Group 1 - The core issue involves the financial misconduct of Jiuyou Investment, which has been penalized by the regulatory authority for falsifying financial statements and engaging in undisclosed related-party transactions from 2020 to 2023 [1][4] - The former chairman of Jiuyou Investment, Li Ming, has been publicly reprimanded and deemed unfit to serve as a director, supervisor, or senior management personnel of a listed company for ten years [1][4] - The company has already been delisted as of July 21, 2025, highlighting the regulatory body's commitment to enforcing accountability even after delisting [4] Group 2 - Jiuyou Investment is accused of two main violations: failing to disclose related-party transactions, leading to significant omissions and false records in the 2020 annual report, and similar issues in the annual reports from 2021 to 2023 [5] - The company systematically inflated its revenue and profits through fictitious business operations, including internet information services and public relations marketing, via its subsidiaries from 2021 to 2023 [2][5] Group 3 - A significant number of investors have registered for compensation claims, with hundreds already participating in the legal process [4] - Investors who purchased shares between April 28, 2021, and December 19, 2024, and either sold or still hold shares at a loss after December 20, 2024, are eligible to participate in the compensation claims [6]

登录新浪财经APP 搜索【信披】查看更多考评等级 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 根据《民法典》、《证券法》及最高人民法院的关于虚假陈述民事赔偿司法解释的规定，上市公司、控 股股东、实际控制人、董监高人员及其中介机构等因虚假陈述等的证券欺诈行为导致证券投资者权益受 损的，应承担民事赔偿责任，赔偿范围包括：投资差额、佣金、印花税和利息损失等。权益受损的证券 投资者可以向有管辖权的法院提起民事赔偿诉讼。 由于九有股份涉嫌信息披露违法违规，被中国证监会处罚，为维护证券投资者合法权益，上海汉联律师 事务所宋一欣律师向曾经购买过九有股份的证券投资者展开诉讼代理征集，代理投资者索赔诉讼，权益 受损的证券投资者可以向前述律师进行索赔登记。（宋一欣律师专栏） 宋一欣律师认为，九有股份案的索赔条件为：2021年4月28日至2024年10月30日间买入九有股份股票或 债券等证券市场公开发行产品，并在2024年10月31日及之后卖出或继续持有的受损投资者，可以办理索 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首 ...

Core Viewpoint - The A-share market is experiencing an unprecedented wave of delistings due to major violations, with a record number of companies forced to delist as regulatory scrutiny intensifies [1][6][10] Group 1: Delisting Trends - As of October 15, 2023, 13 companies have triggered mandatory delisting indicators due to major violations, marking a historical high [6][10] - Among these, 8 companies have already been delisted, including notable cases like Zhuolang Technology and Dongfang Group [6][10] - The delisting wave has highlighted the role of investment banks as gatekeepers, with 11 brokerage firms involved in the delisted companies [1][6] Group 2: Investment Banks' Responsibilities - Many problematic companies frequently changed their investment banks during periods of financial misconduct, complicating accountability [2][10] - Most involved investment banks issued "no objection" or "no issues found" reports during the supervision period, raising questions about their diligence [2][10] - The regulatory environment is pushing investment banks to reassess their responsibilities and improve their oversight practices [2][15] Group 3: Case Studies of Violations - ST Dongtong, involved in financial fraud from 2019 to 2022, had its investment bank, First Capital, implicated in fraudulent activities during a stock issuance [8][12] - Guohua Securities was the only firm to issue a risk warning regarding Jiuyou Co., while others remained silent despite ongoing fraud investigations [12][13] - Highong Data had the longest duration of fraud (2015-2023) and changed investment banks multiple times, indicating a pattern of evasion [10][11] Group 4: Regulatory Impact on Investment Banks - The shift towards stricter regulations has led to increased scrutiny of investment banks' roles, with many now enhancing their due diligence processes [15] - Investment banks are reportedly increasing their manpower and resources dedicated to ongoing supervision, reflecting a shift in focus due to regulatory pressures [15]

