Core Viewpoint - The article highlights the ongoing strict regulatory environment for listed companies in China's A-share market, with several companies facing administrative penalties or investigations for various violations, including financial misconduct and information disclosure failures [1][2]. Group 1: Regulatory Actions - Multiple A-share companies, including Longbai Group, Dongjiang Environmental Protection, and *ST Chuangxing, have announced administrative penalties due to violations such as false financial reporting and improper disclosure of related party transactions [1][4]. - Over 10 A-share companies have been penalized or investigated in November alone, with a significant number being ST companies, indicating a focused regulatory crackdown [1][2]. Group 2: Specific Company Cases - Longbai Group's subsidiary was fined 1.49 million yuan for a safety incident that resulted in casualties and economic losses, while Dongjiang's subsidiary faced penalties for tax evasion amounting to 202.42 million yuan [2][3]. - *ST Chuangxing was found to have false financial data in its annual reports and was required to submit a written rectification report, with its former chairman facing criminal charges unrelated to the company [4]. - Other companies like Haosai and Jiyuan Pharmaceutical have also been penalized for failing to disclose related party transactions and other regulatory breaches, with fines totaling millions [6][9]. Group 3: Impact on Market Trust - Regulatory officials emphasize the importance of early detection and strict punishment for problematic companies to protect investors and restore market confidence, particularly for ST companies that are given a one-year observation period for rectification [1].

Core Viewpoint - *ST Chuangxing has received administrative regulatory measures from the Shanghai Securities Regulatory Bureau due to issues related to revenue cost recognition and inaccurate disclosure of related party transactions, but the company asserts that these measures will not affect its normal operations [2] Group 1: Regulatory Measures - The Shanghai Securities Regulatory Bureau issued a decision on November 24, indicating that *ST Chuangxing has issues with revenue cost recognition and related party transaction disclosures from 2022 to 2024 [2] - The company has committed to addressing the issues raised in the decision and will submit a written rectification report to the regulatory authority [2] - *ST Chuangxing emphasizes that the regulatory measures will not impact its normal production and management activities [2] Group 2: Capital Increases and Business Development - In July, *ST Chuangxing announced a capital increase for its subsidiary, Wenzhou Zhisheng Construction Engineering Co., Ltd., raising its registered capital from 1 million RMB to 50 million RMB [3] - In August, the company further increased the capital of its wholly-owned subsidiary, Ningbo Yuyi Construction Co., Ltd., from 10,000 RMB to 2.369 million RMB to support its operational needs [3] - The company signed a related party transaction framework agreement with Lio Group for construction and related services, estimating a total contract amount of no more than 20 million RMB over the next 12 months [3] Group 3: Financial Performance - In Q3, *ST Chuangxing reported a single-quarter revenue of 18.35 million RMB, a 49-fold increase compared to the first half of the year and a 121.25% increase year-on-year [4] - The company's net loss for the first three quarters of 2025 was 14.49 million RMB, a reduction of 516,000 RMB or 26.3% compared to the same period in 2024 [4] - Cash and cash equivalents reached 21.16 million RMB by the end of Q3, a 409.7% increase from the end of 2024 [4] Group 4: Market Outlook - Analysts believe that despite the cumulative revenue for the first three quarters being lower than the previous year, the explosive growth in Q3 indicates a reversal in the company's operational trend [5] - The ongoing acquisition of new orders and steady business expansion are expected to further improve the company's operational fundamentals [5]

Market Performance - The decoration and renovation sector increased by 1.27% compared to the previous trading day, with Meizhi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Key Stocks in the Sector - Meizhi Co., Ltd. (002856) closed at 12.88, with a rise of 9.99% and a trading volume of 97,200 shares, totaling a transaction value of 123 million yuan [1] - Zhengzhong Design (002811) closed at 16.01, up 7.31%, with a trading volume of 592,300 shares and a transaction value of 2.616 million yuan [1] - Other notable stocks include *ST Jianyi (002789) with a 5.00% increase, *ST Zhongzhuang (002822) with a 4.98% increase, and Zhongtian Jingzhuang (002989) with a 4.19% increase [1] Capital Flow Analysis - The decoration and renovation sector experienced a net outflow of 8.5444 million yuan from institutional investors, while retail investors saw a net outflow of 3.6943 million yuan [2] - Conversely, speculative funds recorded a net inflow of 12.2387 million yuan [2] Individual Stock Capital Flow - Zhengzhong Design (002811) had a net inflow of 11.2 million yuan from institutional investors, but a net outflow of 58.6391 million yuan from speculative funds [3] - Meizhi Co., Ltd. (002856) saw a net inflow of 21.6486 million yuan from institutional investors, with a net outflow of 9.0472 million yuan from speculative funds [3] - Hainan Development (002163) had a net inflow of 59.3333 million yuan from institutional investors, while also experiencing a net outflow from retail investors [3]

