Core Viewpoint - Four companies, *ST Xulan, *ST Jiayu, *ST Dongfang, and *ST Furun, have been delisted from the A-share market due to their stock prices being below 1 RMB for 20 consecutive trading days, indicating severe financial distress and regulatory issues [1][2][3]. Group 1: Company Summaries - *ST Xulan (000040) specializes in photovoltaic power generation technology and equipment. The company faced delisting after its stock price fell to 0.49 RMB, with a market capitalization of 729 million RMB. The actual controller is under investigation for information disclosure violations, worsening the company's operational difficulties [1]. - *ST Jiayu (300117) focuses on energy-efficient building products. The company reported a significant decline in revenue, with a net profit of -5.48 million RMB and a non-recurring net profit of -165 million RMB in Q1 2025. Additionally, it has new enforcement information totaling 50.2 million RMB, highlighting its financial risks [2]. - *ST Dongfang (600811) operates in modern agriculture and health food. The company’s stock price fell below 1 RMB, and it is under investigation for false disclosures in its annual reports from 2020 to 2023. The projected net profit for 2024 is expected to be between -800 million and -1.2 billion RMB [2]. - *ST Furun (600070) is involved in internet services. The company reported a net loss of 361 million RMB for 2024, although this was a 36.45% improvement year-on-year. In Q1 2025, the net loss was 10.1 million RMB, indicating ongoing financial struggles [3]. Group 2: Market Trends - There is a growing concern as other A-share companies, such as *ST Pengbo and *ST Jiu You, have also seen their stock prices drop below 1 RMB, with *ST Pengbo at 0.62 RMB and *ST Jiu You at 0.96 RMB, indicating a potential trend of financial instability among listed companies [3].

Core Viewpoint - The financial fraud case of Dongfang Group, which has lasted for four years, is approaching its conclusion with significant disciplinary actions taken against the company and its executives [1][5]. Group 1: Disciplinary Actions - The Shanghai Stock Exchange publicly condemned Dongfang Group and its actual controller Zhang Hongwei, along with several senior executives, including former Chairman Sun Mingtao, declaring them unsuitable for holding positions in listed companies for life [5]. - Dongfang Group was penalized for using idle raised funds to temporarily supplement liquidity without timely repayment within the disclosed period, leading to public reprimands for Sun Mingtao and a criticism notice for former President Li Zhangyan [5]. Group 2: Financial Misconduct - Dongfang Group's stock has been terminated from listing and will be transferred to the National Equities Exchange and Quotations system for trading as a delisted company [6]. - From 2020 to 2023, Dongfang Group inflated its sales figures significantly, with reported inflated revenues of 3.897 billion, 4.865 billion, 6.543 billion, and 0.825 billion yuan, accounting for 25.20%, 32.05%, 50.44%, and 13.56% of the disclosed revenues for each respective year [6]. - The company also inflated its costs by 3.875 billion, 4.844 billion, 6.530 billion, and 0.824 billion yuan, representing 23.74%, 29.57%, 45.43%, and 11.45% of the disclosed costs for the same periods [6]. - The total inflated revenue over four years amounted to 16.13 billion yuan, with inflated costs totaling 16.073 billion yuan [6]. Group 3: Audit and Reporting Issues - During the period of financial fraud, Dongfang Group's auditing firm was Dahua, which issued "standard unqualified opinions" for the annual reports in question [6]. - It was only on April 30, 2024, close to a liquidity crisis, that Dongfang Group disclosed its 2023 annual report, which received a "non-standard" opinion from Dahua, highlighting issues such as guarantees provided to its controlling shareholder and overdue loans [7]. - Dongfang Group, established in 1992 and listed in 1994, was the first private enterprise in Heilongjiang Province, with diversified operations in agriculture, finance, ports, and new urbanization development [7].

Core Viewpoint - The Shanghai Stock Exchange has announced disciplinary actions against Dongfang Group Co., Ltd. and its actual controller Zhang Hongwei, citing multiple violations in information disclosure and operational compliance [1] Summary by Relevant Categories Disciplinary Actions - The Shanghai Stock Exchange has issued a decision to impose disciplinary measures on Dongfang Group and its actual controller Zhang Hongwei due to identified violations [1] Violations - The violations pertain to information disclosure and the responsibilities of relevant personnel in operational compliance [1]

Group 1 - The Shanghai Stock Exchange has issued regulatory warnings to several key executives of Dongfang Group, including the then Chairman and President Fang Hao, and other board members and supervisors [1]

