Chinese depositary receipts are one of the important tools to solve the problem of red-chip companies' return. However, due to their derivative, foreign-related, and trustworthy nature, the securities transaction process is prone to information asymmetry. This resulted in fraud in the capital market, which severely damaged the rights of consumers and led to the collapse of market credibility. Therefore, the exploration of the information disclosure model of China's depository receipts plays an important role in balancing the protection of investors' interests and promoting the internationalization of the capital market. However, according to the "Administrative Measures for Issuance and Trading of Depositary Receipts (for Trial Implementation)", my country currently adopts a single information disclosure model. The information disclosure obligations of depository receipts are only allocated to the underlying securities issuers, completely exempting depositors and trustees from information Disclosure obligations. Such a single-responsibility information disclosure model is not conducive to the further development of China Depository Receipts, and it is also not conducive to the further development of China Depository Receipts under the background of "Shanghai-London Stock Connect". To this end, based on the information disclosure model of overseas depositary receipts, and on the basis of grading and voluntary principles, rationally allocate the information disclosure obligations of the underlying securities issuers, depositors, and custodians at different stages, and refine the overseas basis The "synchronous" disclosure obligation standard for securities issuers. It will help promote the further improvement of China's depository receipt information disclosure system and better protect investors' right to know.