Core Viewpoint - *ST Suwu has been forced to delist due to continuous financial fraud over the past four years, alongside a dispute over the agency rights of its key medical beauty product, AestheFill [2][6][12] Financial Misconduct - The company received a delisting decision from the Shanghai Stock Exchange due to "financial fraud" and other violations [2] - The China Securities Regulatory Commission (CSRC) issued an administrative penalty, confirming that the annual reports from 2020 to 2023 contained false records [4][7] - The fraudulent activities included concealing the actual change of control and inflating revenue, costs, and profits through non-commercial trade with related companies [6][7] Financial Impact - The inflated revenues for the years 2020 to 2023 were reported as follows: 4.95 billion, 4.69 billion, 4.31 billion, and 3.77 billion, representing 26%, 26.39%, 21.26%, and 16.82% of the reported revenues respectively [7] - The inflated costs for the same years were 4.81 billion, 4.48 billion, 4.11 billion, and 3.55 billion, accounting for 37.08%, 35.47%, 28.40%, and 20.95% of the reported costs respectively [7] - The inflated total profits were 14.58 million, 20.27 million, 19.92 million, and 21.22 million, which were 2.9%, 51.65%, 26%, and 29.81% of the reported total profits respectively [7] Related Party Transactions - The company failed to disclose non-operating fund occupation by related parties, with balances at the end of each year from 2020 to 2023 being 127 million, 1.393 billion, 1.543 billion, and 1.693 billion, which represented 6.88%, 74.20%, 84.60%, and 96.09% of the reported net assets respectively [8] Agency Rights Dispute - The company is embroiled in a dispute over the agency rights of AestheFill, a key product that significantly contributed to its revenue [10][11] - AestheFill's sales accounted for 35.55% of the company's revenue in Q1 2025, with a gross profit contribution of 92.44 million, representing 45.77% of total gross profit [10] - The dispute escalated when Regen sent a termination letter to the company, demanding the cancellation of its exclusive distribution rights for AestheFill in mainland China [11] Market Response - The company’s medical beauty segment saw a revenue increase of 4225.65% in 2024, with a gross margin of 82.26% [13]

因财务造假，此前被立案处罚的江苏吴中医药发展股份有限公司(以下简称"*ST苏吴（600200）")被终 止上市。 12月1日晚，*ST苏吴发布公告称，公司收到上海证券交易所出具的《关于江苏吴中医药发展股份有限 公司股票终止上市的决定》，上交所决定终止公司股票上市。2025年12月9日，*ST苏吴股票进入退市 整理期，预计最后的交易日期为2025年12月29日。 实控人"隐身"6年。*ST苏吴未如实披露实际控制人，导致2018年至2023年年度报告存在虚假记载。 2018年2月，*ST苏吴控股股东苏州吴中投资控股有限公司发生股权变更，变更后，钱群山实际支配*ST 苏吴行为，成为*ST苏吴实际控制人。*ST苏吴2018年至2023年年度报告披露钱群英为实际控制人，存 在虚假记载。 公开资料显示，钱群英与钱群山为姐弟关系。钱群英出生于1968年10月，钱群山出生于1973年11月。钱 群英为中专学历。 财务造假4年。*ST苏吴虚增营业收入、营业成本和利润，导致2020年至2023年年度报告存在虚假记 载。具体来看，*ST苏吴多家子公司与多家关联公司开展无商业实质的贸易业务，虚增营业收入、营业 成本和利润。*ST苏吴 ...

