What does the placard mean?

Holding a placard refers to protecting the interests of small and medium investors and preventing large investors from manipulating the stock price. According to the provisions of the Securities Law, when investors and their concerted parties hold 5% of the issued shares of a listed company, they shall make a written report to the the State Council securities regulatory body and the stock exchange within 3 days from the date of this fact, notify the listed company and make an announcement, and fulfill their obligations stipulated by relevant laws. The Measures for the Administration of Acquisition of Listed Companies has made more specific provisions on the contents and methods of reports and announcements, as well as the trading restrictions during the announcement period. The act of reporting and announcing every time you buy 5% of the shares is commonly known as "placarding".