Group 1 - The stock of *ST Changyao closed at 0.88 yuan on January 6, 2026, down 1.12%, with a turnover rate of 15.68% and a trading volume of 549,400 shares, amounting to a transaction value of 47.54 million yuan [1][2] - On January 6, the net outflow of main funds was 858,100 yuan, while retail investors saw a net inflow of 1,088,700 yuan [2] - The company has issued a risk warning regarding the potential termination of its stock listing due to negative net assets for the fiscal year 2024 and the possibility of receiving a non-standard audit opinion for its financial reports [1][2] Group 2 - The company has faced administrative penalties from the China Securities Regulatory Commission (CSRC) for false disclosures in its annual reports from 2021 to 2023, which may lead to mandatory delisting [1] - The stock price has been below 1 yuan for several consecutive days, and if it remains below this threshold for twenty consecutive trading days, it will trigger a delisting event [1] - A subsidiary of the company has been declared bankrupt, and a manager has been appointed [1]

Core Viewpoint - The company *ST Changyao (300391) is at risk of being delisted due to negative net assets and potential non-standard audit opinions, following a series of financial irregularities and a recent bankruptcy of its subsidiary [1]. Financial Performance - As of January 6, 2026, *ST Changyao's stock closed at 0.88 yuan, down 1.12% from the previous trading day, with a total market capitalization of 308 million yuan [1]. - The stock opened at 0.86 yuan, reached a high of 0.91 yuan, and a low of 0.82 yuan, with a trading volume of 47.54 million yuan and a turnover rate of 15.68% [1]. Risk Factors - The company announced that its net assets for the year 2024 are expected to be negative, and it is projected that it will not complete restructuring by 2025, leading to continued negative net assets by the end of 2025 [1]. - The company has received a notice of administrative penalty from the China Securities Regulatory Commission (CSRC) due to false disclosures in its annual reports from 2021 to 2023, which may lead to mandatory delisting for major violations [1]. - The stock price has been below 1 yuan for several consecutive days, and if it remains below this threshold for twenty consecutive trading days, it will trigger a trading delisting [1]. - A subsidiary of the company has been declared bankrupt, and a manager has been appointed [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12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） 呈交日期: 2026年1月6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) | 00391 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 15,000,000,000 | HKD | | 0.02 HKD | | 300,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | 0 | | 本月底結存 | | 15,000,000,000 | HKD | | 0.02 HKD | | 300,000,000 | 本月底法定/註冊股本總額： ...

Core Viewpoint - *ST Changyao (300391.SZ) is undergoing a restructuring process, with recent developments indicating the withdrawal of restructuring investors and changes in management oversight [1] Group 1: Restructuring Developments - The company has received letters from restructuring investors, including Sichuan Jiadaobowen Ecological Technology Co., Ltd. and Hefei Dangge Changhong Venture Capital Partnership, requesting the termination of the restructuring investment agreement [1] - The temporary administrator has informed all relevant restructuring investors and the company about the intention to terminate the restructuring investment agreement and return the investment deposit as per the agreement [1] Group 2: Management Changes - On December 30, 2025, the company received a decision from the Intermediate People's Court of Shiyan City, Hubei Province, regarding the resignation of the original administrator, Shanghai Jintiancheng Law Firm [1] - The court has decided to relieve Shanghai Jintiancheng Law Firm of its duties as the administrator for the substantive merger restructuring case of Changjiangxing and seven other companies, appointing Beijing Tianda Gonghe (Wuhan) Law Firm as the new administrator, with Liu Jun as the responsible administrator [1]

Core Viewpoint - *ST Changyao is facing multiple delisting risks due to its stock price falling below par value, suspected financial data falsification, and an expected negative net asset at the end of the period, which has attracted significant market attention [1] Group 1: Stock Price and Listing Rules - On December 30, 2025, *ST Changyao's stock closed at 0.95 yuan per share, marking the first instance of the closing price falling below 1 yuan [3] - According to the Shenzhen Stock Exchange's listing rules, if the stock price remains below 1 yuan for twenty consecutive trading days, it will face delisting [3] - The company is required to issue a risk warning announcement the day after the first occurrence of the stock price falling below 1 yuan and must continue to disclose risks if the situation persists [3] Group 2: Regulatory Investigations and Financial Irregularities - On November 7, 2025, *ST Changyao received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation for suspected financial data falsification [3] - The CSRC issued a prior notice of administrative penalty on December 26, 2025, indicating that the company had inflated its revenue by 215 million yuan, 284 million yuan, and 234 million yuan for the years 2021, 2022, and 2023, respectively [4] - The inflated profits for the same years were reported as 56.4 million yuan, 63.4 million yuan, and 43.7 million yuan, representing 35.62%, 88.23%, and 6.42% of the disclosed profit totals [4] Group 3: Financial Condition and Risks - As of the end of 2024, the audited net assets attributable to shareholders were -433 million yuan, leading to a delisting risk warning [5] - By the end of the third quarter of 2025, the net assets further declined to -643 million yuan, with an expectation of negative net assets by December 31, 2025, which could trigger financial delisting conditions [5] - The company is involved in 152 litigation and arbitration cases, with a total amount of 1.932 billion yuan, which is 446% of the latest audited net assets [5] - The company has significant interest-bearing debts of 1.106 billion yuan, with overdue debts amounting to 390 million yuan, impacting its repayment capacity [5]

