This study has several implications for interested parties. Investors should realize the usefulness of the non-financial information and pay more attention to the detailed information related to public health threats. Companies need to enhance the level of geographical diversification, operating cash flow, and reporting quality for mitigating the negative effect of local public health threats on their market performance. For the government and policymakers, they should understand the important moderate effects of the local environment on the negative effect of public health threats and take the balance of the cross-provinces development from the perspectives of the information technology and economics.