南开大学金融发展研究院院长田利辉：同花顺“朝令夕改”的行为严重损害了信披严肃性

Core Viewpoint - The controversy surrounding Tonghuashun's share reduction plan has raised significant concerns about the seriousness of information disclosure in the market, leading to investor skepticism and a decline in stock price [3][4][6]. Group 1: Share Reduction Controversy - On September 5, Tonghuashun's actual controller and chairman, Yi Zheng, announced a plan to reduce holdings by up to 1.3831 million shares, accounting for 0.26% of the total share capital, aiming to raise approximately 500 million yuan [3][4][5]. - The phrase "aiming to let market participants have opportunities" in the announcement was mocked by investors as a "high-level invitation to buy" [6]. - Following the announcement, Tonghuashun's stock price fell nearly 5% on the first trading day, but the reduction plan was abruptly terminated the next day due to various factors [6][7]. Group 2: Impact on Information Disclosure - The rapid change in the reduction plan has been criticized for undermining the seriousness of information disclosure, which is essential for maintaining investor trust [4][7]. - Experts emphasize that companies should adhere to their disclosed plans and not adjust them based on market sentiment, as this can lead to confusion among investors and weaken the foundation of market trust [7]. Group 3: Company Performance and Market Position - Despite the recent controversy, Tonghuashun's stock has shown remarkable performance, reaching a peak of 426.88 yuan in mid-August, with a significant increase since September 24 of the previous year [8][9]. - In the first half of the year, Tonghuashun reported revenue of 1.779 billion yuan, a year-on-year increase of 28.07%, and a net profit of 577 million yuan, up 46.1% [9]. - The company has faced a decline in net profit in 2022 and 2023, attributed to increased R&D and sales expenses, with a notable drop of 17.07% in 2023 [9][10]. Group 4: Speculation on Broker License - There has been ongoing speculation regarding Tonghuashun's potential pursuit of a broker license, especially as competitors like Dongfang Caifu and Zhinan have sought such licenses [10]. - However, on September 9, Tonghuashun clarified that there are no current plans to pursue a broker license [10].