Core Viewpoint - The Shenzhen Stock Exchange has decided to terminate the listing of *ST Dongtong (300379.SZ) shares, with the last trading date expected to be January 21, 2026 [1] Group 1 - The company received the termination notice from the Shenzhen Stock Exchange on December 22, 2025 [1] - The company's shares will resume trading on December 30, 2025, and enter a delisting arrangement period lasting fifteen trading days [1] - The expected final trading date for the company's shares is January 21, 2026 [1]

Group 1 - The resignation of Huang Yongjun as Chairman and Xu Shaopu as Director and CFO of *ST Dongtong was announced due to personal reasons, with Huang no longer holding any position in the company [1] - Zhao Yongjie has been appointed to temporarily assume the responsibilities of Chairman and Strategic Committee Chairman until a new Chairman is elected [1] - Wang Qiaorui has been appointed as the new CFO, effective from the date of the board's approval until the end of the current board's term [1] Group 2 - *ST Dongtong received an administrative penalty from the Beijing Securities Regulatory Bureau for false disclosures in annual reports from 2019 to 2022 [2] - The company was found to have used false financial data in documents related to stock issuance, constituting fraudulent issuance [2] - As a result of these violations, *ST Dongtong's stock was suspended from trading starting November 26, and the Shenzhen Stock Exchange is considering terminating its listing [2][3]

Group 1 - The chairman and financial director of *ST Dongtong have resigned due to personal reasons, with Huang Yongjun stepping down from all positions and Xu Shaopu resigning from several roles but remaining with the company [2] - The board of directors held a meeting on December 8 to ensure normal operations, appointing Zhao Yongjie as the acting chairman and head of the strategic committee until a new chairman is elected [2] - Wang Qiaorui has been appointed as the new financial director, with a term lasting until the end of the fifth board of directors [2] Group 2 - Both Huang Yongjun and Xu Shaopu had original terms from March 25, 2024, to August 10, 2026, and resigned before their terms ended [3] - On November 25, *ST Dongtong received an administrative penalty from the Beijing Securities Regulatory Bureau for false disclosures in annual reports from 2019 to 2022, which included fraudulent financial data in stock issuance documents [3] - The company was identified as being in violation of the Shenzhen Stock Exchange's rules, leading to a suspension of trading starting November 26, with a notice of potential termination of stock listing issued by the exchange [3][4]

Core Viewpoint - *ST Dongtong (300379.SZ) announced the resignation of Chairman Huang Yongjun due to personal reasons, effective immediately, and the company has appointed Zhao Yongjie, a board member and general manager, to temporarily assume the chairman's responsibilities until a new chairman is elected [1][1][1] Group 1 - The board of directors received a written resignation report from Chairman Huang Yongjun [1] - Huang Yongjun resigned from all positions within the company, including the role of Chairman of the Strategic Committee [1] - A board meeting was held on December 8, 2025, to ensure normal operations and to approve the proposal for Zhao Yongjie to act as chairman [1][1]

Core Viewpoint - *ST Dongtong (300379.SZ) has submitted a hearing application to the Shenzhen Stock Exchange within the deadline, indicating potential risks of delisting if the exchange decides to terminate its listing despite the hearing [1] Group 1 - The company is currently facing the risk of being delisted from the Shenzhen Stock Exchange [1] - The company will submit written statements and defense materials within the stipulated timeframe according to relevant regulations [1]

FF301 致：香港交易及結算所有限公司 公司名稱: 中國恒嘉融資租賃集團有限公司(於開曼群島註冊成立之有限公司) 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00379 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | 本月底法定/註冊股本總額： HKD 400,000,000 股份發行人及根據《上市規則》第十九B ...

