Don't let "order small essays" undermine the credibility of the capital market

Securities Times reporter Wu Shaolong

Recently, “order mini-essays” have been popping up frequently in China’s A-share market. An order rumor with an unknown source, or a piece of partnership news expressed vaguely, can push the stock price sharply higher. Once the hype fades, the stock price quickly falls back, leaving many investors with heavy losses.

An order is, in the first place, a genuine reflection of a company’s operating strength and industry conditions. A solid large order is both a reliable support for a company’s performance, a positive signal that the industry is doing well, and the wellspring of confidence in the capital market. But when orders are packaged into “order mini-essays” and spread in an exaggerated, vague, and selectively quoted way, they are distorted into a tool for short-term speculation—misleading market expectations and polluting the investment ecosystem.

The reason “order mini-essays” can spread quickly is tied to faster information dissemination and the way investor sentiment can be easily ignited. It also reflects the real issues that market information disclosure needs to be more transparent and expectation guidance needs to be more timely. In an era of rapid information spread, how to ensure authoritative voices run ahead of rumors, how to have real circumstances replace vague narratives, and how to let rational judgment defeat emotional herding are questions that all sides of the market must face together.

To safeguard a clear and orderly market environment, multiple parties must move in the same direction. Listed companies should adhere to the truthfulness, accuracy, and completeness of information disclosure; issue timely and standardized announcements for major orders; and proactively respond to market rumors to correct misconceptions, building trust through solid operations and transparent governance. Institutions and media should strengthen professional judgment—don’t sensationalize, don’t follow blindly, and don’t hype—while jointly conveying rational voices. On the regulatory front, continue to strengthen oversight during and after the fact, promptly correct misleading information and violations, and maintain a fair market order. For investors, they must also keep their eyes open and maintain resolve. Faced with “order messages” flying everywhere, look more at announcements and listen to fewer rumors; discern what’s substantive and chase fewer hot spots; check whether the order has a formal contract, whether it aligns with the company’s main business, and whether there is a basis for fulfilling the contract—so that you are not disturbed by short-term fluctuations and stay on the mainline of value investing.

The foundation of the capital market lies in truth and trust; the growth of high-quality companies depends on hard work and performance. Don’t let “order mini-essays” drain the market’s 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 with real performance, strong capabilities, and promising prospects—driving high-quality development of the capital market.

(Editor: Dong Pingping)

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