The registration-based IPO system reform ongoing in China has rendered the decision making power back to the investors on where and how to invest, yet an upgraded disclosure regime is required to avoid some possible “lemon market” for listed companies. Currently the information flow is oftentimes either inadequate or redundant, and the checking market powers are largely missing aside from the regulator. Therefore the underlying philosophy for disclosure should be retuned from the regulator-oriented paradigm towards the investors-oriented one, where the focus is placed upon the plain and effective information disclosure. At the same time, it is necessary to guide the multiple market forces outside the CSRC to play a greater role in the information disclosure mechanism and promote the continuous innovation of China's securities market under the registration system.