12月1日晚，江苏吴中医药发展股份有限公司(证券简称"*ST苏吴（600200）")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。 证券代码:600200 == 证券简称:*ST苏吴 公告编号:临2025-141 江苏吴中医药发展股份有限公司 关于收到股票终止上市决定的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 重要风险提示: 3、证券代码:600200 二、终止上市决定的主要内容 ● 终止上市的证券种类:人民币普通股;证券简称:*ST 苏吴;证券代码: 600200。 ● 公司股票进入退市整理期的起始日为2025年12月9日;预计最后交易 日期为 2025年 12月 29 日。 ● 退市整理期的交易期限:15个交易日。 ● 退市整理期间股票在风险警示板交易。 江苏吴中医药发展股份有限公司(以下简称"公司")于2025年12月1日收 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》(上海证券交易所自律监管决定 ...

值得注意的是，公司股票自11月26日以来一直处于停牌状态之中，而在停牌前，该公司股价一度出现五 连板。 图片来 源：界面图库 12月1日晚间， 江苏吴中医药发展股份有限公司（简称：江苏吴中、*ST苏吴，代码：600200.SH） 发 布公告称，公司当日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》，上交所正式决定终止公司股票上市。 经查明，江苏吴中及相关人员未如实披露实际控制人，2018年至2023年年度报告存在虚假记载；虚增营 业收入、营业成本和利润，2020年至2023年年度报告存在虚假记载。 2018年2月，江苏吴中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，钱群山实际支配江 苏吴中行为，成为江苏吴中实际控制人。江苏吴中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。 江苏吴中子公司江苏吴中进出口有限公司、中吴贸易发展（杭州）有限公司、江苏吴中海利国际贸易有 限公司通过与浙江优诺德贸易有限公司等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。 上述行为导致江苏吴中在2020年至2023年年度报告中分别虚增营业收入4. ...

根据此前公告，由于未如实披露实际控制人，虚增营业收入、营业成本和利润，未按规定披露关联方非 经营性占用资金情况等，上交所11月25日披露公告，对*ST苏吴、实际控制人暨时任董事长钱群山及有 关责任人予以纪律处分。 中国经济网12月2日讯12月2日，江苏吴中医药发展股份有限公司(下称*ST苏吴（600200）)披露公告， 由于公司年报连续4年存在虚假记载，上交所终止公司股票上市。公司股票进入退市整理期的起始日为 2025年12月9日，预计最后交易日期为2025年12月29日。公司股票终止上市后，将转入全国中小企业股 份转让系统进行股份转让。 公告显示，早在今年2月，因涉嫌信息披露违法违规，中国证监会对*ST苏吴立案。11月25日，中国证 监会向其出具《行政处罚决定书》。根据中国证监会行政处罚认定的事实，该公司披露的2020年至2023 年年度报告存在虚假记载，情形属于《上海证券交易所股票上市规则(2025年4月修订)》规定中重大违 法强制退市情形。 ...

New Stock Listings - Jingchuang Electric (920035) listed at an issuance price of 12.10 on December 2, 2025[1] - Tianpu Co., Ltd. (605255) is in the offer period from November 20 to December 19, 2025[1] Market Alerts - ST Suwu (600200) enters the delisting arrangement period starting December 9, 2025[1] - Jianglong Shipbuilding (300589) reported severe abnormal fluctuations[1] Recent Announcements - Multiple companies including Beida Pharmaceutical (000788) and ST Green Health (002868) have recent announcements regarding their stock activities[1] - A total of 30 companies have been flagged for abnormal trading activities in the last week[2]

根据中国证监会下发的《行政处罚决定书》：经查明，江苏吴中及相关人员未如实披露实际控制人， 2018年至2023年年度报告存在虚假记载。虚增营业收入、营业成本和利润分别高达17.72亿元、16.95亿 元、7599.75万元，2020年至2023年年度报告存在虚假记载。 中国证监会决定对江苏吴中责令改正，给予警告，并处以1000万元罚款；对江苏吴中董事长钱群山给予 警告，并处以1500万元罚款，同时对钱群山采取10年证券市场禁入措施。 根据相关规定，公司股票将自2025年12月9日起进入退市整理期，交易期限为15个交易日，预计最后交 易日期为2025年12月29日。退市整理期首个交易日无涨跌幅限制，其他交易日涨跌幅限制为10%。公司 股票在退市整理期届满后的5个交易日内由上交所予以摘牌，终止上市。 来源：环球网 【环球网综合报道】12月1日晚间，*ST苏吴（维权）发布公告，公司于12月1日收到上交所出具的《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。 根据《终止上市决定》，11月25日公司收到中国证监会《行政处罚决定书》。根据中国证监会行政处罚 认定的事实，公司披露的20 ...

