Core Viewpoint - *ST Changyao has been under investigation by the China Securities Regulatory Commission (CSRC) for suspected false reporting of financial data, which could lead to a forced delisting if major violations are confirmed [2]. Financial Performance - As of December 31, 2024, *ST Changyao reported a negative net asset of 433 million yuan and an accumulated loss of 1.59 billion yuan [2]. - In the first three quarters of 2025, the company's revenue increased by 4.40% year-on-year to 105 million yuan, while the net profit attributable to shareholders decreased by 15.89% to -210 million yuan [2]. - The net profit excluding non-recurring items fell by 16.99% to -209 million yuan, with net assets further declining to -643 million yuan [2]. Stock Performance - As of November 7, *ST Changyao's stock price was 3.45 yuan per share, down 0.58%, with a total market capitalization of 1.209 billion yuan [2][3]. - The stock has shown a trading volume of 75,300 shares, with a turnover rate of 2.15% [3].

Core Viewpoint - *ST Changyao's financial performance remains weak, with negative net assets and declining profits despite a slight increase in revenue [1][2] Financial Performance - As of December 31, 2024, *ST Changyao's net assets attributable to shareholders were -433 million CNY, and retained earnings were -1.59 billion CNY [1] - In the first three quarters of 2025, the company reported a revenue increase of 4.40% year-on-year to 105 million CNY, but net profit attributable to shareholders decreased by 15.89% to -210 million CNY [1] - The company's net profit excluding non-recurring items fell by 16.99% year-on-year to -209 million CNY, with net assets attributable to shareholders at -643 million CNY [1] Stock Performance - As of November 7, *ST Changyao's stock price was 3.45 CNY per share, down 0.58%, with a total market capitalization of 1.209 billion CNY [1][2] - The stock has shown a trading volume of 75,300 shares and a turnover rate of 2.15% [2]

Core Viewpoint - *ST Changyao has been subjected to an investigation by the China Securities Regulatory Commission (CSRC) due to suspected false financial reporting, which could lead to a forced delisting if significant violations are confirmed [2]. Financial Performance - As of December 31, 2024, *ST Changyao reported a negative net asset of -433 million yuan and an undistributed profit of -1.59 billion yuan [2]. - For the first three quarters of 2025, the company's revenue increased by 4.40% year-on-year to 105 million yuan, while the net profit attributable to shareholders decreased by 15.89% to -210 million yuan [2]. - The net profit excluding non-recurring items fell by 16.99% year-on-year to -209 million yuan, with net assets dropping to -643 million yuan [2]. Stock Performance - As of November 7, *ST Changyao's stock price was 3.45 yuan per share, reflecting a decline of 0.58%, with a total market capitalization of 1.209 billion yuan [2][3].

Core Viewpoint - *ST Changyao is facing a critical survival challenge due to the China Securities Regulatory Commission's investigation, the looming risk of delisting, and difficulties in its pre-restructuring process [2][3][4] Financial Situation - As of December 31, 2024, *ST Changyao reported a negative net asset of -433 million yuan and an accumulated loss of -1.59 billion yuan, with a net profit of -628 million yuan for the year [4] - The company's revenue has drastically declined from 1.615 billion yuan in 2022 to 1.198 billion yuan in 2023, and further down to only 112 million yuan in 2024 [5] - For the first three quarters of 2025, *ST Changyao's revenue increased by 4.4% year-on-year to 105 million yuan, but the net profit decreased by 15.89% to -210 million yuan [5] Delisting Risk - The company is under significant threat of mandatory delisting due to its negative net asset situation and the potential for administrative penalties from the CSRC [2][3][6] - If *ST Changyao fails to improve its financial performance in Q4 2025, it will trigger the delisting clause related to negative net assets [6] Restructuring Challenges - Prior to the CSRC investigation, *ST Changyao was already struggling with debt, leading to the initiation of pre-restructuring by the Hubei Province Shiyan Intermediate People's Court on January 20, 2025 [7] - The court has extended the pre-restructuring period until January 20, 2026, indicating slow progress in the restructuring efforts [8] - The company has warned of the uncertainty surrounding its ability to enter formal restructuring and the risk of bankruptcy if restructuring fails [9] Legal and Financial Liabilities - Due to overdue debts, several creditors have initiated lawsuits against *ST Changyao, resulting in the freezing of numerous bank accounts and asset seizures [11] - As of October 20, 2025, the company had significant interest-bearing liabilities totaling 1.106 billion yuan, with 390 million yuan overdue [11] - The company is involved in 140 legal cases with a total amount in dispute of 1.878 billion yuan, which is 434% of its latest audited net assets [11] Market Performance - As of November 7, 2025, *ST Changyao's stock price was 3.45 yuan per share, with a total market capitalization of only 1.209 billion yuan [13]

