Core Viewpoint - The recent announcement by Guanghua Technology regarding administrative measures taken by the Guangdong Securities Regulatory Bureau due to information disclosure violations highlights the issue of selective information disclosure in the capital market [2] Group 1: Incident Overview - Guanghua Technology's Secretary disclosed non-public information about lithium sulfide production capacity and expected performance for 2024 during an online meeting with analysts, which could significantly impact stock prices [2] - The company failed to disclose this information in a timely manner, leading to significant stock price fluctuations starting from November 20, prior to the official announcement on December 6 [2] Group 2: Causes of Selective Disclosure - Selective disclosure can stem from companies wanting to maintain good relationships with securities analysts for favorable ratings and image [3] - Analysts may have an inherent need to gain early access to information to attract clients [3] - The convenience of online meetings and phone communications makes it easier for companies to engage in selective disclosure without detection [3] Group 3: Recommendations for Improvement - Companies should enhance internal controls by incorporating information disclosure fairness into corporate governance, establishing a comprehensive information management system, and conducting compliance training for key personnel [4] - Regulatory bodies should consider implementing a "quiet period" to limit private communications with analysts around the time of periodic report releases, and utilize technology for monitoring potential selective disclosure scenarios [4] - Strengthening civil liability for selective disclosure is essential, as it may be classified as failure to disclose information or significant omissions, leading to potential compensation responsibilities for the disclosing parties [5] Group 4: Importance of Fair Disclosure - Ensuring fairness in information disclosure is crucial for the healthy development of capital markets, necessitating enhanced regulation, accountability from companies, and activation of various constraints [5]