Thebreaking news stock price has changed one after another, but it claims that there is no information that should be disclosed but not disclosed. Under the supervision, it was admitted that the contents of the previous record of investor relations activities were not fully disclosed. The recent operation of Tongda Electric (603390.SH) attracted market attention.
On November 23, Tongda Electric revealed in reply to the supervision letter of the Shanghai Stock Exchange on matters related to the company's investigation that the company has not provided relevant products to enterprises in Huawei's automobile industry chain at present, nor does it involve relevant cooperation or intentional cooperation. As early as November 1, more than 40 specific objects who participated in the company's on-site investigation had already learned the news.
Some insiders pointed out to the reporter of the Economic Information Daily that the relevant information provided by the company when accepting institutional research should be equally provided to other investors. The regulatory authorities also need to further strengthen supervision to maintain the seriousness and fairness of the capital market.
The stock price "rides a roller coaster"
On November 6th, Tongda Electric released a record of investor relations activities on the E-interactive platform of SSE, which showed that after the previous closing on November 1st, the company received more than 40 surveys of specific targets, including CITIC Securities South China Guangdong Branch, Haitong Securities, changjiang securities, Hongshi Fund and many other institutions. On the same day, the company communicated with the institutions that came to investigate the main considerations of the company's layout of mobile medical services, whether the 5G edge cloud computing gateway has achieved revenue, and the business planning of electronic rearview mirror products.
On the day of receiving the survey, Tongda Electric's share price suddenly went up for several months, and then it went up for five consecutive trading days. From November 1 to November 8, the range rose as high as 77.22%, and the share price hit a new high in the past three years.
On November 3 and November 8, Tongda Electric issued two announcements about stock price changes, which continuously suggested that the short-term increase of the company's stock was significantly higher than that of the industry and the Shanghai Composite Index in the same period, and the market sentiment was overheated. At the same time, Tongda Electric also suggested that the company's external circulation is relatively small, and there is a risk of market speculation. In addition, in the first three quarters of 2023, the company achieved an operating income of 371 million yuan, and the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was-2,551,400 yuan. The net profit after deducting non-recurring gains and losses was a loss, and there was a risk of operating performance.
Under repeated risk warnings, on November 9, the company's share price suddenly plunged and ushered in a "one" limit. On November 10, Tongda Electric's share price fell again, and fell 8.87% on November 13, and the cumulative decline in the above three trading days was as high as 26.17%.
First, it soared and then plummeted, and Tongda Electric's share price performance like "riding a roller coaster" attracted regulatory attention. On November 10th, Shanghai Stock Exchange issued a letter of supervision to Tongda Electric on matters related to the company's investigation (hereinafter referred to as "the letter of supervision").
In the letter of work, the Shanghai Stock Exchange first pointed out that listed companies should objectively, truly, accurately and completely introduce and reflect the actual situation of the company when they accept the investigation of specific objects, and asked Tongda Electric to check whether it mentioned other matters or information to relevant investors besides the contents published in the above investigation records, whether it involved undisclosed information, whether it violated the principle of fairness in information disclosure, whether the relevant exchange contents exceeded the scope of publicly disclosed information, whether it was exaggerated and misleading, and whether the risk warning was sufficient.
In addition, the Shanghai Stock Exchange also requires the company to comprehensively check the compliance of the procedures for accepting investors' research in accordance with the relevant rules and the company's internal system, explain the whole process and process of accepting the research, including the determination of institutions, invitations, the length and methods of interactive communication, etc., and submit the commitment letter signed by all research institutions, written research records and the list of relevant insiders to the Shanghai Stock Exchange.
According to the Shanghai Stock Exchange, after the investigation, Tongda Electric's share price rose significantly in the short term. The company is requested to check whether there are other matters that should be disclosed but not disclosed, whether the major shareholder and Dong Jiangao have recently bought and sold the company's shares, and whether the relevant parties involved in the investigation have used the investigation to manipulate the market, insider trading and other illegal acts.
The reporter noted that although Tongda Electric received the working letter from the Shanghai Stock Exchange as early as November 10, it did not disclose the working letter in the reply announcement until November 23, and the problems that the company had not listed in the record of investor relations activities before were also revealed under the supervision.
According to the announcement, in the research exchange on November 1, in addition to the problems in the research records disclosed by Tongda Electric, the company also answered other questions raised by relevant investors. For example, "Does the company's actual controller have a reduction plan in the near future", "Is the company an enterprise in Huawei's automobile industry chain", "What are the company's in-vehicle electrical products specifically included", "Assessment criteria and award price of the company's equity incentives" and so on.
