Reporting does not necessarily lead to the failure of the issuer's listing, but reporting has formed a kind of supervision to a certain extent. In the registration system, information disclosure is the core of the audit of issuance and listing, and the inquiry and reply of the audit are completely open. One of the important considerations is to enhance the transparency of the audit work, so that the issuer's information disclosure and listing audit can be subject to extensive market supervision and public opinion supervision. Encourage insiders to report false information disclosure of IPO enterprises, and urge issuers and intermediaries to fulfill their information disclosure obligations.
The CSRC has formulated the Interim Provisions on Reporting Illegal Acts of Securities and Futures, which regulates the reporting of illegal clues of securities and futures. The Shanghai Stock Exchange replied in the "News Questions and Answers on Media Concern and Handling Letters and Visits of Enterprises under Review of Science and Technology Innovation Board": During the listing review, the Shanghai Stock Exchange will pay attention to the normal complaints and reports of relevant parties, and pay attention to the reports and queries of various news media including the media on issuers. Inquire about the matters complained and reported by the media, and if necessary, ask the issuer, its sponsor institution and securities service institution, ask the issuer and its sponsor institution to explain to the Exchange, and fulfill the obligation of information disclosure as required, and also ask the sponsor institution and securities service institution to make necessary verification.