Core Viewpoint - *ST Changyao's stock price has fallen below 1 yuan for the first time, potentially leading to delisting due to continuous trading below this threshold and ongoing investigations by the China Securities Regulatory Commission (CSRC) for financial misconduct [2][4][6] Financial Performance - The company reported a negative net asset value of -433 million yuan for the end of 2024, which could trigger mandatory delisting if the negative trend continues into 2025 [5] - The audited net profits for 2022, 2023, and 2024 were -76.39 million yuan, -632 million yuan, and -569 million yuan respectively, indicating a consistent decline in financial performance [5] Legal and Regulatory Issues - The CSRC has identified that *ST Changyao inflated revenue and profits for three consecutive years, leading to proposed fines of 10 million yuan for the company and 31 million yuan for 14 responsible individuals [6] - The company is under investigation for potential major violations that could result in delisting, with the Shenzhen Stock Exchange initiating delisting procedures [6] Court Proceedings - The company faced a court ruling that rejected its restructuring application, indicating a lack of feasibility for reorganization [3] - The court also terminated the substantive merger restructuring process for *ST Changyao and six other companies, declaring them bankrupt [3]

Core Viewpoint - *ST Changyao (300391.SZ) has received court rulings that terminate its pre-restructuring process and reject a restructuring application from a related company, indicating significant challenges in its financial recovery efforts [1] Group 1: Court Rulings - The Hubei Shiyan Intermediate People's Court has ruled not to accept the restructuring application from Shiyan Yunxu Industrial and Trade Co., Ltd. against the company, effectively ending the pre-restructuring process [1] - The court also issued a ruling to terminate the substantive merger restructuring process for Hubei Changjiang Star Pharmaceutical Co., Ltd. and seven other companies, declaring them bankrupt [1]

Group 1 - The company *ST Changyao (300391) experienced a stock price decline of 3.92%, closing at 1.47 yuan on December 26, 2025, with a trading volume of 349,600 shares and a turnover of 51.48 million yuan [1][3] - The company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) due to false reporting in its annual reports from 2021 to 2023, which inflated revenue and total profit [1][2] - The company may face a significant risk of forced delisting, with the CSRC proposing a fine of 10 million yuan and imposing market bans on responsible individuals [1][2] Group 2 - The company’s net assets for the fiscal year 2024 were reported at -432.84 million yuan, triggering a financial delisting risk warning [2] - The company’s annual reports from 2021 to 2023 contained false records, leading to the potential for major legal violations and forced delisting [2][3] - The stock will be subject to a delisting risk warning starting December 29, 2025, with a daily price fluctuation limit of 20% [2]

Core Viewpoint - Long Pharmaceutical Holdings (ST Changyao) is facing a severe crisis due to financial fraud, leading to a potential delisting from the stock market and significant losses for its investors [2][4]. Group 1: Financial Fraud Details - Long Pharmaceutical Holdings has been found to have inflated its revenue by over 700 million yuan from 2021 to 2023, with specific annual increases of 215.32 million yuan, 283.74 million yuan, and 233.63 million yuan, representing 9.12%, 17.57%, and 19.51% of the reported revenue for those years respectively [4][5]. - The company also inflated its total profit by approximately 56.4 million yuan, 63.4 million yuan, and 43.7 million yuan during the same period, accounting for 35.62%, 88.23%, and 6.42% of the reported total profit [4][5]. - The fraud was facilitated by subsidiaries of Long Pharmaceutical Holdings, which created false inventory and sales documents without actual sales occurring [4][5]. Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has issued a preliminary administrative penalty notice, proposing a total fine of 41 million yuan against Long Pharmaceutical Holdings and 14 responsible individuals, with the company itself facing a fine of 10 million yuan [5][6]. - The CSRC has classified the case as a serious financial fraud incident, indicating that it may trigger mandatory delisting procedures [5][6]. - The CSRC is also investigating the performance of the auditing firms involved, and any violations found will lead to further penalties [5][6]. Group 3: Investor Impact - Investors are facing dual risks of delisting due to financial indicators and serious violations, with the stock price having dropped over 70% in 2025, closing at 1.47 yuan per share [7][10]. - There are potential legal avenues for investors to seek compensation for losses incurred due to the financial fraud, particularly for those who held shares during specified periods [10][11]. - The company has acknowledged the situation and stated it will cooperate with the CSRC, but the final outcome will depend on the formal penalty decision [6][10].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced severe penalties against Changjiang Pharmaceutical Holdings Co., Ltd. (*ST Changyao) for serious financial fraud, which includes a proposed fine of 10 million yuan for the company and 31 million yuan for 14 responsible individuals, along with a lifetime ban for the former general manager, Luo Ming [4][6]. Financial Fraud Details - *ST Changyao has inflated its revenue and profits for three consecutive years, violating securities laws. The company is facing a potential forced delisting due to these serious violations [4][7]. - The company reported inflated revenues of 215.32 million yuan, 283.74 million yuan, and 233.63 million yuan for the years 2021, 2022, and 2023, respectively, which accounted for 9.12%, 17.57%, and 19.51% of the disclosed revenue for those years [6]. - The inflated profit totals were 56.40 million yuan, 63.38 million yuan, and 43.71 million yuan for the same years, representing 35.62%, 88.23%, and 6.42% of the disclosed profit totals [6]. Regulatory Actions - The CSRC has initiated an investigation into the practices of intermediary institutions involved, with potential penalties for any violations found [4][6]. - The company is the 15th listed firm this year to face potential forced delisting due to financial fraud [4]. Company Performance - *ST Changyao has reported continuous losses, with a net profit of -210 million yuan for the first three quarters of 2025, a year-on-year decrease of 15.89% [8]. - The stock price has been declining since the investigation began, closing at 1.47 yuan per share on December 26, with a total market value of only 515 million yuan [10].