Information Disclosure Deficiencies In NEEQ

The National Equities Exchange and Quotations is the so-called "the new third board" capital market, its establishing marks China's first national OTC capital market officially landed, the development of China's OTC capital market entered into a new stage, the basic level of the multi-level capital market system become more solid. Strengthening the supervision and management of information disclosure, improving the quality of the disclosure information of listed companies and listing companies is the whole new-third board market participants' aspirations. The paper analyzes the deficiencies of the information disclosure system through an example that D company applying to list on the new-third board market and give suggestions to solve these deficiencies.This paper is divided into five chapters.The first chapter is the introduction, including the research of this paper and literature review.The second chapter is about the new-third board market and information disclosure, divided into three parts. The first part is the introduction of information disclosure; the second part introduces OTC capital markets in the United States, Japan and Britain and the corresponding information disclosure system. In the third part, the new third board market is introduced in detail and summarizes its characteristics. Subsequently, the current situation of our country's new-third board market information disclosure system is summarized.The third chapter brings about four shortcomings of the new-third board market information disclosure system.The fourth chapter for the D company new-third board listing case analysis. This chapter is the core of this paper, and is divided into four parts. The first part is the case background, first introduces the basic situation of the D company. Then, the paper analyzes the specific new-third board market listing conditions, and compared with the main market IPO conditions in detail, again confirmed the new-third board market listing regulatory ideas for desalination specific listing conditions, more emphasis on information disclosure. The second part of D company public transfer instructions were detailed analysis, found four substantial obstacles in the instructions were not correctly disclosure, including the loss of state-owned assets, the main business rely on a single product heavily, business rely on non-recurring gains and losses heavily and the occupation of huge amounts of money by related parties. However, through misleading statements and selective disclosure by D company and related intermediaries, D company bypassed the current imperfect information disclosure regulatory system and successful listed on the new-third board market.. In the third part, the paper analyzes the impact on the company's operating performance and investors by the ill information disclosure, pointed out that ill information disclosure of listed companies will not only seriously affected the company's operating performance, but also cause serious losses to investors, forming a double-lose or multi-lose situation. The fourth part is the summary of the caseThe fifth chapter is policy and suggestion.