22 A-share companies were investigated and supervised intensively. What signal does it send?

　　People's Daily Online reporter Wang Zhen

　　In November, the number of related parties of A-share listed companies being investigated increased.

　　According to data from Oriental Wealth Choice, from November 1st to November 30th, 22 A-share listed companies received notices of filing cases from the China Securities Regulatory Commission, and the number hit a new high this year.

The reporter combed and found that many listed companies and their controllers and executives have become the object of investigation, and information disclosure violations have become the "hardest hit area" of supervision.

　　Among the 22 A-share listed companies that were put on file, 15 listed companies were suspected of violating information and disclosure regulations, 2 listed companies were suspected of short-term trading, 2 listed companies were suspected of insider trading, and 1 listed company was suspected of manipulating the securities market.

In addition, there were 3 listed companies that failed to fulfill the obligations of tender offer and other matters (investigated for the same controlling shareholder).

　　What signals have been released by intensive regulatory actions?

According to Cheng Fengchao, member of the Academic Advisory Committee of the China Association of Listed Companies and chairman of the Zhongguancun Guorui Financial and Industrial Development Research Association, "The Securities Law stipulates that the State Council's securities regulatory agency implements centralized and unified supervision and management of the national securities market in accordance with the law. The basic work objectives are all It is to maintain the fairness, openness, impartiality and effectiveness of the capital market, safeguard the legitimate rights and interests of investors and promote the healthy development of the capital market. The Securities Law has a special chapter on information disclosure, which shows the importance it attaches to strengthening information disclosure and cracking down on illegal disclosure , which is to protect the interests of investors and maintain the basic duties of an open, fair and orderly capital market.”

　　Judging from official statements, in recent years, the China Securities Regulatory Commission has continued to tighten supervision on information disclosure, insider trading, and financial fraud of listed companies.

The "Three-Year Action Plan for Improving the Quality of Listed Companies (2022-2025)" recently issued by the China Securities Regulatory Commission also once again clarified its strict attitude towards illegal acts of listed companies.

　　On November 21 this year, Yi Huiman, chairman of the China Securities Regulatory Commission, stated at the 2022 Financial Street Forum Annual Meeting that in terms of improving the quality of listed companies, the China Securities Regulatory Commission will strengthen information disclosure and corporate governance supervision of listed companies. "There has been a marked increase in public company awareness.

　　Why has information disclosure violation become a "hardest hit area"?

According to data from November, listed companies have been investigated, and nearly 70% of them are suspected of information disclosure violations.

Cheng Fengchao believes that there are two reasons for this: on the one hand, it is a conceptual problem, “Some listed companies have not fully and correctly realized that the company has already realized the transformation from a private company to a public company at the beginning of listing, and is no longer an individual or part of the company. People's 'private property'”; on the other hand, the intermediary agencies serving as listing counselors did not do their due diligence enough, and did not carefully analyze the advantages and disadvantages of listing for the company and their responsibilities.

　　"In short, the greatest significance and impact of supervision is to build public confidence in the capital market!" Cheng Fengchao said that continuous strengthening of supervision and protection of public interests are of great significance to improving the quality of listed companies and promoting the healthy development of the securities market.

The focus of the next step of supervision is to first be objective and fair, and maintain the stability and continuity of policies; second, to increase the intensity of publicity and implementation of the policies that have been issued, so that the majority of listed companies can learn to master and improve their performance; The supervision and inspection of intermediary agencies will make them return to their positions and fulfill their duties, and effectively play the role of a moat.