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

Recently, the A-share market has repeatedly seen “order mini essays.” An order rumor of unknown origin and a piece of vague wording about a cooperation can drive the stock price to surge. After the hype fades, the stock price then falls back quickly, and many investors have suffered severe losses as a result.

An order is originally a true reflection of a company’s operating strength and the overall industry outlook. A solid large order is both a reliable support for the company’s performance and a positive signal that the industry is improving, and it is also the source of fresh confidence for the capital market. However, when orders are packaged as “order mini essays” and spread in a way that exaggerates, blurs, and selectively cites context, they are distorted into a tool for short-term speculation, which misleads market expectations and contaminates the investment ecosystem.

The reason “order mini essays” can spread quickly is related to the acceleration of how quickly market information circulates and the fact that investors’ emotions are easy to ignite. It also reflects a real issue: market information disclosure needs to be more transparent, and expectation guidance needs to be more timely. In an environment where information spreads rapidly, how to ensure authoritative voices get ahead of rumors, how to replace vague narratives with the actual situation, and how to let rational judgment overcome emotional following are questions that all sides in the market need to face together.

Protecting a clear, orderly market environment requires concerted efforts from multiple parties. Listed companies should adhere to the authenticity, accuracy, and completeness of information disclosure; issue timely and standardized announcements for major orders; and proactively respond to market rumors, correcting misunderstandings, using solid operations and transparent governance to build trust. Institutions and media should strengthen professional judgment—do not hype, do not follow blindly, and do not speculate—so they can jointly convey rational voices. On the regulatory side, continuously strengthen in-process and after-the-fact supervision; promptly correct misleading information and violations to maintain a fair market order. For investors, they especially need to keep their eyes open and maintain resolve. When faced with “order messages” flying everywhere, look more at official announcements and listen to fewer rumors; distinguish substance more and chase hot spots less. Check whether an order has a formal contract, whether it aligns with the company’s core business, and whether there is a basis for performance, so you are not distracted by short-term fluctuations and you stay on the main line of value investing.

The foundation of the capital market lies in reality 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 promoting high-quality development of the capital market.

(Source: Securities Times)