融资性贸易业务是以贸易业务为名，实为出借资金、无商业实质的违规业务。在业务实践中，部分贸易公司开展虚假贸易形成大额坏账，导致企业经营出 现较大风险。 【举个例子】： 现有甲公司（出资方）、乙公司（通道方）、丙公司（中间方）和丁公司（用资方）。这四家公司通过一系列看似复杂的买卖合同，试图掩盖 真实的资金流动目的。 甲公司作为资金的提供者，名义上是购买货物；乙公司作为通道，负责资金的流转；丙公司作为中间方，利用其国有企业背景为交易提供信用 背书；而丁公司则是实际使用资金的一方。 具体操作是这样的：甲公司与乙公司签订了一份《粮食采购合同》，合同金额高达2990万元。紧接着，丙公司与甲公司签订了一份《销售合 同》，合同金额为3109.6万元。最后，丙公司又与丁公司签订了一份《销售合同》，金额为3227.6万元。 表面上看，这是一系列的粮食买卖交易，但实际上，粮食并没有真正交付，资金却在这些公司之间流转，最终回到了甲公司，用于偿还丁公司之前的债 务。 融资性贸易典型特征 1、签订虚假买卖合同 虽然都签订了合同，且有标的物，但货物却从未真正交付，虚构交易背景。 2、上下游之间存在特定利益关系 上游供应商和下游客户均为同一 ...

Group 1 - The core point of the news is the termination of the listing of Dongfang Group Co., Ltd. (*ST Dongfang) due to severe financial fraud, marking the end of its capital market journey [1][2] - The Shanghai Stock Exchange made a decision to delist *ST Dongfang on April 28, 2025, with the stock being officially delisted on April 30, 2025, without entering a trading suspension period [1] - Following delisting, *ST Dongfang will transition to the National Equities Exchange and Quotations (NEEQ) system for trading, with Jianghai Securities Co., Ltd. appointed as the main broker for subsequent share management [1] Group 2 - The financial fraud scandal was triggered by the China Securities Regulatory Commission's announcement on February 28, 2025, revealing a massive financial deception involving over 10 billion yuan [2] - From 2020 to 2023, *ST Dongfang inflated its sales revenue by a total of 16.13 billion yuan, with annual inflated revenues of 3.897 billion yuan, 4.865 billion yuan, 6.543 billion yuan, and 825 million yuan, representing 25.20%, 32.05%, 50.44%, and 13.56% of reported revenues respectively [2] - The company also inflated its operating costs by 16.073 billion yuan over the same period, with inflated costs of 3.875 billion yuan, 4.844 billion yuan, 6.530 billion yuan, and 824 million yuan, accounting for 23.74%, 29.57%, 45.43%, and 11.45% of reported costs respectively [2] Group 3 - Zhang Hongwei, the actual controller of *ST Dongfang, was directly involved in the company's operations since January 2022 and was fined 10 million yuan for his role in the fraud [3] - Sun Mingtao, who served as chairman and president from 2017 to 2024, was also implicated and fined 5 million yuan for his involvement in approving fraudulent financial reports [3] - Dahua Accounting Firm, the auditor for *ST Dongfang, failed to fulfill its duties by issuing unqualified audit opinions for the company's annual reports from 2020 to 2022, thus bearing joint liability for the false statements [3] Group 4 - The delisting of *ST Dongfang resulted in the evaporation of over 10 billion yuan in funds, representing a significant case of investor fraud [4] - Affected investors have the right to file lawsuits against the company and responsible individuals for compensation due to the fraudulent activities [4] - Investors who purchased shares between April 29, 2021, and June 18, 2024, and sold or held them after June 19, 2024, may be eligible for claims, subject to court verification [4]

