Information disclosure is one of the most important systems in the market of securities . However,it faces many problems on significant assets reorganizations in China:state-owned listed companies lack liberty,and cannot respond to market rumors immediately|regular proclamations are of a mere formality,and cannot provide investors with essential information|people spread news through their own media,earlier than proclamations .The reasons are various .On the one hand,part of listed companies with bad motives use reorganizations for favouritism,therefore,they cheat over proclamations .On the other hand,information disclosure has its own defects:much too overloaded and specialized information|the challenge of identifying the importance of information|the inborn contradiction between information disclosure and business secrets|the complexity and gradualness of reorganizations,all of which lead to difficulties in information disclosure .In order to deal with these problems,the China Securities Regulatory Commission has revised the system on information disclosure continuously,paid more attention to risk reminding,and adopted regular proclamations,requested listed companies to publish news every week or every 30 days .Nevertheless,there are still problems,such as insufficient scope of obligors,too many proclamations,etc .These problems aggravate the burdens of disclosure obligors,information supervisors and investors . More importantly,these intensive proclamations do not provide investors with much essential information . When reorganizations fail suddenly,most investors are not well prepared .The disclosure system does not distinguish dramatic changes or turning points from regular progress,and is lacking in warning proclamation on reorganization failure,which makes investors wait for progress blindly .In addition,the current system is short of legal responsibilities,and imperfect in its coordinate mechanism .As a result,we should change the regular proclamation to staged proclamation . The latter has three stages:planning,implementation and accomplishment,which can reduce the burdens of all parties .If there happens to be the events that influence stock prices significantly,especially sudden accidents in reorganizations that may lead to failure or predictable failure of reorganizations,listed companies related should disclose information frequently,suspend stock trading and make temporary proclamations .We should also adopt the rule of simplicity,emphasize on investment risks|make special regulations on state-owned companies,add related policy-making institutions as information disclosure obligors|formulate rules on information disclosure through we-media,utilize information technology to tackle the cyber challenges .