Core Viewpoint - The Shanghai Stock Exchange has announced self-regulatory measures against 80 cases of abnormal trading behaviors, including price manipulation and false declarations, from November 24 to November 28, 2025 [1] Group 1: Regulatory Actions - The exchange is focusing on monitoring stocks with abnormal fluctuations, specifically *ST Suwu (600200) and *ST Yazhen (603389), which are under delisting risk warnings [1] - Additional stocks under scrutiny include Hezhong China (603122) and Tianpu Co., Ltd. (605255), which have exhibited significant volatility [1] - The exchange has conducted special investigations into 23 major corporate events and reported one suspected illegal case to the China Securities Regulatory Commission [1]

Group 1 - The average stock price of A-shares is 13.58 yuan, with 23 stocks priced below 2 yuan, the lowest being *ST Yuan Cheng at 0.58 yuan [1] - Among the low-priced stocks, 9 are ST stocks, accounting for 39.13% of the total [1] - The Shanghai Composite Index closed at 3888.60 points as of November 28 [1] Group 2 - Among the low-priced stocks, 15 increased in price today, with the highest gainers being Jin Zheng Da, Ya Bo Shares, and HNA Holdings, rising by 3.24%, 2.87%, and 2.37% respectively [1] - The stocks that decreased in price include Jiu Gang Hong Xing and Shan Ying International, with declines of 1.80% and 0.58% respectively [1] - The table lists various low-priced stocks along with their latest closing prices, daily price changes, turnover rates, price-to-book ratios, and industries [1]

近日，江苏吴中医药发展股份有限公司（简称"江苏吴中""*ST苏吴"）接连披露4条公告，涉及公司股票 停牌暨将被终止上市的风险提示公告，中国证监会下发的《行政处罚决定书》等。因未如实披露实际控 制人，以及虚增营业收入、营业成本和利润等，江苏吴中触及重大违法强制退市情形，其公司股票已于 2025年11月26日停牌。从历经多次跨界转型失败，到闯入医美赛道实现业绩翻身，江苏吴中何以走到退 市边缘？ 合计罚款3050万元、实控人"禁业"10年 中国证监会最新下发的《行政处罚决定书》，揭开了江苏吴中长达数年的违法"遮羞布"。 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 ...

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Market Overview - As of November 27, there are 947 stocks with a circulating market value below 3 billion yuan, and 361 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,673 stocks have a total market value below 5 billion yuan, with 535 stocks having a total market value below 3 billion yuan [1] Smallest Stocks by Circulating Market Value - The three stocks with the smallest circulating market values are: - *ST元成: 189 million yuan - 坤泰股份: 635 million yuan - 康力源: 691 million yuan [1] Smallest Stocks by Total Market Value - The three stocks with the smallest total market values are: - *ST元成: 189 million yuan - *ST长药: 802 million yuan - *ST苏吴: 881 million yuan [1] Selected Stocks Overview - A table lists various stocks with their circulating market values, total market values, price-to-earnings ratios, and industry classifications, highlighting the diversity in sectors such as automotive, light manufacturing, and healthcare [1][2]

New Stock Listings - Nant Technology (920124) listed at an issue price of 8.66 on November 27, 2025[1] - Tianpu Co., Ltd. (605255) is in the offer period from November 20 to December 19, 2025[1] - Jianglong Shipbuilding (300589) and Huasheng Lithium Battery (688353) reported significant abnormal fluctuations[1] Abnormal Fluctuations - Multiple companies including ST Wanfang (000638) and ST Dongyi (002713) have reported abnormal trading activities[2] - Companies such as ST Suwu (600200) and ST Yanshan (000608) are also under scrutiny for unusual market behavior[3]

Group 1 - The average stock price of A-shares is 13.50 yuan, with 26 stocks priced below 2 yuan, the lowest being *ST Yuan Cheng at 0.58 yuan [1] - Among the low-priced stocks, 9 are ST stocks, accounting for 34.62% of the total [1] - The Shanghai Composite Index closed at 3875.26 points as of November 27 [1] Group 2 - Among the low-priced stocks, 6 increased in price today, with the highest gainers being Jiugang Hongxing at 4.38%, *ST Huifeng at 1.14%, and *ST Jinke at 0.69% [1] - 13 low-priced stocks experienced declines, with the largest drops seen in ST Lingnan at 2.13%, Greenland Holdings at 1.72%, and ST Mingcheng at 1.65% [1] - The table lists various low-priced stocks along with their latest closing prices, daily price changes, turnover rates, and industry classifications [1][2]

Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. (*ST Wuzhong*) has been forced to delist from the A-share market due to years of financial fraud, as confirmed by the China Securities Regulatory Commission (CSRC) [2][4][6] Financial Misconduct - *ST Wuzhong* failed to disclose the actual controller from 2018 to 2023, misrepresenting Qian Qunying as the actual controller instead of Qian Qunshan [4][6] - The company inflated revenue and profits significantly from 2020 to 2023, with a total inflated revenue of 1.771 billion yuan and inflated profits of 75.9975 million yuan over four years [5][6] - The company also failed to disclose non-operating fund occupation by related parties, with the amount occupied increasing from 127 million yuan in 2020 to 1.693 billion yuan in 2023, representing 96% of the disclosed net assets [5][6] Regulatory Actions - The CSRC imposed a maximum penalty on *ST Wuzhong*, including a fine of 10 million yuan and a 10-year market ban on actual controller Qian Qunshan [6] - The company’s stock will be suspended from trading starting November 26, 2025, pending a review by the Shanghai Stock Exchange regarding its delisting [6] Company Performance - *ST Wuzhong* reported revenues of 1.872 billion yuan in 2020, declining to 1.599 billion yuan in 2024, with net profits fluctuating from -506 million yuan to 70.48 million yuan during the same period [8] - In the first three quarters of 2025, the company experienced a 38.85% decline in revenue year-on-year, with a net loss of 87.47 million yuan, attributed to decreased income from pharmaceutical and medical beauty businesses [8] Medical Aesthetics Business - The company’s medical aesthetics segment, particularly the product AestheFill, was expected to turn around its financial performance, but faced challenges due to a dispute with a major competitor, Aimeike [9] - An arbitration case is ongoing regarding the exclusive distribution rights for AestheFill, which has hindered the company’s ability to sell the product [9]