Core Viewpoint - *ST Chuangxing has received an administrative supervision decision from the China Securities Regulatory Commission due to violations related to revenue and cost misstatements in its construction and decoration business, as well as inaccurate disclosures of related party transactions [2] Group 1: Company Overview - *ST Chuangxing was established on August 25, 1996, with a registered capital of 425.373 million RMB, and is headquartered in Shanghai [2] - The main business activities include construction engineering, mobile information services, and computing power services [2] - The current chairman is Liu Peng, with a total of 68 employees and 19 affiliated companies [3] Group 2: Financial Performance - The company's operating revenues for 2022, 2023, 2024, and the first three quarters of 2025 were 264 million RMB, 130 million RMB, 84.013 million RMB, and 18.7286 million RMB, reflecting year-on-year declines of 61.81%, 50.58%, 35.53%, and 59.10% respectively [4] - The net profit attributable to the parent company for the same periods were 6.2248 million RMB, -21.1352 million RMB, -193 million RMB, and -14.485 million RMB, with year-on-year changes of -68.59%, -439.53%, -814.99%, and 26.27% respectively [4] - The asset-liability ratios for the same periods were 56.18%, 58.85%, 81.91%, and 83.76% [4] Group 3: Regulatory Actions - The company has committed to actively rectify the identified issues and enhance its operational and information disclosure management to prevent similar incidents in the future [2] - The administrative measures imposed will not affect the company's normal production and operational management activities [2]

证券代码：600193 证券简称：*ST 创兴 公告编号：2025－069 上海创兴资源开发股份有限公司 公司上述行为违反了《上市公司信息披露管理办法》（证监会令第 182 号） 第三条第一款规定。根据《上市公司信息披露管理办法》（证监会令第 182 号） 第五十二条第一项规定，我局决定对*ST 创兴采取责令改正的行政监管措施。*ST 创兴应采取有效措施进行改正，并于收到本决定书之日起 30 日内向我局提交书面 整改报告。 顾简兵（身份证号：310103************）于 2020 年 10 月 21 日至 2022 年 11 月 13 日任公司董事长，在任职期间未勤勉尽责，对公司 2021 年年度报告财务 数据虚假记载及关联交易信息披露违规行为负有责任，违反了《上市公司信息披 露管理办法》（证监会令第 182 号）第四条的规定。根据《上市公司信息披露管 理办法》（证监会令第 182 号）第五十一条、第五十二条第三项规定，我局决定 对顾简兵采取出具警示函的行政监管措施。 关于公司及相关人员收到中国证券监督管理委员会 上海监管局《行政监督措施决定书》的公告 本公司董事会及全体董事保证本公告内容不存在任 ...

2025.11. 12 交易始末：协议转让又撤销，1000万保证金成争议焦点 去年9月，浙江华侨系暴雷后，华侨系原实控人余增云此前通过华侨实业间接持有的*ST创兴23.90%股份，已全部被司法冻结，其中15.75%的股份处 于质押状态，剩余 8.15% 股权未被质押。 成立于2025年1月的辽宁璟铖，成立初衷便是拿下*ST创兴的实际控制权。 本文字数：2093，阅读时长大约4分钟 作者 | 第一财经 张丽华 *ST创兴（600193.SH）董事长刘鹏被刑拘后，一桩尘封的股权交易纠纷浮出水面，揭开了华侨系资产处置谜团。 11月12日，杭州市上城区法院开庭审理辽宁璟铖企业管理合伙企业（有限合伙）（下称 "辽宁璟铖"）与浙江华侨实业有限公司（下称 "华侨实业"）的 股权交易纠纷案。 这是自2024年11月浙江华侨系涉集资诈骗案刑事立案以来，作为涉案主体之一的华侨实业，首次以原告身份出现在法庭上。 作为华侨系唯一的A股上市平台，*ST创兴曾由华侨实业担任第一大股东，其股权处置直接关系到华侨系案件受害人及债权人的赔付权益。 本次诉讼与庭审，不仅揭开了这笔*ST创兴股权交易的内幕，更暴露了华侨系资产处置的核心矛盾 ——自 ...

