Recently, the well-known law firm Beijing Zhonglun and the listed company Shenzhen H&T Intelligent Control Co.Ltd(002402) joined hands to offer a black “humor” play to the weak market. On May 16, Shenzhen H&T Intelligent Control Co.Ltd(002402) issued the announcement of the resolution of the first extraordinary general meeting of shareholders in 2022, and its hired Beijing Zhonglun law firm issued the corresponding legal opinion. In the title of the front page of the legal opinion, the “extraordinary general meeting of shareholders” is prominently written as “dying general meeting of shareholders”. This is obviously a disaster caused by a certain Pinyin input method, but the pot still needs to be carried by people, and it may also be carried by a group of people.
After all, the announcement can pass all the way and startle the information disclosure of listed companies. Whether it is the law firm issuing the legal opinion or the listed company itself, at least several people need to review and sign. Really no one can see the problem from top to bottom? Or didn’t you even look? If the problem appears on a page of the text, it can be understood as a work mistake, but it appears in the bold title of the home page, which can not be explained in any case. Give investors a big question mark: if the public announcement is so careless, what is the attitude of listed companies towards their work?
You should know that Shenzhen H&T Intelligent Control Co.Ltd(002402) is a leading enterprise of China’s high-end intelligent controller established with the background of two famous universities: Tsinghua University and Harbin University of technology. And this year, Shenzhen H&T Intelligent Control Co.Ltd(002402) share price has dropped 48.1% as of the closing of the announcement day. For investors of Shenzhen H&T Intelligent Control Co.Ltd(002402) , they can only cry and laugh when facing the company’s letter phi of this quality.
The announcement of the third board of directors (shareholders’ meeting, board of directors and board of supervisors) is the most important letter Phi announcement of listed companies, just like the quarterly report and annual report. Information disclosure should be based on the principles of truthfulness, accuracy, completeness, timeliness, fairness, easy to understand, conciseness and clarity. For the time being, it is shocking to see such low-level errors as typos in the title of the home page. The law firm that made the mistake is a famous large law firm in the industry. It should not make such a low-level mistake. According to media search, “Zhang Wei, male, born in 1976” appeared in the prospectus of ultra short-term financing bonds previously released by Gree Electric Appliances Inc.Of Zhuhai(000651) and Hubei Feilihua Quartz Glass Co.Ltd(300395) mistakenly wrote the annual salary unit of members of the board of directors and supervisors as “100 million yuan” in the annual report released in March 2018, which has not been corrected for nearly four years. All this makes it difficult for investors and the market not to doubt the quality of the company’s information disclosure, and put a question mark on the professional quality, sense of responsibility and work quality of relevant personnel of listed companies and intermediaries?
I still remember that two years ago, Lynch, the chairman of Yoozoo Interactive Co.Ltd(002174) company, died of poisoning and rescue. The wording and logic in several letter Phi announcements for public investors disclosed by the company successively also surprised the outside world. From “intimidating” rumor refutation to “chicken soup style” preaching, it is unreliable to say small, and even illegal to say large. Because the information disclosure of listed companies is not fancy news. It is too oily or inexplicable, which will add interference to the timely handling of investors. This quality of information disclosure is believed to be a kind of interference to the information environment of the whole capital market. Although most of the errors in the information disclosure of some listed companies belong to the Oolong with a lack of sense of responsibility, which is essentially different from the fraud of xinphi, as a listed company, if the investors have caused real gold and silver losses due to xinphi’s mistakes and violations, the investors have every reason to claim for compensation. There are also some listed companies that are ambiguous in the letter phi. They cater to “self hype” vaguely for favorable rumors to the outside world, and strongly deny unfavorable rumors regardless of the facts, which is also a hindrance to the healthy development of the whole A-share market.
After all, the core of a mature capital market structure is true, accurate and complete information disclosure. The announcement of listed companies is also an important source of information for the outside world, especially small and medium-sized investors to understand the market. If investors misread the company’s production and operation related information due to the error of information disclosure of listed companies, so as to make wrong investment decisions and bring losses to investors, investors will naturally vote with their feet and stay away from such unreliable companies. In addition to the spirit of “fairness and carelessness” in the review of listed companies, we should be more careful to avoid the “temporary and uncertain” spirit of information disclosure. Otherwise, if investors open such announcements, they will only lose their trust in the company.
