Core Viewpoint - *ST Changyao (300391) has experienced significant stock price decline, raising concerns about potential delisting due to continuous financial and operational issues [1][3][4]. Trading Information Summary - As of January 16, 2026, *ST Changyao closed at 0.54 yuan, down 20.59%, with a trading volume of 779,974 shares and a turnover of 45.045 million yuan [1]. - The stock has fallen for four consecutive days, with a cumulative decline of 36.08% year-to-date [1]. - In the last ten trading days, the net outflow of main funds reached 40.3818 million yuan, coinciding with a 36.08% drop in stock price [1]. Fund Flow Summary - On January 16, 2026, the main funds experienced a net outflow of 8.2002 million yuan, while retail investors saw a net inflow of 4.3908 million yuan, indicating a trend of institutional selling and retail buying [2]. 龙虎榜 Summary - *ST Changyao was listed on the "龙虎榜" due to a daily decline of 15% and a cumulative deviation of 30% over three trading days, marking its first appearance on the list in the last five trading days [3]. Company Announcement Summary - The company issued its eighth risk warning regarding potential delisting due to trading, financial issues, and significant legal violations, with the stock price remaining below 1 yuan for eleven consecutive trading days and market capitalization below 300 million yuan [3][4]. - The company confirmed that it has not discovered any major undisclosed information and that its controlling shareholder did not trade shares during the abnormal trading period [4]. - The ninth risk warning reiterated the potential for delisting, citing negative net assets and confirmed financial misreporting from 2021 to 2023, which has been recognized by the China Securities Regulatory Commission [4][5].

Trading Information Summary - The stock of *ST Changyao (300391) closed at 0.68 yuan on January 15, 2026, down 12.82%, with a trading volume of 638,794 shares and a transaction amount of 63.8794 million yuan [1][4] - The stock has experienced a continuous decline for three days, with two days in the last five trading days showing a drop of over 5%, resulting in a cumulative decline of 20.72% for the year [1][4] - In the first ten trading days, the net outflow of main funds reached 34.3049 million yuan, with a cumulative stock price drop of 26.76% during this period [1] Fund Flow Analysis - On January 15, the net outflow of main funds was 10.8822 million yuan, while retail funds saw a net inflow of 4.2771 million yuan [2][4] Company Announcement Summary - Changjiang Pharmaceutical Holdings Co., Ltd. may face delisting due to trading, financial issues, and significant legal violations, as the stock price has been below 1 yuan for ten consecutive trading days and the market capitalization has been below 300 million yuan for four days [3][4] - The company is expected to have a negative net asset by the end of 2025, and its financial report may receive a non-standard opinion, indicating potential financial delisting risks [3][4] - The company has received a preliminary notice of administrative punishment from the China Securities Regulatory Commission due to false records in annual reports from 2021 to 2023, which may trigger mandatory delisting for significant violations [3][4] - The company and its subsidiaries are facing numerous lawsuits, overdue debts, and frozen bank accounts [3]

Group 1 - The stock price of *ST Changyao has been below 1 yuan for ten consecutive trading days, indicating a risk of forced delisting due to trading-related issues [1][3] - The company's market capitalization has been below 300 million yuan for four consecutive days, further highlighting its financial distress [1][3] - The estimated net asset for the end of 2025 is expected to be negative, and the financial report may receive a non-standard opinion, indicating potential financial delisting risks [1][3] Group 2 - The company has received a preliminary notice of administrative punishment from the China Securities Regulatory Commission (CSRC) due to false records in its annual reports from 2021 to 2023, which may lead to significant legal consequences and forced delisting [1][3] - A subsidiary of the company has been declared bankrupt, adding to the overall financial instability of the company [1]

Core Viewpoint - *ST Changyao's stock is at risk of being delisted due to continuous low trading prices and potential financial irregularities [1] Group 1: Stock Performance - As of January 14, 2026, *ST Changyao's stock closed at 0.78 yuan, down 1.27% from the previous trading day [1] - The stock opened at 0.79 yuan, reached a high of 0.82 yuan, and a low of 0.77 yuan, with a trading volume of 33.24 million yuan and a turnover rate of 11.98% [1] Group 2: Risk of Delisting - The company issued its seventh risk warning regarding the potential termination of its stock listing due to trading, financial issues, and significant legal violations [1] - The stock price has been below 1 yuan for ten consecutive trading days, and the market capitalization has been below 300 million yuan for four days [1] - The estimated net assets for the end of 2025 are expected to be negative, and the financial report may receive a non-standard opinion [1] - The company has received a preliminary notice of administrative punishment from the CSRC for false records in its annual reports from 2021 to 2023, which may lead to mandatory delisting [1] - A subsidiary of the company has also been declared bankrupt, and related risk warnings have been issued multiple times [1]

Group 1 - The stock price of *ST Changyao (300391) closed at 0.79 yuan on January 13, 2026, down 2.47%, with a turnover rate of 16.39% and a trading volume of 574,300 shares, amounting to a transaction value of 45.203 million yuan [1] - The company is at risk of being delisted due to trading, financial issues, and significant legal violations, as its stock price has been below 1 yuan for nine consecutive trading days and its market capitalization has been below 300 million yuan for three days [1][2] - The company anticipates a negative net asset for the fiscal year 2025, and its financial report may receive a non-standard opinion, indicating serious financial distress [1] - The company has received a notice of administrative penalty from the China Securities Regulatory Commission (CSRC) due to false records in its annual reports from 2021 to 2023, which may lead to mandatory delisting [1] - A subsidiary of the company has been declared bankrupt, and a manager has been appointed [1] Group 2 - On January 13, 2026, there was a net outflow of 2.839 million yuan from main funds, indicating continued withdrawal by major investors [2] - The stock has been trading below 1 yuan for nine consecutive days, highlighting the risk of delisting due to trading-related issues [2]