Core Viewpoint - *ST Suwu has been penalized for failing to disclose its actual controller and for inflating revenue, operating costs, and profits, leading to a significant regulatory action by the China Securities Regulatory Commission (CSRC) [2][10][12] Summary by Relevant Sections Regulatory Actions - *ST Suwu received a total of six penalties, including a fine of 10 million yuan for the company and 15 million yuan for its actual controller, Qian Qunshan, who also faces a 10-year market ban [2][10][12] - Other involved personnel, including Qian Qunying, Chen Yi, Sun Xi, and Luo Xiao, were fined varying amounts for their roles in the violations [2][10] Violations Identified - The company failed to disclose its actual controller accurately from 2018 to 2023, misrepresenting Qian Qunying as the actual controller in its annual reports [4][7] - *ST Suwu inflated its revenue and profits over four years, with inflated revenue totaling 1.771 billion yuan and inflated profits of 76 million yuan [4][5] Financial Misrepresentation - The inflated operating revenue for the years 2020 to 2023 was reported as follows: 495.26 million yuan (26.46%), 468.51 million yuan (26.39%), 430.75 million yuan (21.26%), and 376.66 million yuan (16.82%) of the reported revenue [5] - Operating costs were similarly inflated, with figures of 480.68 million yuan (37.08%), 448.24 million yuan (35.47%), 410.82 million yuan (28.40%), and 355.44 million yuan (20.95%) [5] Related Party Transactions - The company failed to disclose significant non-operating fund occupations by related parties, with balances at year-end from 2020 to 2023 being 127.41 million yuan, 1.392 billion yuan, 1.543 billion yuan, and 1.693 billion yuan, representing 6.88%, 74.20%, 84.60%, and 96.09% of the net assets respectively [6] Enforcement Trends - The case reflects a shift in regulatory enforcement towards a "full chain, full subject" approach, where all responsible parties, including key individuals and subsidiaries, are held accountable [10][11] - The increasing frequency of "one case, multiple penalties" indicates a trend towards stricter enforcement of securities laws [10][11]

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Market Overview - As of November 26, there are 956 stocks with a circulating market value below 3 billion yuan, and 373 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,687 stocks have a total market value below 5 billion yuan, with 550 stocks below 3 billion yuan [1] Smallest Stocks by Circulating Market Value - The three stocks with the smallest circulating market values are: - *ST元成: 189 million yuan - 坤泰股份: 635 million yuan - 康力源: 681 million yuan [1] Smallest Stocks by Total Market Value - The three stocks with the smallest total market values are: - *ST元成: 189 million yuan - *ST长药: 872 million yuan - *ST苏吴: 881 million yuan [1] Selected Stocks with Low Market Values - A list of stocks with circulating market values below 2 billion yuan includes: - *ST元成: 1.89 billion yuan, PE ratio: N/A, Industry: Construction Decoration - 坤泰股份: 635 million yuan, PE ratio: 46.19, Industry: Automotive - 康力源: 681 million yuan, PE ratio: 35.26, Industry: Light Industry Manufacturing - 扬州金泉: 706 million yuan, PE ratio: 24.66, Industry: Textile and Apparel - 科瑞思: 707 million yuan, PE ratio: 172.76, Industry: Communication [1][2]

Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. is facing significant operational challenges, including a formal suspension and impending delisting due to multiple violations, including financial misconduct and governance issues [1][21]. Group 1: Company Violations and Penalties - Jiangsu Wuzhong has been penalized with a total fine of 30.5 million yuan for various violations, including failing to disclose the actual controller and inflating revenue and profits through fictitious transactions [11][18]. - The company reported inflated revenues of 4.95 billion yuan, 4.69 billion yuan, 4.31 billion yuan, and 3.77 billion yuan from 2020 to 2023, constituting 26.46%, 26.39%, 21.26%, and 16.82% of total revenues for those years respectively [5][26]. - The company also failed to disclose non-operational fund occupation by related parties, with amounts increasing from 1.27 billion yuan to 16.93 billion yuan over the same period, representing up to 96.09% of net assets by 2023 [8][26]. Group 2: Financial Performance and Risks - For the first three quarters of 2025, Jiangsu Wuzhong reported a net loss of 87.468 million yuan, a significant decline of 294.03% compared to the previous year, indicating deteriorating profitability [14][21]. - The stock price has plummeted, closing at 1.24 yuan per share on November 25, 2025, reflecting market concerns over the company's future [19][21]. Group 3: Industry Context and Implications - The medical aesthetics industry is witnessing increased survival thresholds, as evidenced by Jiangsu Wuzhong and other entrants like Aoyuan Meigu facing severe operational challenges and potential exits from the market [3][28]. - The reliance on exclusive agency rights and lack of self-developed products have weakened Jiangsu Wuzhong's risk resilience, highlighting the need for a sustainable business model in the medical aesthetics sector [27][28].