Financial media coverage is the important information source of investors, however, does it objectively reflect the fundamental information of the companies? Could the investors rely on it? Based on the field experiment of Chinese companies dual-listed in Chinese mainland and Hong Kong, this paper constructs a dictionary of negative financial terms in accordance with Chinese expressions, and quantitatively analyzes the relationship between the tone of reports issued by 9 financial media on these companies and corporate accounting earnings by using content analysis. The result shows the fraction of negative words in the financial media coverage in Chinese mainland and Hong Kong could predict the future earnings, which demonstrates that similar with Hong Kong financial media coverage, mainland financial media coverage includes the fundamental information. The optimistic judgment on the mainland financial media coverage does not seem to be in line with people’ intuitive feelings, but further study shows that mainland financial media have geographic proximity information advantages, and may partially offset their disadvantages in the aspects of media coverage and market maturity. At the same time, this paper points out that with the development of mobile information technology, capital market sentiment and false news should be paid enough attention to and it is necessary to form a system of institutional mechanisms, create firewalls of media rumors, prevent market sentiment from being manipulated and protect investors effectively.