Core Viewpoint - The A-share market is experiencing an unprecedented wave of delistings due to major violations, with a record number of companies forced to delist as regulatory scrutiny intensifies [1][5]. Group 1: Regulatory Environment - The new delisting regulations that came into effect at the beginning of the year have led to a historical high of 13 companies reaching the mandatory delisting criteria for major violations as of October 15 [1][5]. - The regulatory environment is becoming increasingly stringent, with the China Securities Regulatory Commission (CSRC) enforcing stricter oversight on financial fraud and other illegal activities [4][6]. Group 2: Role of Investment Banks - Eleven investment banks are under scrutiny for their roles in the delisted companies, with only two, First Capital and Wumart Securities, currently facing regulatory action [2][7]. - The complexity of the investment banks' responsibilities is highlighted by the fact that many of the involved companies frequently changed their advisory firms during periods of fraud [4][9]. Group 3: Case Studies of Delisted Companies - Notable cases include *ST Dongtong, which was involved in fraudulent activities from 2019 to 2022, leading to warnings issued to its sponsor, First Capital [7][8]. - Guandao Digital inflated its revenue by 1.465 billion yuan through fraudulent contracts and invoices, resulting in penalties for Wumart Securities, which served as its sponsor [8]. Group 4: Investment Banks' Due Diligence - Many investment banks provided "no objection" reports during the supervision periods of companies that were later found to have committed fraud, raising questions about their diligence [4][12]. - National Securities was the only firm to explicitly warn of risks associated with a client, indicating a lack of proactive risk management among other firms [12][13]. Group 5: Changes in Oversight Practices - Investment banks are reportedly increasing their efforts in due diligence, particularly during the ongoing supervision phases, in response to heightened regulatory scrutiny [15]. - Accounting firms are also enhancing their audit processes, adding independent review steps and increasing personnel to ensure thorough examinations [15].

Core Viewpoint - The pace of delisting in A-shares has significantly accelerated in the past month, reflecting a more stringent market mechanism for eliminating underperforming companies and enhancing overall quality [1][6]. Group 1: Delisting Statistics - As of August 4, 2023, a total of 23 A-share companies have been delisted this year, with 10 of those occurring in the last month, accounting for over 40% of the total [1][2]. - The reasons for delisting include major violations and financial issues, with a notable decrease in the number of companies delisted for face value reasons compared to the previous year [4][5]. Group 2: Reasons for Delisting - Companies such as退市锦港 (Jin Gang) were delisted due to major violations related to financial fraud, including inflated profits through false trade activities [2][3]. - Other companies like中程退 (Zhong Cheng) and退市九有 (Jiu You) were delisted for failing to meet financial standards, with negative net assets and adverse audit opinions on their financial reports [2][3]. Group 3: Regulatory Changes - New regulations implemented in April 2023 have made it more difficult for companies to reverse delisting warnings, leading to a more rigorous enforcement of delisting standards [5][6]. - The trend towards a normalized delisting mechanism aligns with the "14th Five-Year Plan" for capital market development, emphasizing timely removal of underperforming companies [6]. Group 4: Future Outlook - Experts suggest that the delisting system needs continuous optimization, including clearer processes and enhanced regulatory oversight to protect investors and ensure compliance [6][7].

New Stock Issuance - Multiple companies are scheduled for new stock issuance on July 24, 2025, including *ST Zitian (300280) and ST Nanzhi (002305) [1] - Significant announcements were made for companies like Guosheng Tang (300436) and Huayin Power (600744) on July 17 and July 15, respectively [1] Trading Alerts - Companies such as Gaoguan Min Explosive (002827) and Zhongyan Dadi (003001) have recent trading alerts as of July 24, 2025 [1] - A total of 50 companies have been flagged for abnormal trading fluctuations, indicating potential market volatility [2] Market Trends - The report highlights a trend of increased market activity with numerous companies announcing significant changes in stock status [1] - The presence of multiple *ST (Special Treatment) companies suggests heightened scrutiny and potential risk for investors [1] Regulatory Compliance - Companies are required to disclose significant announcements to ensure transparency in trading activities [1] - The report emphasizes the importance of monitoring announcements to assess market conditions and investment risks [1]

