The SFC should investigate how China Unicom (0762) let its results out early. Companies should not disclose their results or other price-sensitive information to third parties (whether governmental or newswires) under embargo, as the potential for mistakes and abuse is simply too great.

Unicom's premature release
8 August 2013

Something went badly wrong with self-control at China Unicom (Hong Kong) Ltd (0762) today, when key figures from its 2nd-quarter results were released on the SASAC web site (by whom we don't yet know) during HK market hours. Take a look at this intra-day graph:

The price began reacting around 15:16, but the stock was not suspended until 15:32 "pending the release" of the interim results. The SFC should investigate who was at fault here. Companies should not disclose their results or other price-sensitive information to third parties (whether governmental or newswires) under embargo, as the potential for mistakes and abuse is simply too great.

© Webb-site.com, 2013

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