Huang Guangyu Event: Call of information disclosure – Huang Guangyu, Gome – HC network appliance industry-hc360
From November 23
Huang Guangyu
Rumors began to spread so far been arrested, the incident remains a mystery, the relevant listed company announcement did not elaborate on the reasons for suspension; November 27 and 28, the public security organs and the SFC are given the authority to respond to the yellow case, but the disclosure of content is too simple .
Legal experts pointed out that Huang Guangyu event highlights three aspects of information currently open enough to make investors get a real investment information, to protect the interests of investors, depends on the public timely information disclosure system.
From the perspective of the public security organs, in substance though not expressly provided our legal duty or obligation case organs to keep the citizens of the information placed on file, but "Criminal Procedure" provides that the public need to know such things, handling bodies has the responsibility to at least answer the following four questions: whether the person was taken to the criminal enforcement measures? Was taken criminal coercive measures? What is the alleged offense? And when the measures were taken? In the present case, since the case involved Huang Guangyu A shares and H shares the interest of many investors, authorities also have responsibility for handling the public and media inquiries to public.
From the regulatory level, this year on May 1, in order to meet the market participants and citizens, other agencies of information on the universality of regulatory requirements, the Commission has the "Securities and Futures Regulatory Information Disclosure Regulations" provides Commission take the initiative to open the scope of regulatory information, including the violation of the law's market exclusion and administrative punishment decisions. However, while public areas have been identified, when open, the channels through public and other specific details of this approach it actually did not elaborate. Even as Huang Guangyu event has entered the judicial process can not be disclosed if the secret investigation, the Commission should take the initiative in a timely manner to the public announcement of this progression of events, so that investors can understand the relevant information. A few days to avoid the long period of time, from the lack of official information and rumors flying situation.
From the listed company level, this incident also exposed the main body as the information disclosure of listed companies disclosure loopholes in the letter. 24, listed in Hong Kong
GOME Electrical Appliances
Of a notice said "this has been able to determine the accuracy of the information contained in newspaper reports, are now necessary to verify the reports said that inquiries, if further alleged that the exact message the report will make an announcement." After
States United States
Appliance is not issuing a new notice. The Zhongguancun suspension for up to one week notice is just a "media company for the actual controller of the relevant information." Apparently, this did not elaborate explanation does not make investors satisfied.
Legal experts point out that Gome Huang Guangyu not timely publication of information to shareholders in connection constitute fraud. Under the "Code of Criminal Procedure," provides, in addition to itinerant criminal suspects do not explain the real name cause temporarily unable to contact their family members or co-co two special cases of crime, the suspects were detained soon after the case-handling authority shall within 24 hours notification to their families or within the units. Obviously, Gome Huang Guangyu by the public security department or family confirmation. Although Huang Guangyu case sensitive, of the reason may not have appropriate qualitative statement released, but the whereabouts of Huang Guangyu, Gome is obviously up to three days aphasia obvious lack of information disclosure.
Accordance with international practice, listed companies must be ready to inform the public that may affect their stock prices any information. In China, the "Securities Law" and the Commission issued a series of administrative regulations also clearly stipulates that listed companies must promptly fully and accurately change the public shareholders, operating conditions and other important information, if not promptly informed of listed companies even deliberately hide such significant information, may constitute fraud on the shareholders. The damage caused to the investors, listed companies must bear civil liability.
Already started the investigation for Huang Guangyu, the capital market, information disclosure process of building in progress. Only the information the more open, market capacity and affordability will own the higher, the market will be more stable. The public is fair and equitable basis.
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