Core Viewpoint - The article discusses the significant decline in the stock price of Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. (referred to as "*ST Suwu"), which has lost 90% of its market value since the involvement of the Qian siblings, with the stock price dropping from 11 yuan to 1.24 yuan by November 25, 2025 [1][15]. Summary by Sections Company Control and Ownership - In February 2018, Qian Ying, the sister of Qian Qunshan, acquired control of Jiangsu Wuzhong through a share transfer transaction valued at approximately 707 million yuan, gaining a 17.01% stake in the company [5]. - Prior to this acquisition, Jiangsu Wuzhong had nine actual controllers, and the company faced an investigation by the CSRC, which concluded with no wrongdoing found [5]. Financial Misconduct and Penalties - On November 25, 2025, the CSRC issued an administrative penalty against *ST Suwu for concealing the actual controller, financial fraud, and fund occupation, resulting in a fine of 10 million yuan for the company and 1.5 million yuan for Qian Qunshan [2][21]. - The company was found to have inflated revenue and profits through non-commercial trade activities, with inflated revenues of 4.95 billion yuan in 2020, 4.69 billion yuan in 2021, and so on, leading to significant penalties [18]. - By the end of 2023, related parties had occupied 1.693 billion yuan of *ST Suwu's funds, nearly exhausting the company's net assets [19]. Strategic Changes and Business Direction - After Qian Ying took control, Jiangsu Wuzhong shifted its strategy to focus on "pharmaceuticals + medical aesthetics," establishing a medical aesthetics division and investing in related products [14]. - Despite ongoing investigations and financial issues, Qian Qunshan continued to promote the company's medical aesthetics products, claiming significant sales figures [15]. Future Implications - The article highlights the potential for criminal charges against the Qian siblings if their actions are deemed to constitute embezzlement, as seen in similar cases where individuals were prosecuted for misappropriating company funds [22].

Core Viewpoint - *ST Suwu (600200.SH) is facing mandatory delisting due to financial fraud, with the delisting period starting on December 9, 2025, and the last trading day expected to be December 29, 2025 [2][4] Financial Misconduct - The company has been found guilty of financial fraud for four consecutive years, leading to a forced delisting decision by the Shanghai Stock Exchange [2][4] - The China Securities Regulatory Commission (CSRC) issued an administrative penalty on November 25, stating that the company's annual reports from 2020 to 2023 contained false records [4][6] Revenue and Profit Inflation - *ST Suwu inflated its reported revenue by 4.95 billion, 4.69 billion, 4.31 billion, and 3.77 billion yuan for the years 2020 to 2023, representing 26%, 26.39%, 21.26%, and 16.82% of the reported revenue for those years respectively [7] - The company also inflated its reported profits by 14.58 million, 20.27 million, 19.92 million, and 21.22 million yuan during the same period, accounting for 2.9%, 51.65%, 26%, and 29.81% of the reported profits [7] Related Party Transactions - *ST Suwu failed to disclose significant non-operating fund occupation by related parties, with balances of 127 million, 1.393 billion, 1.543 billion, and 1.693 billion yuan at the end of 2020, 2021, 2022, and 2023 respectively, which constituted 6.88%, 74.20%, 84.60%, and 96.09% of the reported net assets [8] Medical Aesthetics Business - The medical aesthetics segment of *ST Suwu reported a revenue of 330 million yuan in 2024, a staggering increase of 4225.65% year-on-year, with a gross margin of 82.26% [10] - The significant revenue growth is attributed to the sales of the AestheFill product, which contributed to a net profit of 70.48 million yuan for the company in 2024, marking a 197.97% increase year-on-year [10] Agency Rights Dispute - The company is embroiled in a dispute over the agency rights for the AestheFill product, which has not yet been resolved [11][12] - A temporary arbitration decision has been made to maintain the status quo regarding the agency rights until a final ruling is reached [12]

Core Viewpoint - The implementation of the "delisting new rules" reflects a strict regulatory stance towards listed companies that violate major delisting regulations, with *ST Suwu being a prominent example facing delisting due to multiple financial misconducts [2][3]. Group 1: Company Specifics - *ST Suwu (600200.SH) has received a delisting decision from the Shanghai Stock Exchange, with its stock entering a 15-day delisting preparation period starting December 9, 2023, and the expected last trading day being December 29, 2023 [2]. - The company has been found guilty of multiple violations, including failing to disclose the actual controller, false reporting in annual reports from 2018 to 2023, and significant omissions regarding related party non-operating fund usage, with a reported balance of 1.693 billion yuan, accounting for 96.09% of the disclosed net assets as of the end of 2023 [2]. - *ST Dongtong (300379.SZ) is also facing delisting due to four consecutive years of financial fraud and fraudulent issuance during a 2022 private placement, with the Shenzhen Stock Exchange planning to terminate its stock listing [3]. Group 2: Regulatory and Legal Context - The regulatory framework is evolving towards a "three-punishment linkage" system, which includes administrative, civil, and criminal penalties for companies involved in major violations [4]. - Legal experts indicate that *ST Suwu and its major shareholders may face civil claims and criminal penalties due to their financial misconduct, emphasizing the need for comprehensive accountability for companies that trigger major delisting risks [5]. - The China Securities Regulatory Commission (CSRC) has highlighted the importance of investor protection in cases of major violations leading to delisting, encouraging companies to take proactive measures to compensate affected investors [5].

Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. is facing delisting due to severe violations including concealing the actual controller, financial fraud, and fund occupation, leading to a penalty of 10 million yuan and a forced delisting decision by the Shanghai Stock Exchange [2][13][16]. Group 1: Company Background and Control - Jiangsu Wuzhong was controlled by Qian Qunshan's sister, Qian Qunying, after a share transfer in February 2018, where 60.61% of the shares were sold for approximately 707 million yuan [3][4]. - Prior to the transfer, the company had nine actual controllers, and its revenue dropped significantly to 1.702 billion yuan in 2018, with a net loss of 286 million yuan [4]. - Qian Qunshan was found to be the actual controller despite Qian Qunying being the nominal controller, as he exercised real control over the company [5][8]. Group 2: Violations and Penalties - The China Securities Regulatory Commission (CSRC) issued a penalty on November 25, 2025, for financial fraud, revealing that the company inflated revenues and profits through non-commercial trade activities from 2020 to 2023 [14][15]. - The inflated revenues amounted to 4.95 billion yuan, 4.69 billion yuan, 4.31 billion yuan, and 3.77 billion yuan for the respective years, constituting significant percentages of reported revenues [14]. - The total fund occupation reached 1.693 billion yuan by the end of 2023, nearly exhausting the company's net assets of 1.744 billion yuan [15]. Group 3: Future Implications - The company is set to enter a delisting period on December 9, 2025, with the last trading day expected to be December 29, 2025, under the new name "Delisted Suwu" [2]. - There are ongoing concerns regarding the potential criminal implications for the involved parties, as the actions may constitute embezzlement under Chinese law [16].

本报（chinatimes.net.cn）记者夏高琴 南京报道 在收到证监会处罚决定一周后，*ST苏吴（600200.SH）的退市终局正式落定。 12月1日晚间，*ST苏吴发布公告，因触及重大违法强制退市情形，公司收到上海证券交易所出具的 《关于江苏吴中医药发展股份有限公司股票终止上市的决定》（下称《决定》），决定终止公司股票上 市，12月9日，其股票将进入退市整理期。 "退市后我们正常挂到三板股转系统的退市板块，公司依旧是正常生产经营的。"对于上交所的《决 定》，*ST苏吴工作人员在回应《华夏时报》记者采访时表示。 针对上述违法行为，证监会作出严厉处罚：对*ST苏吴责令改正、警告并处1000万元罚款；实际控制人 钱群山被警告、罚款1500万元并实施10年证券市场禁入；其他4名相关责任人合计被罚款550万元，罚单 总额达3550万元。并且已然触及重大违法强制退市情形。 12月1日，公司收到上海证券交易所出具的《关于江苏吴中医药发展股份有限公司股票终止上市的决 定》，根据中国证监会行政处罚认定的事实，公司披露的2020年至2023年年度报告存在虚假记载。上述 情形属于重大违法强制退市情形，交易所决定终止公司股票 ...

