Securities Times: Don't Let "Order Small Essays" Erode the Credibility of the Capital Market

Recently, “order mini-essays” have repeatedly appeared in China’s A-share market. With an order rumor of unknown origin and a cooperation announcement with vague wording, stock prices can surge sharply; once the hype fades, the stock prices then quickly fall back, and many investors have suffered severe losses as a result.

Orders, originally, are a true reflection of a company’s operational strength and the health of its industry. A solid, large-volume order is not only a reliable support for corporate performance, but also a positive signal that the industry is doing well—moreover, it is the source of fresh confidence in the capital market. However, when orders are packaged as “order mini-essays” and spread in a way that exaggerates, blurs, and takes things out of context, they become tools for short-term speculation, which misleads market expectations and contaminates the investment environment.

The reason “order mini-essays” can spread quickly is related both to the acceleration of market information dissemination and to the fact that investors’ emotions are easily ignited. It also reflects the real issues that, in terms of market information disclosure, more transparency is needed, and in terms of expectation guidance, it needs to be more timely. In today’s environment of rapid information spread, how to ensure authoritative voices get ahead of rumors, how to let real circumstances replace vague narratives, and how to make rational judgment overcome emotional follow-the-crowd behavior are questions that all parties in the market need to face together.

To protect a clear and orderly market environment, multiple parties must work in the same direction. Listed companies should adhere to the truth, accuracy, and completeness of information disclosure; for major orders, they should issue timely and standardized announcements. They should proactively respond to market rumors, correct misconceptions, and use solid operations and transparent governance to build trust. Institutions and media should strengthen professional judgment—do not exaggerate, do not follow trends blindly, and do not hype; together, they should deliver rational voices. On the regulatory front, oversight should be continuously strengthened both during and after events: for misleading information and illegal conduct, corrections should be made promptly to maintain a fair market order. For investors, they must be especially sharp-eyed and stay steady. When faced with “order messages” flying everywhere, look at announcements more and listen to rumors less; distinguish the substance more and chase hotspots less. Check whether an order has formal contracts, whether it aligns with the company’s core business, and whether there is a foundation for performance—so as not to be thrown off by short-term fluctuations, and to stick to the main line of value investing.

The foundation of the capital market lies in truth and trust; the growth of high-quality companies relies on hard work and performance. Don’t let “order mini-essays” drain market trust, and don’t let short-term speculation lead the way away from long-term value. Only by making information more transparent, expectations more stable, and investing more rational can capital flow to truly high-quality companies that have real performance, strength, and prospects—thereby driving high-quality development of the capital market.

(Source: Securities Times)