ESG disclosures provide investors with critical information about a company’s environmental practices, social responsibility, and governance quality, revealing its potential non-financial risks and opportunities. This supports investors in making more comprehensive investment decisions. Current research on ESG disclosure in China has primarily focused on financial performance and firm value. This chapter breaks through these limitations by studying the economic consequences of ESG disclosure from the perspective of stock price crash risk. This approach allows for a deeper analysis and understanding of internal management strategies and their market outcomes by examining asymmetric fluctuations in market stock prices.