时报观察丨宣传与信披边界不清？上市公司公众号“放风”当休矣

Core Viewpoint - Information disclosure is the "lifeline" of the capital market, and compliance in channels is the primary prerequisite for information disclosure compliance [1] Group 1: Information Disclosure Compliance - Many listed companies have been using official WeChat accounts to announce new products and businesses, which often leads to stock price fluctuations, raising concerns about the compliance of information disclosure [1] - The "Management Measures for Information Disclosure of Listed Companies" clearly states that legally required information must be published on the stock exchange's website and in media that meet the China Securities Regulatory Commission's criteria, and cannot be replaced by press releases or Q&A sessions [1] - Using WeChat accounts as a self-operated platform for early announcements of significant information can disrupt the order of information disclosure and harm the equal right to information for small investors [1] Group 2: Regulatory Environment - The regulatory authorities have consistently cracked down on similar violations, with the Shanghai Stock Exchange reporting over 400 disciplinary actions and regulatory measures for information disclosure violations in 2025, indicating a strict regulatory approach [1] - Companies are eager to use WeChat to guide market expectations, but the healthy operation of the capital market relies on the principles of "truthful, accurate, complete, timely, and fair" information disclosure [2] - Information published on WeChat is often packaged, which can exaggerate positive news and downplay risks, potentially misleading investors and creating a breeding ground for insider trading, ultimately damaging market trust [2] Group 3: Internal Control Mechanisms - Listed companies should strengthen internal control mechanisms, clarify information disclosure processes and responsibilities, and integrate compliance concepts throughout the information release process to maintain fair order in the capital market [2]