Core Viewpoint - The article highlights the increasing importance of information disclosure in the capital market, noting a significant rise in the length of annual reports from 155 pages in 2014 to 210 pages in 2019, while simultaneously observing a decline in the disclosure rate of the top five customers and suppliers of listed companies, indicating a trend towards vague disclosures that could hinder market health [1][2]. Group 1 - The increase in the average length of annual reports reflects a growing emphasis on information disclosure among listed companies [1]. - There is a notable decline in the disclosure of the names of the top five customers and suppliers, with companies opting for vague, code-like representations instead [1][2]. - This trend towards vague disclosures undermines the seriousness of information disclosure, which is a fundamental aspect of a well-functioning capital market [1][2]. Group 2 - Enhancing transparency in information disclosure is crucial for reducing information asymmetry in the capital market [2]. - Allowing companies to use vague disclosures could lead to a perception that they can negotiate terms with regulators regarding disclosure transparency, potentially weakening regulatory constraints [2]. - Mandatory disclosure of key information, such as supply chain details, is essential for improving market transparency and enabling effective oversight of potential hidden transactions and financial fraud [2][3]. Group 3 - Companies should not claim commercial secrecy as a reason to withhold information about their top customers and suppliers after going public, as this argument lacks credibility [3]. - The expectation of transparency should be recognized by companies that choose to operate as public entities, similar to public figures sacrificing some personal privacy [3][4]. - Key information regarding the top five customers and suppliers should be disclosed as much as possible to enhance transparency [4].