Legal analysis: Information disclosure system is also called "information disclosure system". In order to protect the interests of investors and accept public supervision, listed companies must disclose or publish their relevant information and materials according to law. It can be divided into distribution market information disclosure system and circulation market information disclosure system. The former refers to the disclosure of the operating and financial conditions of the securities issuer to investors in the form of applying for and filling out the Securities Declaration; The latter refers to the publication of the operating conditions of listed companies and some major issues in the form of filling in the "securities report". The information disclosure system is clearly defined in the securities laws and regulations of various countries. The implementation of information disclosure can help us understand the operating status, financial status and development trend of listed companies, which is conducive to the management of the securities market by the securities authorities and guide the healthy and stable development of the securities market; It is conducive to the public to take timely measures according to the information obtained and make correct investment choices; It is also conducive to the supervision of listed companies by shareholders and the public.

Legal basis: Measures for the Administration of Information Disclosure of Listed Companies

Article 1 In order to regulate the information disclosure behavior of issuers, listed companies and other information disclosure obligors, strengthen the management of information disclosure affairs and protect the legitimate rights and interests of investors, these Measures are formulated in accordance with the Company Law, the Securities Law and other laws and administrative regulations.

Article 2 Information disclosure obligors shall disclose information in a true, accurate, complete and timely manner, be concise, clear and easy to understand, and shall not have false records, misleading statements or major omissions.

The information disclosed by the information disclosure obligor shall be disclosed to all investors at the same time, and shall not be disclosed to any unit or individual in advance. However, unless otherwise provided by laws and administrative regulations.

Before the inside information is disclosed according to law, no insider shall disclose or divulge the information, and shall not use the information for insider trading. No unit or individual may illegally ask the obligor for information disclosure to provide information that needs to be disclosed according to law but has not been disclosed.

Where securities are publicly issued and traded at home and abroad, the information disclosed by the information disclosure obligor in the overseas market shall be disclosed in the domestic market at the same time.