Core Viewpoint - *ST Changyao has been under investigation by the China Securities Regulatory Commission (CSRC) for suspected false reporting of financial data, which could lead to significant legal consequences and potential delisting of its stock [2][5][9] Financial Performance - The company's financial performance has deteriorated significantly, with operating revenue dropping from 16.15 billion in 2022 to 1.12 billion in 2024, a decline of over 90% [5] - The net assets of *ST Changyao were reported at -4.33 billion at the end of 2024 and further declined to -6.43 billion by the end of Q3 2025, indicating an imminent risk of financial delisting [2][5] - The company has incurred substantial losses, with net profits excluding non-recurring items reported at -6.32 billion in 2023 and -5.69 billion in 2024 [5] Debt and Legal Issues - As of Q3 2025, *ST Changyao has significant overdue debts totaling 3.9 billion out of 11 billion in interest-bearing liabilities, with 140 ongoing lawsuits involving a total amount of 18.8 billion [5][7] - The company has had 67.7% of its bank accounts frozen, totaling 109 accounts, due to these legal and financial issues [5] Compliance and Governance - The company has a history of regulatory violations, including unauthorized financial assistance and guarantees, as well as failure to disclose significant lawsuits and overdue debts in a timely manner [7] - Specific violations include providing 1.8 billion in financial assistance to a related party, which constituted 92% of the latest audited net assets, and failing to disclose 25 lawsuits totaling 2.02 billion from May 2021 to May 2023 [7] Restructuring and Delisting Risks - The company is currently undergoing pre-restructuring proceedings initiated by the Shiyan Intermediate People's Court, but its potential for successful restructuring is uncertain due to the ongoing investigation and financial issues [9] - If the CSRC confirms the violations, *ST Changyao may face mandatory delisting under the Shenzhen Stock Exchange's rules for significant legal infractions [9]

Core Points - Company received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into suspected false financial reporting [1] - The investigation is related to the company's periodic reports and financial data [1] - If the investigation leads to a determination of significant violations, the company may face mandatory delisting due to serious misconduct [1]

Core Viewpoint - *ST Changyao has been notified by the China Securities Regulatory Commission (CSRC) regarding an investigation into suspected false reporting of financial data, which could lead to significant legal consequences including potential delisting of its stock [1] Group 1: Investigation Details - On November 7, 2025, *ST Changyao received a "Notice of Investigation" from the CSRC due to allegations of false records in periodic reports [1] - The CSRC's decision to initiate an investigation indicates serious concerns regarding the company's financial disclosures [1] Group 2: Potential Consequences - If the investigation confirms major violations, the company may face mandatory delisting from the stock market [1] - The company has stated its commitment to cooperate with the CSRC during the investigation and will adhere to regulatory disclosure requirements [1]

Core Viewpoint - *ST Changyao (300391.SZ) has been notified by the China Securities Regulatory Commission (CSRC) regarding an investigation into alleged false reporting of financial data, which may lead to significant penalties and potential delisting from the Shenzhen Stock Exchange if found guilty [1] Summary by Relevant Sections - **Investigation Details** - The company received a "Notice of Investigation" from the CSRC on November 7, 2025, due to suspected false records in periodic financial reports [1] - **Potential Consequences** - If the CSRC confirms the violations, the company may face administrative penalties that could trigger mandatory delisting under the revised Shenzhen Stock Exchange listing rules for the Growth Enterprise Market (2025) [1]

Core Viewpoint - *ST Changyao (300391.SZ) has received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into suspected false reporting of financial data, which may lead to significant penalties and potential delisting if found guilty [1] Summary by Relevant Sections - **Investigation Details** - The company is under investigation for allegedly falsifying financial data in periodic reports, as indicated by the CSRC's notice (Case No. 0042025020) [1] - **Legal Framework** - The investigation is based on violations of the Securities Law of the People's Republic of China and the Administrative Penalty Law, among other regulations [1] - **Potential Consequences** - If the CSRC confirms the violations, the company may face mandatory delisting under the Shenzhen Stock Exchange's rules for significant legal violations [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 美亞娛樂資訊集團有限公司 （於百慕達註冊成立之有限公司） II. 已發行股份及/或庫存股份變動 | 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) | 00391 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 5,923,738,525 | | 0 | | 5,923,738,525 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 5,923,738,525 | | 0 | | 5,923,738,525 | 第 2 頁 共 10 頁 v 1.1.1 呈交日期: 2025年11月5 ...