Core Viewpoint - The packaging paper industry is experiencing a price increase for raw paper, with multiple companies announcing new price hikes in the fourth quarter to cope with rising costs [3][4]. Group 1: Price Trends - Since the third quarter of this year, the price of raw paper used in the packaging paper industry has been continuously rising [3]. - As of November 24, the average daily price of corrugated paper was 3,213 RMB/ton, a year-on-year increase of 17.65%, while the average price of boxboard was 3,889 RMB/ton, up 6.86% year-on-year [4]. - Several well-known pulp and paper companies have recently issued price adjustment notices for various paper types, with price increases ranging from 50 RMB/ton to 200 RMB/ton, effective mainly from late November to December 1, 2025 [4]. Group 2: Company Performance and Outlook - Companies in the packaging paper sector are adjusting their prices, with increases of 10% to 15%, which is lower than the 20% to 30% increase in upstream raw paper prices [3]. - Major securities firms believe the current paper industry is benefiting from a combination of price increases, improved demand, and structural upgrades, with a positive outlook for profitability in the fourth quarter [4]. - Notable companies such as Sun Paper, Annie Co., Huatai Paper, and Bohui Paper have seen significant net buying in financing, indicating strong market interest [5]. - Forecasts suggest that companies like Hengfeng Paper, Qifeng New Materials, and Bohui Paper will see net profit growth rates of 70.67%, 35.33%, and 20.2% respectively for the year 2025 [5][8].

Core Viewpoint - *ST Dongtong is facing delisting from the Shenzhen Stock Exchange due to false disclosures in its annual reports from 2019 to 2022, which violates the exchange's regulations [2] Summary by Relevant Sections Company Announcement - On November 26, *ST Dongtong announced it received a "Notice of Prior Decision" from the Shenzhen Stock Exchange, indicating the intention to terminate its stock listing [2] - The company will enter a delisting preparation period after the termination decision, during which it must arrange for its stock to be transferred to the National Equities Exchange and Quotations (NEEQ) for trading within 45 trading days post delisting [2] Financial Misconduct - The Shenzhen Stock Exchange's decision is based on the company's continuous financial fraud over four years, from 2019 to 2022, which includes the use of false financial data in a non-public offering in 2022, constituting fraudulent issuance [2] - As a result of these violations, *ST Dongtong has been fined 229 million yuan [2]

Core Viewpoint - *ST Dongtong (300379.SZ) is facing potential delisting from the Shenzhen Stock Exchange due to false disclosures in its annual reports from 2019 to 2022, which violate the listing rules of the Growth Enterprise Market [2][3]. Financial Misconduct - The company inflated revenues by CNY 61.45 million, CNY 84.85 million, CNY 125.51 million, and CNY 160.53 million from 2019 to 2022, respectively [3]. - Profits were also inflated by CNY 52.23 million, CNY 58.77 million, CNY 79.48 million, and CNY 123.69 million during the same period, with the 2022 inflated profit amounting to 219.43% of the reported total profit for that year [3]. - Cumulatively, *ST Dongtong inflated revenues by CNY 432 million and profits by CNY 314 million from 2019 to 2022 [3]. Financing and Capital Structure - Since its listing, *ST Dongtong has raised nearly CNY 3.6 billion through direct financing, with approximately CNY 2.2 billion raised in a private placement in June 2023 [3][4]. - The company has a total financing structure of CNY 354.70 million, with direct financing accounting for 101.27% of the total [4]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) has proposed a fine of CNY 229 million against the company and a total of CNY 44 million against seven responsible individuals, with a 10-year market ban for the actual controller [5]. - The company has the right to request a hearing or submit written statements regarding the delisting decision, with a deadline for such actions [2]. Company Background - *ST Dongtong, listed in 2014, is recognized as a pioneer in middleware solutions in China, providing security and digital solutions [7].

Core Viewpoint - *ST Dongtong (300379.SZ) is facing potential delisting from the Shenzhen Stock Exchange due to false disclosures in its annual reports from 2019 to 2022, which violate the listing rules of the Growth Enterprise Market [1][2]. Summary by Sections Financial Misconduct - The company has been found to have inflated revenues by a total of 432 million yuan and profits by 314 million yuan from 2019 to 2022 [3]. - Specific inflated figures include 61.45 million yuan in 2019, 84.85 million yuan in 2020, 125.51 million yuan in 2021, and 160.53 million yuan in 2022 for revenue, and 52.23 million yuan, 58.77 million yuan, 79.48 million yuan, and 123.69 million yuan for profit respectively [2][3]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) has proposed a fine of 229 million yuan against the company and 44 million yuan against seven responsible individuals, with a 10-year market ban for the actual controller [6]. - The company has the right to request a hearing or submit written statements, failing which the exchange will proceed with the delisting process [2]. Company Background - *ST Dongtong was listed on the Shenzhen Stock Exchange in 2014 and is recognized as a pioneer in middleware solutions in China, providing various digital products and services [7]. - The company has raised nearly 3.6 billion yuan through direct financing since its listing, with a significant portion raised through a private placement in June 2023 [3][5].