Core Viewpoint - Jiangsu Wuzhong (ST Suwu) is facing mandatory delisting due to severe violations, including false disclosures in annual reports from 2020 to 2023, leading to a significant decline in stock price and market capitalization [1][2] Group 1: Company Violations - Jiangsu Wuzhong has been found to have concealed changes in its actual controlling shareholder, leading to a lack of transparency that severely damages market trust [3] - The company engaged in financial fraud by inflating revenue and profits through non-commercial transactions with related parties, resulting in inflated revenues of 4.95 billion, 4.69 billion, 4.31 billion, and 3.77 billion from 2020 to 2023, which constituted 26.46%, 26.39%, 21.26%, and 16.82% of reported revenues respectively [3] - The company also misappropriated funds, with non-operational funds occupied by related parties reaching 1.27 billion, 13.93 billion, 15.43 billion, and 16.93 billion from 2020 to 2023, representing 6.88%, 74.20%, 84.60%, and 96.09% of net assets [4] Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) imposed a fine of 10 million on Jiangsu Wuzhong and 15 million on its actual controller, Qian Qunshan, who also received a 10-year ban from the securities market [4][5] - The Shanghai Stock Exchange has publicly condemned Jiangsu Wuzhong and its responsible personnel, declaring Qian Qunshan unsuitable to serve as a director or senior executive for 10 years [5] Group 3: Business Operations and Market Impact - Jiangsu Wuzhong's subsidiary, Datou Medical, is embroiled in a dispute over the exclusive distribution rights of the AestheFill product, which has significantly impacted its financial performance [6][7] - The company reported a net profit of 70.48 million in 2024, a 197.97% increase, but faced a 63.93% revenue decline in Q3 2025 due to the ongoing legal issues surrounding AestheFill [6][7] - The arbitration regarding the distribution rights is still pending, and the outcome may not alter the company's delisting status, highlighting the risks associated with agency models in the medical aesthetics industry [7]

Core Viewpoint - *ST Suwu, a leading player in the A-share medical beauty sector, has been forced to delist due to significant financial fraud, with its stock price plummeting over 90% this year [2][3]. Group 1: Delisting Announcement - On December 1, *ST Suwu received a delisting decision from the Shanghai Stock Exchange, with its stock entering a delisting adjustment period on December 9, 2025, and the last trading day expected to be December 29, 2025 [3]. - The core reason for the delisting was the violation of major laws, as identified in a penalty decision from the China Securities Regulatory Commission (CSRC) regarding false disclosures in annual reports from 2020 to 2023 [3][4]. Group 2: Financial Misconduct - The CSRC's decision highlighted three main issues: concealing changes in actual control, severe financial fraud, and hiding fund occupation [5][6]. - *ST Suwu inflated its reported revenue and profits through non-commercial transactions with related companies, resulting in inflated revenues of 4.95 billion, 4.69 billion, 4.31 billion, and 3.77 billion from 2020 to 2023, representing 26.46%, 26.39%, 21.26%, and 16.82% of reported revenues respectively [6][7]. Group 3: Consequences and Penalties - The CSRC imposed a fine of 10 million on *ST Suwu and 15 million on its actual controller, Qian Qunshan, who also received a 10-year ban from the securities market [7]. - The company and its responsible personnel faced public condemnation from the Shanghai Stock Exchange, with Qian Qunshan deemed unsuitable to serve as a director or senior executive for 10 years [7]. Group 4: Operational Challenges - Prior to the delisting, *ST Suwu faced multiple operational challenges, including warnings about potential delisting due to stock prices falling below 1 yuan [8]. - The company was embroiled in a dispute over exclusive sales rights for the AestheFill product, which further strained its financial performance [8][9]. Group 5: Market Impact and Industry Insights - The ongoing legal disputes and operational difficulties have led to significant revenue declines, with a reported 63.93% drop in revenue to 1.48 billion and a net profit loss of 0.43 billion in Q3 2025 [10][11]. - The case serves as a cautionary tale for the medical beauty industry, highlighting the risks associated with agency models and the importance of transparent governance [11].

