This study examines the communication strategies of Chinese A-share firms during the novel Coronavirus disease (COVID-19) pandemic, focusing on firms subject to complete or partial lockdown (hereafter, focal firms). Employing a difference-in-difference (DID) analysis, we observe a strategic shift in the reply tone of focal firms on the Interactive Investor Platform (IIP). Specifically, we find that during the pandemic, as retail investors’ ask tone becomes less positive, focal firms respond with increased positivity. This abnormally positive reply tone is negatively correlated with future firm performance, suggesting an intention to mislead retail investors. This strategy involves not only tone inflation but also more extensive and timely responses to retail investors, and is more pronounced among firms headquartered in cities with limited medical resources. Excluding firms from most severely affected areas like Wuhan city or Hubei province does not change our findings. Initially, retail investors respond positively to the overly optimistic tone, indicating focal firms are successful in misleading retail investors in the short-term. However, we document a subsequent correction in their pricing errors over time. Overall, our findings reveal that firms use strategic tone management to mislead retail investors during the lockdown, but the impact of such opportunistic behaviour is short-lived.