时报观察 | 宣传与信披边界不清？上市公司公众号“放风”当休矣

Group 1 - The core viewpoint of the articles highlights the growing concern over the compliance of information disclosure by listed companies, particularly regarding the use of official WeChat accounts to announce new products and business developments, which often leads to stock price fluctuations [1][2] - Information disclosure is deemed the "lifeline" of the capital market, with compliance channels being the primary prerequisite for proper disclosure. The regulations stipulate that legally required information must be published on the stock exchange's website and in media that meet the criteria set by the China Securities Regulatory Commission [1] - The use of WeChat accounts for early announcements of significant information is seen as a disruption to the order of information disclosure, potentially leading to asymmetric information that disadvantages small investors [1] Group 2 - Companies are increasingly using WeChat to leverage new media advantages to guide market expectations, but this practice can mislead investors and create opportunities for insider trading, ultimately undermining market trust [2] - To maintain a fair capital market, companies are encouraged to strengthen internal control mechanisms, clarify disclosure processes and responsibilities, and integrate compliance concepts throughout the information release process [2]