Core Viewpoint - Multiple companies, including *ST旭蓝, *ST嘉寓, *ST东方, and *ST富润, have received termination notices for their stock listings due to continuous trading prices below 1 yuan, leading to their stocks being delisted on April 30, 2025 [3][4][8][9]. Group 1: *ST旭蓝 - *ST旭蓝's stock will be delisted on April 30, 2025, following a decision from the Shenzhen Stock Exchange due to its stock price being below 1 yuan for 20 consecutive trading days [3][4]. - The company has appointed 长城国瑞证券有限公司 as its main broker to assist with the delisting process and related services [4][5]. - The company focuses on green industries, aiming to become a leading comprehensive service provider in environmental and renewable energy sectors [5]. Group 2: *ST嘉寓 - *ST嘉寓's stock will also be delisted on April 30, 2025, after receiving a termination notice from the Shenzhen Stock Exchange [3][8]. - The company has engaged 山西证券股份有限公司 as its main broker to facilitate the delisting and related transactions [8]. - *ST嘉寓 specializes in building energy efficiency, smart technology, and renewable energy solutions [8]. Group 3: *ST东方 and *ST富润 - *ST东方's stock will be delisted on April 30, 2025, following a decision from the Shanghai Stock Exchange due to similar reasons of price decline [9]. - The company has appointed 江海证券有限公司 as its main broker for the delisting process [9]. - *ST富润 will also face delisting on the same date, with the company yet to appoint a main broker for the process [9]. Group 4: Market Context - The recent trend shows an increase in companies facing delisting due to stock prices falling below 1 yuan, indicating a potential risk for other companies in the market [9][10].

4家公司明日将正式告别A股。 4月29日晚间，*ST旭蓝（000040）发布公告称，公司于2025年4月28日收到深交所下发的《关于东旭蓝天新能源股份 有限公司股票终止上市的决定》，公司股票将于4月30日摘牌。 同日，*ST嘉寓（300117）发布公告称，公司于2025年4月25日收到深交所下发的《关于嘉寓控股股份公司股票终止 上市的决定》，公司股票将于4月30日摘牌。 此外，*ST东方（600811）、*ST富润（600070）也在昨日公告，收到交易所终止上市决定，将于4月30日摘牌。 *ST旭蓝收到终止上市决定 明日摘牌 4月29日，深交所发布了《关于东旭蓝天新能源股份有限公司股票终止上市的公告》，决定*ST旭蓝股票终止上市。 *ST旭蓝（000040）当日晚间亦发布了相关公告。 根据公司公告，公司股票在2024年12月31日至2025年3月31日期间，通过交易系统连续20个交易日的每日收盘价均低 于1元，触及深交所《股票上市规则（2024年修订）》第9.2.1条第一款第四项规定的股票终止上市情形，深交所公司 股票终止上市。 由于公司股票交易因触及交易类强制退市情形而被终止上市，公司股票不进入退市整理期。 ...

Summary of Key Points Core Viewpoints - The report highlights the ongoing trend of stock suspensions due to delisting risk warnings across multiple companies, indicating a potential downturn in market confidence and stability [2][3][4]. Company Listings - Several companies are scheduled for initial public offerings (IPOs) on April 29, 2025, including Tai Li Technology (301595) and Ze Run New Energy (301636), which may attract investor interest [1]. - The report notes the specific dates for various IPO-related activities, such as inquiry periods and fund unfreezing dates, which are crucial for market participants [1]. Stock Suspension Announcements - Numerous companies, including Guohua Network Security (000004) and Nanhua Biology (000504), have announced stock suspensions due to delisting risk warnings, reflecting a significant concern regarding their financial health [2][3]. - The report lists a total of 30 companies facing stock suspensions on April 29, 2025, due to various risk warnings, which may impact investor sentiment and trading volumes [2][3][4]. Special Suspensions - Companies like *ST Xu Lan (000040) and *ST Gong Zhi (000584) are highlighted for potential termination of listings, indicating severe financial distress and regulatory scrutiny [4][5]. - The report emphasizes the importance of monitoring these companies as their situations evolve, which could present both risks and opportunities for investors [4][5].

股票终止上市暨摘牌的公告 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。 重要内容提示： 东方集团股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日收到上海 证券交易所（以下简称"上交所"）《关于东方集团股份有限公司股票终止上市 的决定》（﹝2025﹞101 号），上交所决定终止公司股票上市。 第一节 终止上市股票的证券种类、简称、代码、终止上市决定日期 1 公司终止上市不适用退市整理期的情形。 终止上市暨摘牌日为 2025 年 4 月 30 日。 是否进入退市板块挂牌：是。 主办券商：江海证券有限公司。 公司股票终止上市后，将转入全国中小企业股份转让系统依托原证券公司代办 股份转让系统设立并代为管理的两网公司及退市公司板块挂牌转让。敬请广大 投 资 者 关 注 主 办 券 商 后 续 披 露 在 全 国 中 小 企 业 股 份 转 让 系 统 （www.neeq.com.cn）的股份确权公告，尽快完成股份确权手续，并办理加挂 资金账户等交易结算手续。 证券代码：600811 证券简称：*ST 东方 公告编号： ...