On the evening of June 1, Diou Home Furnishing issued the "Announcement on the Company's Directors Receiving the Notice of Investigation from the China Securities Regulatory Commission and the Director's Resignation" stating that two directors of the company, Bao Jiejun and Ding Tongwen, were suspected of illegal information disclosure. Under investigation by the China Securities Regulatory Commission. At the same time, in order to avoid any impact on the company's refinancing, both directors announced their resignation.
As soon as this news was released, it immediately hit the circle of friends and became a hot search topic. Diou's shares also fell sharply at the opening the next morning. Many friends asked privately: "What happened to Diou?"
Moving forward slightly, on September 25, 2020, Oceano Company issued an important notice: "Bao Jiejun will no longer serve as director and chairman of Oceano Company, and Chen Jiawang will no longer serve as director and general manager of the company. (President’s) position”. As soon as the news came out, public opinion was in an uproar. Many people are wondering why, as the founder of the company, he suddenly no longer holds the position of chairman? What is the truth behind it? Although there are multiple versions of the legend in private, only the person involved knows best which one is closer to the truth.
Human beings are naturally curious, especially when it comes to familiar people and things around them. Whenever there is a slight disturbance, they always want to know the inside story and explore the truth as soon as possible. After all, Oceano, a subsidiary of Diou, was once a beautiful sight in the industry. Its founder, Bao Jiejun, was also a rare representative of highly educated Confucian businessmen in the industry, with a star halo effect. Therefore, every move he makes will inevitably receive great attention from people in the industry.
We must pay attention to this breaking news. Because the incident itself has a profound warning and reference effect for many companies and many bosses. However, there is no need to over-interpret such explosive news. In particular, we must treat it objectively and rationally, and we must not believe or spread rumors. It is necessary to understand the progress and truth of the situation through formal official channels, especially the announcements of the China Securities Regulatory Commission, rather than private hearsay rumors and speculations.
"Illegal information disclosure" is a "mine" that is frequently stepped on by the leaders of listed companies. In January 2019, Dong Mingzhu was questioned by the Shenzhen Stock Exchange for "suspected of leaking major information in violation of regulations" for disclosing the company's revenue and profits in the previous year in advance at the shareholders' meeting.
The outside world generally pays attention to a company's key indicators such as revenue and profit, but for listed companies, there are strict regulations on their information disclosure processes and nodes, especially companies with very good performance, gathering in private, When company executives drink a little, they accidentally slip up, and then receive inquiries from the exchange and the China Securities Regulatory Commission.
Of course, the nature of this time is a bit special. First, the "China Securities Regulatory Commission" opened an investigation;It is not an "exchange"; the second is "violations", not just "violations". I hope it's all a false alarm.
Compared with listed companies, the disclosure of main data and major events of non-listed companies in the ceramic industry can be said to be foggy and chaotic. For the top brands in the industry, their key data never have accurate information. Sometimes they are high, sometimes they are low, and they are very flexible. Most of the time, the dishes are placed on a plate. If water needs to be added, water will be added, and if water needs to be shrunk, water will be added. True and false, false and true, not to mention the industry media, it is difficult for company executives and employees to know the true operation of the company.
This is a "submarine" type operation. The reason for adopting such an approach is simply out of consideration for corporate interests. The advantage of "diving" is that it allows companies to hide their strength, so that the company's true financial situation is not known to the outside world and competitors, and then demonstrates its strength at critical moments; on the other hand, some companies whose financial situation is already very serious can bluff , maintain the business status of the company through superficial articles. Such a market ecology is not conducive to the healthy development of the industry in the long run.
In the context of the current rapid increase in industry concentration, many companies are envious of listed companies. They can use the blessing of listing to obtain more resources, obtain financing more conveniently and quickly, and maintain the rapid growth of enterprises.
However, listed companies also have the troubles of listed companies. Once a company is listed, it becomes a public company. Companies must disclose operating data and many secrets that are usually not known to outsiders in accordance with regulations. Just like some time ago, some media compiled the annual income rankings of directors' secretaries of listed companies in Foshan. It was like someone taking off their underwear. There is no secret at all. Among unlisted companies, which company owner, senior executive, or professional manager will accurately disclose their annual income?
Many times, the competition between listed companies and non-listed companies can be said to be that one plays the cards on the table and the other operates below the table; one can only play according to the rules, while the other can not follow the routine. Its operating mechanism and operating environment are completely different.
Even so, there are still many outstanding companies that will actively seek to go public. After all, listing is not only a benefit brought by financing, but also through listing, all business activities of the company can be brought into legal and compliant channels, making business operations more scientific, standardized and transparent, and allowing companies to "operate in the sunshine" earlier. "Rather than staying in the gray area for a long time and making huge profits by playing on the sidelines of policy and supervision.
Whether an enterprise is listed or not, it must respect the rules, strictly abide by them, and operate in accordance with the law at all times. Listed companies, in particular, must operate in compliance with laws and regulations.With a fluke mentality of exploiting loopholes and crossing red lines, it seems that no one cares or asks, but it makes business operators gradually relax their vigilance and step on a big thunder unknowingly.
Author｜Wang Li
Cultural Director of Mona Lisa Group
Original title: Listed companies should respect the rules
(The article is reproduced from Ceramic Information)