New Stock Listings - China Uranium Industry (Stock Code: 001280) listed at an issue price of 17.89 on December 3, 2025[1] - 荃银高科 (Stock Code: 300087) has a tender offer period from December 4, 2025, to January 5, 2026[1] - 天普股份 (Stock Code: 605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] Delisting and Risk Alerts - *ST苏吴 (Stock Code: 600200) enters delisting arrangement starting December 9, 2025[1] - 赛微电子 (Stock Code: 300456) reported severe abnormal fluctuations[1] Other Announcements - Various companies including 江龙船艇 (Stock Code: 300589) and 北大医药 (Stock Code: 000788) have recent announcements regarding their stock activities[1] - Multiple companies are under scrutiny for abnormal trading activities, including *ST绿康 (Stock Code: 002868) and 特发信息 (Stock Code: 000070)[2][3]

Core Viewpoint - The average stock price of A-shares is 13.54 yuan, with 25 stocks priced below 2 yuan, the lowest being *ST Yuan Cheng at 0.58 yuan [1] Group 1: Market Overview - As of December 3, the Shanghai Composite Index closed at 3878.00 points, with the average A-share price at 13.54 yuan [1] - The distribution of high-priced and low-priced stocks is relatively small in the A-share market [1] Group 2: Low-Priced Stocks - There are 25 stocks priced below 2 yuan, with *ST Yuan Cheng at 0.58 yuan, followed by *ST Su Wu at 1.24 yuan and Chongqing Steel at 1.45 yuan [1] - Among the low-priced stocks, 9 are ST stocks, accounting for 36.00% of this group [1] Group 3: Performance of Low-Priced Stocks - Out of the low-priced stocks, 4 increased in price today, with *ST Jin Ke rising by 0.67%, Yongtai Energy by 0.61%, and Shanying International by 0.58% [1] - 18 stocks declined, with ST Lingnan dropping by 3.41%, Jieneng Iron and Steel by 2.56%, and Jinyu Group by 2.33% [1] Group 4: Low-Priced Stock Rankings - The table lists various low-priced stocks, including their latest closing prices, daily price changes, turnover rates, price-to-book ratios, and industries [1][2]

Policy Trends - In 2024, the total number of medical consultations in China reached 10.15 billion, an increase of 600 million from the previous year, with a life expectancy of 79.0 years and a maternal mortality rate of 14.3 per 100,000 [1] - The total number of medical institutions in China reached 1,093,551 by the end of 2024, an increase of 22,766 from the previous year, including 38,710 hospitals [1] - The number of health technicians in China reached 13.02 million, an increase of 531,000 (4.3%) from the previous year, with 9.37 million working in hospitals [1] Healthcare Costs - The average hospitalization cost in hospitals for 2024 was 9,870 yuan, a decrease of 4.3% from the previous year, while the average outpatient cost was 361 yuan, down 0.2% [2] - The total healthcare expenditure in China for 2024 was approximately 9,089.55 billion yuan, with government spending accounting for 24.9%, social spending for 47.6%, and personal spending for 27.5% [2] - The per capita healthcare expenditure was 6,454.4 yuan, with total healthcare expenditure constituting 6.7% of GDP [2] Pharmaceutical Developments - The National Medical Insurance Administration launched a drug price registration and inquiry service, allowing pharmaceutical companies to self-declare drug prices for public access [3] - Renfu Pharmaceutical announced the withdrawal of its application for the registration of a recombinant plasmid-hepatocyte growth factor injection, which had a cumulative R&D investment of approximately 160 million yuan [4] - Hengrui Medicine received acceptance for its application for the marketing authorization of remimazolam tosylate for sedation during mechanical ventilation in intensive care [4] Investment Activities - China Resources Sanjiu established a biopharmaceutical fund in Hohhot with a total investment of 500 million yuan, focusing on private equity investments and asset management [5] - Zhaoli Pharmaceutical plans to raise up to 1.556 billion yuan through convertible bonds for the development of an intelligent traditional Chinese medicine health factory and other projects [6] Global Health Issues - The World Health Organization reported that reductions in international aid are impacting global HIV prevention efforts, with significant challenges ahead for AIDS response programs [7] Regulatory Actions - Jiangsu Wuzhong received a delisting notice from the Shanghai Stock Exchange due to major violations, including concealing changes in actual control and severe financial fraud [8] - The company is set to enter a delisting transition period on December 9, 2025, with the last trading day expected to be December 29 [8]