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The Analysis and Learning from the Information Disclosure of Facebook’s Prospectus

Chen Zheng  
Facebook,an U.S.based social networking company,submitted its prospectus to SEC on February 2,2012 Beijing time.Based on the contents of Facebook’s prospectus,review letters from SEC,and corresponding reply,this paper focuses on risks disclosure and quality characteristics of the prospectus in terms of relevance etc.The paper also analyzes the difference in both contents and quality of prospectus between China and U.S.by comparing Facebook’s and some Chinese companies’ prospectus.It was found that the differences arise from IPO regulation,litigation system and investors composition.Studying how information was disclosed in Facebook’s prospectus make sense in building up disclosure system toward investors’ decision making,and in improving effectiveness of information disclosure.
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