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Recently, a number of LED listed companies have been exposed to information disclosure inaccurate. Foshan Lighting (000541.SZ), Sanan Optoelectronics (600703.SH), Qinshang Optoelectronics (002638.SZ) and other companies have been recruited.
On March 7, 2013, Foshan Lighting announced that it had received an administrative penalty decision issued by the Guangdong Regulatory Bureau of the China Securities Regulatory Commission on March 6. The parties involved in the company’s violation of laws and regulations, including the company’s own chairman, Zhong Xincai The six executives within the company made administrative penalties. Violations of laws and regulations include many matters that Foshan Lighting did not disclose according to law or truthfully and in a timely manner during the two years from 2010 to 2011.
A few days ago, a number of rights defenders have submitted litigation materials to the Guangzhou Intermediate People's Court. The court has confirmed the acceptance, which means that the investor's collective complaint against Foshan Lighting has officially opened.
Sanan has also been exposed that not only half of the profits come from government subsidies, but also the three main business problems of LED street lights, LED chips, and gold scrap recycling. The related major customers are treated as non-related, and the Tianjin and Wuhu projects are also suspected. Inflated investment.
Qinshang said that he did not disclose in the prospectus that the products of Shangshang Optoelectronics, Barton Lighting, Huang Canguang and Jia Guangping, have invested in the company and their relationship with the company, mainly because of the negligence of the company and related personnel. The provisions of related party transactions are insufficiently understood, the awareness of information disclosure is not strong, and the reasons for employees' external investment and part-time management are not in place.
It is understood that since December last year, the Shenzhen Stock Exchange has once again initiated the revision of the information disclosure assessment method, which mainly includes the following five aspects: First, strengthen the assessment of the quality of direct disclosure work of listed companies. The second is to strengthen the assessment of the performance of fair information disclosure obligations of listed companies. The third is to strengthen the assessment of the listed company's commitment to fulfill cash dividends. The fourth is to clarify the content of self-evaluation of information disclosure by listed companies. Fifth, some assessment indicators have been added according to regulatory practices.
Some brokerage researchers said that there have been many reasons for the information disclosure problems of LED listed companies recently. Some of them are because they do not know enough about the rules of information disclosure. They don’t understand what must be disclosed, and related transactions. I don’t know clearly; some belong to the original intention to pursue listing.
“The company’s previous approval was indeed not in place. It was not known that the transaction would involve related party transactions, and the understanding of related party transactions was insufficient. However, there was no need and no motivation for us to whitewash the performance and fraudulent listing.†Li Xuliang said in an interview with Gao Gong LED reporter.
The relevant person in charge of the Shenzhen Stock Exchange said that the Shenzhen Stock Exchange also used the information disclosure assessment results as an important basis when issuing continuous regulatory opinions on listed companies' refinancing, equity incentives, mergers and acquisitions and other matters. It can be foreseen that the results of the integrity records and information disclosure of listed companies will be better or worse, and the future will have a closer relationship with the development of the company in the capital market.
"From the perspective of listing, the Shenzhen Stock Exchange's revised Measures for the Evaluation of Information Disclosure of Listed Companies has further deepened the three public principles of information disclosure. The highlights are as follows: First, fully protect the right of small and medium-sized investors to obtain information fairly, requesting requirements The listed company will receive institutional investor research, media interviews, road show activities and other activities, and will be disclosed to the market in time through the “Interactive Easy†website, in order to promote the listed company to establish a positive return to investors, and at the same time increase information disclosure with the CSRC. The reform direction of reducing profitability judgment is the same. Second, it has enhanced the assessment of the cash dividend commitment of listed companies.†Tian Chongliang, director of the IPO business unit of the High Industrial Research Institute, believes that the market-oriented operation mechanism of reward and punishment is really established. It is necessary to establish a severe punishment mechanism for non-standard companies, reduce the cost of stockholders' litigation, and introduce a low-cost short-selling mechanism. All opinions and feedbacks from the exchanges should be disclosed on the Internet in a timely manner. 
[High-tech LED reporter Zhao Hui] On April 9, the Shenzhen Stock Exchange released a message saying that in order to improve the quality of information disclosure of listed companies, promote the standardized operation of listed companies, strengthen the daily supervision of listed companies, and promote the establishment of market-oriented incentives and penalties. The operating mechanism, the Shenzhen Stock Exchange recently revised the "Measures for the Assessment of Information Disclosure of Listed Companies".