Tongda Electric said that after self-examination, the company did not list the above problems in the record form of investor relations activities released on November 6. In order to ensure the integrity of the reply to this investor relations activity, the company released the supplementary form of investor relations activity records through SSE E Interactive before the market on November 16th.
The reporter of Economic Information Daily noticed that in the supplementary table, Tongda Electric made a clear reply to the question of whether the company is an enterprise in Huawei's automobile industry chain, saying that the company's main products are suitable for commercial vehicles and passenger cars. At present, there is only one type of battery tray, and no related products have been provided to enterprises in Huawei's automobile industry chain. At present, there is no relevant cooperation or intention to cooperate.
In response to the Shanghai Stock Exchange's request for the company to check whether the major shareholders and Dong Jiangao have bought or sold the company's shares recently, Tongda Electric replied that it was confirmed by inquiring the shareholders, directors, supervisors and senior managers who hold more than 5% of the company's shares that during the period from November 1 to November 8, the major shareholders, directors, supervisors and senior managers of the company did not buy or sell the company's shares.
Regarding whether the relevant parties involved in the survey have used the survey to manipulate the market, insider trading and other illegal acts, Tongda Electric said that the exchange of information in this survey activity does not involve any insider information. At the same time, after checking the List of Top 200 Consolidated General Accounts and Margin Credit Accounts (hereinafter referred to as "Detailed Data Sheet") sent by Shanghai Branch of China Securities Depository and Clearing Co., Ltd. through PROP Integrated Service Terminal, it was not found that individuals participating in this research activity held the company's shares on the above-mentioned equity registration dates.
However, according to Tongda Electric's reply, the companies affiliated to the two institutions or branches participating in this research activity showed obvious shareholding changes. One is CITIC Securities, which held 549,700 shares of Tongda Electric on October 31, 2023, and 124,300 shares on November 10, 2023. The company's shareholding data was not found in the Detailed Data Sheet on November 20; The second is Haitong Securities, which held 167,000 shares of the company on October 31, 2023. The shareholding data of the company was not found in the Detailed Data Table on November 10 and November 20.
Supervision needs to be strengthened
A seemingly ordinary investor research and exchange activity, if it weren't for the supervision questioning "forcing" the company to "patch", many investors obviously wouldn't find that they know so much less information than the institutions participating in the on-site exchange, and these information will affect the investment decision more or less.
"For the relevant information provided by institutional research, the company should provide it to other investors equally." Liu Zhigeng, a well-known expert in finance and taxation, believes that in the modern securities market supervision concept, besides the requirement of truthfulness, accuracy, completeness and timeliness, there is also a very important principle that should be fair disclosure. Therefore, any early disclosure without legal channels or methods is illegal and will inevitably lead to information asymmetry of investors.
In fact, there are precedents for listed companies that have suffered regulatory penalties for publishing undisclosed major information through informal announcements. For example, Chuanyi Technology (002866.SZ) received a warning letter from Jiangsu Securities Regulatory Bureau on October 7 this year. Jiangsu Securities Regulatory Bureau pointed out that on June 24, 2022, Chuanyi Technology published the Record Form of Investor Relations Activities on the interactive platform, and released important information related to the company's operation, such as the future planning and technical level of sodium ion battery business, but it was not until July 9, 2022 that the relevant matters were officially disclosed through the Announcement on Reply to the Letter of Concern of Shenzhen Stock Exchange. The above behavior of the company violates the relevant provisions of the Measures for the Administration of Information Disclosure of Listed Companies. Jiangsu Securities Regulatory Bureau decided to take administrative supervision measures to issue warning letters to Zou Weimin, chairman and general manager of Chuanyi Technology, and Xu Xiaoli, then secretary-general, and record them in the integrity file of the securities and futures market.
Different from Chuanyi Technology, Tongda Electric "concealed" some information. In November this year, when the company's share price rose and fell sharply, it was in the midst of the market's hot speculation on "Huawei concept stocks". The company clearly answered the questions of on-site investors about "whether the company is a Huawei automobile industry chain enterprise", but it was not disclosed in the investor relations activity record. The reason is intriguing.
"Whether it is the SSE E interactive platform of the Shanghai Stock Exchange, the interactive platform of the Shenzhen Stock Exchange, or the officially recognized channel to release important information, the fundamental difference lies in the inconsistency of the scope of release and the affected audience, which is related to the principle of fairness of the letter." A person in charge of private placement in South China pointed out that it is obvious that in the case of Tongda Electric, some of the information held by the company was not disclosed to all investors at the same time, which caused discrimination against some investors.