Core Viewpoint - The leading A-share medical beauty company *ST Suwu (600200) is facing forced delisting due to significant financial fraud, with its stock price plummeting over 90% this year, from over 9 CNY to below 1 CNY [1][4]. Financial Performance - As of the end of Q3, the company had nearly 68,000 shareholders, but its stock was suspended before the delisting announcement [4]. - Prior to suspension, *ST Suwu's stock had experienced five consecutive trading days of limit-up, closing at 1.24 CNY per share with a market capitalization of 8.81 billion CNY, although it had lost nearly 90% of its value compared to the same period last year [4][5]. Regulatory Actions - The Shanghai Stock Exchange issued a decision to terminate the listing of *ST Suwu due to major violations, following a penalty notice from the China Securities Regulatory Commission (CSRC) that identified false disclosures in annual reports from 2020 to 2023 [4][5]. - The CSRC's decision highlighted three main issues: concealing changes in actual control, severe financial fraud, and concealing fund occupation [6][7]. Financial Fraud Details - The company inflated its revenue and profits through non-commercial trade activities with related companies, resulting in inflated revenues of 4.95 billion CNY, 4.69 billion CNY, 4.31 billion CNY, and 3.77 billion CNY from 2020 to 2023, accounting for 26.46%, 26.39%, 21.26%, and 16.82% of reported revenues respectively [7]. - The total profit inflation during the same period was 145.83 million CNY, 20.27 million CNY, 19.92 million CNY, and 21.22 million CNY, representing 2.89%, 51.65%, 26.42%, and 29.81% of reported profits [7]. Corporate Governance Issues - The company failed to disclose a change in its actual controller in 2018, continuing to report the previous controller in annual reports until 2023, which severely impacted market transparency [6]. - The CSRC imposed a fine of 10 million CNY on the company and additional fines on responsible individuals, including a 1.5 million CNY fine and a 10-year market ban for the actual controller [8]. Business Challenges - Prior to the delisting, *ST Suwu faced multiple operational challenges, including warnings about potential delisting due to stock prices falling below 1 CNY [9]. - The company was involved in a dispute over exclusive sales rights for the AestheFill product, which further strained its financial performance [10][11]. - The ongoing arbitration regarding the AestheFill distribution rights has created uncertainty, impacting sales and leading to a significant revenue decline of 63.93% in Q3 2025 [11]. Industry Implications - The case of *ST Suwu serves as a warning to the medical beauty industry regarding the risks associated with agency models and the importance of compliance and transparency in financial reporting [12].

Core Viewpoint - The article discusses the forced delisting of *ST Suwu (Jiangsu Wuzhong) from the A-share market due to serious financial fraud, highlighting the company's significant stock price decline and the implications for the medical beauty industry [1][3]. Summary by Sections Company Delisting - *ST Suwu has been mandated to delist from the Shanghai Stock Exchange, with the last trading date expected to be December 29, 2025, following a decision by the exchange due to major legal violations [3]. - The company’s stock price plummeted from over 9 yuan at the beginning of the year to below 1 yuan, marking a decline of over 90% [1][3]. Financial Misconduct - The China Securities Regulatory Commission (CSRC) identified that *ST Suwu's annual reports from 2020 to 2023 contained false information, leading to the delisting decision [3]. - The company was found to have inflated revenue and profits through non-commercial transactions with related parties, resulting in significant discrepancies in reported financials [7]. - Specific figures include inflated revenues of 4.95 billion yuan, 4.69 billion yuan, 4.31 billion yuan, and 3.77 billion yuan for the years 2020 to 2023, respectively, along with inflated profits totaling 145.83 million yuan over the same period [7]. Corporate Governance Issues - The company concealed changes in its actual controlling shareholder, which was a significant violation impacting market transparency [6]. - The actual controller changed in February 2018, but the company continued to report the previous controller in its annual reports until 2023 [6]. Regulatory Actions - The CSRC imposed a fine of 10 million yuan on *ST Suwu and additional penalties on its actual controllers, including a 10-year ban from the securities market for the main controller [8]. - The exchange publicly reprimanded the company and its responsible individuals, emphasizing the importance of compliance and truthful financial reporting in the capital market [5][8]. Business Challenges - Prior to the delisting, *ST Suwu faced multiple operational challenges, including a significant drop in stock price and ongoing disputes regarding exclusive sales rights for a key product, AestheFill [10][11]. - The company reported a 63.93% decline in revenue in the third quarter of 2025, reflecting the adverse impact of these challenges on its financial performance [12]. Industry Implications - The case of *ST Suwu serves as a warning to the medical beauty industry regarding the risks associated with financial misconduct and the importance of maintaining transparent corporate governance [5][12].

Core Viewpoint - Jiangsu Wuzhong's stock will be delisted due to serious violations including financial fraud and failure to disclose the actual controlling shareholder [1][3] Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has issued an administrative penalty decision against Jiangsu Wuzhong, citing continuous financial fraud over four years from 2020 to 2023 [2][3] - Jiangsu Wuzhong has been found to have inflated its operating income by a total of 1.771 billion yuan and its total profit by 75.9975 million yuan during this period [3] - The company is also accused of providing non-operating funds to related parties, with a balance of 1.693 billion yuan by the end of 2023, accounting for 96.09% of the disclosed net assets [3][4] Group 2: Management Accountability - Key individuals, including Qian Qunshan, who held multiple executive roles, have been penalized for their involvement in the financial misconduct [3][4] - The CSRC has determined that Qian Qunshan is primarily responsible for the financial fraud, including concealing the actual controlling shareholder's identity and orchestrating non-commercial trade activities [3][4] Group 3: Delisting Process - Jiangsu Wuzhong's stock will enter a delisting preparation period starting December 9, with a trading duration of 15 days, and the expected last trading day is December 29 [5] - The stock will be traded on the risk warning board during this period, with the first trading day having no price limit, followed by a daily limit of 10% [5] - Prior to the announcement of the suspension, Jiangsu Wuzhong's stock experienced a five-day consecutive limit-up, with a total increase of 27.84%, despite warnings of potential delisting [5]