Core Viewpoint - *ST Changyao's stock is at risk of being delisted due to continuous low trading prices and potential financial irregularities [1] Group 1: Stock Performance - As of January 13, 2026, *ST Changyao's stock closed at 0.79 yuan, down 2.47% from the previous trading day [1] - The stock opened at 0.80 yuan, reached a high of 0.83 yuan, and a low of 0.76 yuan, with a trading volume of 45.203 million yuan and a turnover rate of 16.39% [1] Group 2: Risk of Delisting - The company issued a risk warning regarding the potential termination of its stock listing due to trading, financial issues, and significant legal violations [1] - The stock price has been below 1 yuan for nine consecutive trading days, and the market capitalization has been below 300 million yuan for three days [1] - The projected net assets for 2025 are expected to be negative, and the financial report may receive a non-standard opinion [1] - The company has received a preliminary notice of administrative punishment from the CSRC for false records in annual reports from 2021 to 2023, which may lead to mandatory delisting due to significant legal violations [1] - A subsidiary of the company has been declared bankrupt, and a manager has been appointed [1]

Core Viewpoint - Company *ST Changyao (300391.SZ) is at risk of being delisted due to its stock price and market capitalization falling below regulatory thresholds [1] Group 1: Stock Performance - As of January 13, 2026, the company's stock closed at 0.79 yuan per share, having been below 1 yuan for nine consecutive trading days [1] - The company's market capitalization is 277 million yuan, which has been below 300 million yuan for three consecutive trading days [1] Group 2: Regulatory Compliance - According to the Shenzhen Stock Exchange's GEM Listing Rules, if the company's stock price remains below 1 yuan for twenty consecutive trading days, or if its market capitalization stays below 300 million yuan for the same period, it will face delisting [1] - The company has been under delisting risk warnings since April 22, 2025, and has faced additional warnings since December 29, 2025 [1] Group 3: Financial Status - The company is expected to report a negative net asset value at the end of 2025, pending the official audited annual report [1] - If the audited net assets for 2025 are negative, or if the financial report receives a qualified opinion, disclaimer, or adverse opinion, the company will trigger mandatory delisting conditions [1]

Group 1 - The stock of *ST Changyao closed at 0.81 yuan on January 9, 2026, down 6.9%, with a turnover rate of 18.05% and a trading volume of 632,400 shares, amounting to a transaction value of 52.36 million yuan [1] - On January 9, the net outflow of main funds was 11.01 million yuan, indicating continued withdrawal by major investors [2] - The company is at risk of being delisted due to its market capitalization falling below 300 million yuan and its stock price being below 1 yuan for seven consecutive trading days [2] Group 2 - The company is projected to have a negative net asset by the end of 2024, with expectations of continuing negative net assets in 2025, indicating financial delisting risk [2] - The company has been investigated by the China Securities Regulatory Commission for false reporting in its annual reports from 2021 to 2023, which may trigger mandatory delisting due to significant legal violations [2] - The company faces additional risks, including large overdue debts, frozen bank accounts, and bankruptcy of subsidiaries [1]

Group 1 - The stock of *ST Changyao (300391) closed at 0.87 yuan on January 8, 2026, with a rise of 3.57% and a turnover rate of 20.42%, totaling a trading volume of 715,300 shares and a transaction amount of 61.77 million yuan [1][2] - On January 8, the main funds experienced a net outflow of 2.77 million yuan, while retail investors showed a net inflow of 1.99 million yuan [2] - The company is at risk of being delisted due to its market capitalization falling below 300 million yuan, stock price remaining below 1 yuan for five consecutive trading days, and negative net assets projected for the end of 2024 and the third quarter of 2025 [1][2] Group 2 - The company has been under investigation by the China Securities Regulatory Commission for false reporting in its annual reports from 2021 to 2023, which may lead to mandatory delisting due to significant legal violations [1] - Additional risks include overdue debts, frozen bank accounts, and bankruptcy of subsidiaries [1]

Core Viewpoint - The stock of *ST Changyao (300391) is at risk of being delisted due to trading, financial issues, and significant legal violations, with its market capitalization falling below 300 million yuan [1] Group 1: Stock Performance - As of January 7, 2026, *ST Changyao closed at 0.84 yuan, down 4.55% from the previous trading day, with a total market value of 294 million yuan [1] - The stock opened at 0.87 yuan, reached a high of 0.88 yuan, and a low of 0.83 yuan, with a trading volume of 35.36 million yuan and a turnover rate of 11.85% [1] Group 2: Risk of Delisting - The company issued a risk warning regarding the potential termination of its stock listing due to trading-related, financial-related, and major legal violations [1] - The stock's closing market value has fallen below 300 million yuan, and it has traded below 1 yuan for five consecutive trading days, indicating a risk of delisting due to trading issues [1] - By the end of 2024, the company's net assets are projected to be negative, and if the audited net assets for 2025 are also negative or if the financial report receives a non-standard opinion, it will trigger financial delisting [1] Group 3: Legal and Financial Issues - The company has been under investigation by the China Securities Regulatory Commission (CSRC) for false reporting in its annual reports from 2021 to 2023, which may lead to mandatory delisting due to significant legal violations [1] - The company is facing risks related to large overdue debts, frozen bank accounts, and bankruptcy of subsidiaries [1]