Now, the report said, these predictable, two-hour events are "empty and dull" with "no surprises" because securities rules have in effect turned them into "fake" road shows. For example, in step with the new regulations, all speeches are carefully scripted. And every bit of information made available to brokers and investors also appears in writing in a company's prospectus.

In some cases, company executives don't bother showing up because they'll have nothing new to say. Investors and brokers may be no-shows as well. The report said half the seats were empty at one company's recent event in Shenzhen.

"Everybody comes a long way to get something," the report said. "But the only thing they hear is what's in the prospectus."

At the time of publication, the author held no positions in any of the stocks mentioned.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

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