Core Insights - The decoration and renovation sector saw a slight increase of 0.28% on November 12, with *ST Baoying leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - *ST Baoying (002047) closed at 3.76, up 5.03% with a trading volume of 799,000 shares and a turnover of 291 million yuan [1] - Other notable gainers included *ST Dongyi (002713) at 16.82, up 4.99%, and *ST Mingjia (300506) at 5.42, up 4.43% [1] - Conversely, *ST Jianyi (002789) fell 5.03% to 11.33, with a trading volume of 72,000 shares [2] Capital Flow - The decoration and renovation sector experienced a net outflow of 145 million yuan from institutional investors, while retail investors saw a net inflow of 187 million yuan [2][3] - Major stocks like Quanzhu Co. (603030) had a net inflow of 41.13 million yuan from institutional investors, while *ST Baoying had a net inflow of 22.31 million yuan [3]

华侨系资产处置"漏风" *ST创兴（600193.SH）董事长刘鹏被刑拘后，一桩尘封的股权交易纠纷浮出水面，揭开了华侨系资产 处置谜团。 11月12日，杭州市上城区法院开庭审理辽宁璟铖企业管理合伙企业（有限合伙）（下称 "辽宁璟铖"） 与浙江华侨实业有限公司（下称 "华侨实业"）的股权交易纠纷案。 这是自2024年11月浙江华侨系涉集资诈骗案刑事立案以来，作为涉案主体之一的华侨实业，首次以原告 身份出现在法庭上。 作为华侨系唯一的A股上市平台，*ST创兴曾由华侨实业担任第一大股东，其股权处置直接关系到华侨 系案件受害人及债权人的赔付权益。 本次诉讼与庭审，不仅揭开了这笔*ST创兴股权交易的内幕，更暴露了华侨系资产处置的核心矛盾 —— 自华侨系案发逾一年以来，华侨实业的实际控制权仍由余增云时期的原班人员掌握，相关人员的表见代 理权未被及时厘清与终止，这导致华侨系资产处置流程缺乏有效监管，漏洞频出。 交易始末：协议转让又撤销，1000万保证金成争议焦点 去年9月，浙江华侨系暴雷后，华侨系原实控人余增云此前通过华侨实业间接持有的*ST创兴23.90%股 份，已全部被司法冻结，其中15.75%的股份处于质押状态，剩余 ...

10月30日晚，*ST创兴公告，公司近日收到董事长刘鹏家属通知，其收到杭州市公安局上城区分局出具 的《逮捕通知书》，刘鹏因涉嫌犯罪被批准逮捕。其所涉及事项与公司无关。 *ST创兴表示，截至本公告披露日，公司董事会运作正常，董事长及公司法定代表人职责由董事兼总经 理杨喆代行，日常经营管理由高管团队负责。公司及下属子公司生产经营情况正常。 2024年9月，*ST创兴公告前实控人余增云失联，公司股价闪崩。随后，余增云名下华侨基金出现兑付 危机。2024年11月，*ST创兴进一步公告称，余增云因涉嫌集资诈骗，被杭州市公安局上城区分局认为 符合刑事立案标准，已被立案调查。 此次逮捕刘鹏的杭州市公安局上城区分局也是余增云相关案件的经办单位。 公开资料显示，上海创兴资源开发股份有限公司于1999年5月27日上市，公司的主营业务是建筑工程业 务等。 ※ 编辑：胡婧 ※ 校对：张铭革 ※ 审核：易福进雷妤 ※ 来源：证券时报、第一财经、每日经济新闻、深圳新闻网 点 点 资料显示，刘鹏，1980年6月出生，汉族，中国国籍，毕业于浙江大学管理学院，硕士研究生学历。刘 鹏曾在巨化集团任办公室副主任、战略办主任，巨化控股总经理，并在其 ...

Core Viewpoint - Shanghai Chuangxing Resource Development Co., Ltd. (*ST Chuangxing, 600193) announced that its chairman, Liu Peng, has been arrested on criminal charges unrelated to the company, while the company's operations remain normal [1][3]. Group 1: Company Operations - As of the announcement date, the company's board is functioning normally, with the chairman's responsibilities being temporarily assumed by Yang Zhe, a board member and general manager [3]. - The company continues to monitor the situation and will fulfill its disclosure obligations as required by law [3]. Group 2: Financial Performance - For the first three quarters of the year, *ST Chuangxing reported revenue of 18.73 million yuan, a year-on-year decline of 59.10%, and a net loss attributable to shareholders of 14.49 million yuan [4]. - The company faces significant uncertainty regarding its ability to continue operations, as highlighted by its auditor, Zhongxing Caiguanghua Accounting Firm, which noted consecutive years of losses and negative cash flow from operating activities for five years [4]. Group 3: Ownership and Control Changes - The company's main business includes construction engineering, mobile information services, and computing power services [5]. - The previous controlling shareholder, Zhejiang Huqiao Industrial Co., Ltd., has seen its stake in *ST Chuangxing drop from 23.90% to 8.15% due to judicial auction, resulting in a change of actual controller to Wang Xiangrong [5].