Group 1: Core Issues of Financial Misconduct - Four listed companies, including *ST Yuan Cheng,退市九有, ST Zhi Zhi, and ST Zhong Qing Bao, are under investigation or have been penalized for financial fraud and disclosure violations, involving tactics such as profit inflation and concealing related party transactions [1][2][3] - *ST Yuan Cheng is being investigated for false disclosures in its annual reports from 2017 to 2023, with significant inaccuracies in revenue and profit reporting, and failure to disclose non-operational fund transactions with its actual controller [2] -退市九有's fraudulent activities included a significant profit inflation of 6397.32 million yuan in 2020, which was 471.03% of the reported profit, achieved through undisclosed related party transactions [3][4] Group 2: Specific Cases of Financial Fraud -退市九有 engaged in continuous financial fraud from 2021 to 2023, with a total of 3.59 billion yuan in inflated revenue and 3435.92 million yuan in inflated profits, involving multiple subsidiaries and key executives [4] - ST Zhi Zhi's subsidiaries were found to have fabricated business activities, leading to distorted financial data over three consecutive years from 2019 to 2021 [5] - ST Zhong Qing Bao's fraudulent practices included "circular transactions" that inflated revenue by 3361.32 million yuan in 2019, 2809.43 million yuan in 2020, and 1787.83 million yuan in 2021, along with delayed disclosure of the actual controller's criminal measures [6][7]

Summary of Key Points Core Viewpoint - The average stock price of A-shares is 12.00 yuan, with 43 stocks priced below 2 yuan, the lowest being *退市九有* at 0.21 yuan [1]. Stock Price Distribution - As of July 16, the Shanghai Composite Index closed at 3503.78 points, with a total of 43 stocks trading below 2 yuan [1]. - Among the low-priced stocks, 12 are ST stocks, accounting for 27.91% of the total [1]. Market Performance - Out of the low-priced stocks, 16 saw an increase in price, with *退市锦港* leading at a rise of 10.91% [1]. - Conversely, 17 stocks experienced a decline, with *ST天茂* showing the largest drop at 4.98% [1]. 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]. - Notable stocks include: - *退市九有* at 0.21 yuan with a price-to-book ratio of 3.49 [1]. - *退市锦港* at 0.61 yuan with a daily increase of 10.91% [1]. - *ST天茂* at 1.91 yuan with a daily decrease of 4.98% [2].

根据《股票上市规则》第 9.1.15 条的规定，公司应当聘请具有主办券商业 务资格的证券公司，在上交所作出终止股票上市决定后立即安排股票转入全国中 小企业股份转让系统等证券交易场所进行股份转让相关事宜，保证公司股票在摘 牌之日起 45 个交易日内可以转让。 按照上述规定，公司已聘请长城国瑞证券有限公司为公司主办券商，委托 其为公司提供股份转让服务，办理证券交易所市场登记结算系统股份退出登记、 办理股票重新确认以及全国中小企业股份转让系统股份登记结算等相关事宜。 二、主办券商基本情况 （一）公司名称：长城国瑞证券有限公司 证券代码：600462 证券简称：退市九有 公告编号：临2025-058 湖北九有投资股份有限公司 关于聘请主办券商的公告 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。 一、聘请主办券商的情况说明 湖北九有投资股份有限公司（以下简称"公司 "）于 2025 年 6 月16日收到 上海证券交易所出具的自律监管决定书《关于湖北九有投资股份有限公司股票终 止上市的决定》（〔2025〕131号），上海证券交易所决定终 ...

Core Viewpoint - Hubei Jiuyou Investment Co., Ltd. has received a decision from the Shanghai Stock Exchange to terminate its stock listing due to negative net assets as of the end of 2023, leading to a series of trading suspensions and a transition to the National Equities Exchange and Quotations system [1][2][3]. Group 1: Termination of Listing - The company's stock will be delisted and has entered a trading suspension period starting from July 15, 2025, following the end of the delisting transition period on July 14, 2025 [1][2]. - The termination of listing decision was made on June 16, 2025, due to the company's negative net assets and an audit report that could not express an opinion on the financial statements for the year 2024 [2][3]. Group 2: Delisting Process - The delisting process includes a 15-day transition period where the stock can be traded without price limits on the first day and a 10% limit on subsequent days [3]. - The final delisting date is set for July 21, 2025, after which the stock will be transferred to the National Equities Exchange and Quotations system for trading [5]. Group 3: Post-Delisting Arrangements - After delisting, the company will work with a sponsor broker to facilitate the transfer of shares and ensure that trading can occur within 45 trading days post-delisting [5][6]. - Shareholders are advised to complete share confirmation procedures and set up trading accounts as per the announcements from the sponsor broker [6][7].