel rims Bulletin errors, stocks temporary suspension.　　Xingmin Steel rim in the midday rest when issued a correction notice, said due to staff negligence, the original notice in a number of contracts in the amount of data error, the contract amount should be 516,100 U.S. dollars, and the contract of the buyer's company name also appeared wrong. There is a point of view, Xingmin steel Ring Bulletin suspected of intentional error to match the main shipments. This is because, this bulletin appears many mistakes, the total amount of the contract error is only, other things such as "2,580,396,000 U.S. dollars as a contract deposit, pay the remaining 50% of the payment of 2,580,396,000 U.S. dollars" and other places, there are errors, the key 4 data three errors.　　Such information disclosure, it is not intentional to explain. In fact, the small contract of Xingmin rim is not worth disclosing, and the disclosure of xingmin rims is too "active". According to the administrative measures on information disclosure of listed companies, the situation of issuing interim announcements by listed companies is mainly caused by the occurrence of significant events which may have a greater impact on the trading prices of listed companies ' securities and their derivatives, including "the company enters into an important contract". A mere more than 3 million yuan contract is difficult to have a significant impact on the operation of listed companies.　　Although the exchange also encourages listed companies to carry out voluntary disclosure, but the details of what information is disclosed, it will become information rubbish, xingmin steel ring voluntarily disclosed this notice if there is no mistake, there are many errors plus active disclosure, which is doubtful. In this case, the market subject may be suspected of false statements.　　The false statement mainly includes "the false record, misleading statements, major omissions" and other three types, Xingmin steel ring disclosed in renminbi-denominated contract amount is correct, but in dollar-denominated contract amount error, half-truths, such a borderline behavior or should be attributed to misleading statements, the regulatory authorities need to be responsible for the corresponding punishment. More importantly, through this case, it is not difficult to see that the voluntary disclosure of listed companies also need to standardize. SSE to some listed companies to implement a through-train system of information disclosure, the core content is listed companies will be disclosed by the Exchange technology platform directly submitted to the designated disclosure media, the exchange for hindsight. In other words, the information disclosure of listed companies more and more autonomy, its authenticity mainly by the enterprises themselves to bear. In this way, some listed companies may through voluntary disclosure, and use through-train system to control the authenticity of information contentLAX characteristics, to carry out information fraud.　　Therefore, the voluntary disclosure rules of listed companies should be promulgated as soon as possible, and the corresponding normative measures should be put forward while encouraging voluntary information disclosure, so as to avoid listed companies ' random Disclosure of "edge" information misleading investors. -Xun Jinchu (financial commentator) (original title: Xingmin rim: "voluntary" Oolong?) )