2026年1月9日，退市公司元成5（原"*ST元成""元成股份"）公告称，公司及相关责任人收到浙江证监局下发的行政处罚决定书。因年报存在虚假记载、非 公开发行股票文件编造重大虚假内容等违法违规事项，公司及时任实际控制人、董事长祝昌人等相关责任人将面临不同额度的处罚。根据当事人违法行为 的事实、性质、情节与社会危害程度，浙江证监局决定对元成股份及相关责任人总计处罚7945.46万元。 | 姓名/名称 | 类别 | 具体任职/关联关系 | | --- | --- | --- | | 元成环境股份有限公司 | 挂牌公司或其子公司 | 挂牌公司 | | 祝昌人 | 控股股东/实际控制人 | 时任实际控制人、董事长 | | 姚丽花 | 董监高 | 时任副董事长、总经理 | | 周令海 | 董监高 | 时任董事、副总经理 | | 陈平 | 董监高 | 时任财务负责人 | | 余建飞 | 革监高 | 时任监事 | 行政处罚决定书显示，元成股份的2020年至2022年年报存在虚假记载。公司通过虚增越龙山国际旅游度假区相关项目（下称"越龙山项目"）劳务和机械成 本、虚增相应项目产值等方式，累计虚增营业成本1.58亿元、营业收入 ...

Group 1 - The core viewpoint of the article highlights the ongoing reform of the A-share delisting system, which is expected to enhance the quality of the capital market and promote a healthy ecosystem of "survival of the fittest" [1][3][9] - As of December 30, 2025, a total of 31 A-share listed companies have been delisted, primarily due to financial issues, trading violations, major illegal activities, and voluntary delisting [1][3][6] - The delisting process has shifted towards a diversified model, with a focus on mandatory delisting and an acceleration of voluntary delisting [3][6] Group 2 - The year 2025 has seen a significant decrease in the number of delisted companies compared to previous years, with 21 fewer delistings than in 2024 [6] - The environmental protection industry has shown a concentration of delisting cases, with two companies, *ST Xulan and *ST Yuancheng, being delisted due to their stock prices falling below par value [6] - Recent cases of delisting include Guandao Tui, which was forced to delist due to major violations, marking the first such case since the establishment of the Beijing Stock Exchange [8] Group 3 - The regulatory authorities are emphasizing a "zero tolerance" approach to delisting, ensuring that companies that should be delisted are indeed removed from the market [9] - Investor protection measures are being strengthened, with new regulations proposed to safeguard investors' interests during the delisting process [9]

Core Viewpoint - The trend of "炒小炒差" (speculative trading in small and poor-performing stocks) in the A-share market is shifting, with increasing scrutiny and penalties for companies involved in long-term financial fraud, leading to more companies facing delisting risks [1] Group 1: Company Actions and Penalties - Two companies, Yuan Da Intelligent and ST Cube, have been placed under risk warnings due to long-term financial fraud, with their stock names changed to ST Yuan Zhi (002689.SZ) and *ST Cube (300344.SZ) respectively [1] - On December 2, both companies experienced significant stock price declines, with ST Yuan Zhi closing at 4.33 CNY per share, down 5.04%, and *ST Cube closing at 2.69 CNY per share, down 19.94% [1] - *ST Cube was found to have inflated revenue by over 600 million CNY over three years, resulting in a total penalty of 40 million CNY for the company and several responsible individuals [1] Group 2: Market Trends and Regulatory Environment - ST Yuan Cheng (603388.SH) is set to be delisted on December 5 due to triggering mandatory delisting indicators, stemming from long-term financial fraud and fraudulent issuance [1] - The shift in market sentiment from speculative trading to risk aversion is noted, as funds are moving away from "博傻" (blind speculation) [1] - The collaboration of a "zero tolerance" system and a normalized delisting mechanism is seen as a natural outcome of the ongoing comprehensive registration system reform [1]

| 代码 | 简称 | 最新收盘价（元） | 日涨跌幅（%） | 日换手率（%） | 市净率（倍） | 行业 | | --- | --- | --- | --- | --- | --- | --- | | 603388 | *ST元成 | 0.58 | | | 0.27 | 建筑装饰 | | 600200 | *ST苏吴 | 1.24 | | | 0.51 | 医药生物 | | 601005 | 重庆钢铁 | 1.45 | -0.68 | 1.40 | 0.78 | 钢铁 | | 600022 | 山东钢铁 | 1.51 | -0.66 | 0.65 | 0.86 | 钢铁 | | 000656 | *ST金科 | 1.51 | 0.67 | 1.04 | | 房地产 | | 601880 | 辽港股份 | 1.63 | 0.00 | 0.68 | 0.95 | 交通运输 | | 600307 | 酒钢宏兴 | 1.64 | -1.80 | 0.73 | 1.51 | 钢铁 | | 600157 | 永泰能源 | 1.65 | 0.61 | 4.45 | 0.76 | 煤炭 | | 002146 | 荣盛发展 ...

Core Viewpoint - The company *ST Yuancheng is set to be delisted from the Shanghai Stock Exchange on December 5, 2025, due to a continuous market capitalization drop below 500 million yuan for 20 consecutive trading days, triggered by serious financial fraud allegations [1][7]. Group 1: Delisting Decision - *ST Yuancheng received the delisting notice from the Shanghai Stock Exchange on November 28, 2025, after failing to meet market capitalization requirements [1][7]. - The company has been under scrutiny since October 2023 for suspected major violations leading to mandatory delisting [1][7]. - Unlike most delisted companies, *ST Yuancheng will not have a delisting transition period and will directly transfer to the National Equities Exchange and Quotations system [1][7]. Group 2: Financial Fraud Scandal - The company has been found to have engaged in systematic financial fraud over three years, from 2020 to 2022, under the direction of its chairman and actual controller, Zhu Changren [3][9]. - The fraudulent activities included inflating project costs and revenues, resulting in a total inflated operating cost of 158 million yuan, operating income of 209 million yuan, and total profit of 50.46 million yuan [3][9]. - The fraudulent financial data led to a deceptive private placement in 2022, raising 285 million yuan based on false financial statements [3][9]. - The China Securities Regulatory Commission plans to impose a fine of 37.45 million yuan on the company and a total of 42 million yuan on five responsible individuals, including a 10-year market ban for Zhu Changren [3][9]. Group 3: Investor Rights Protection - Investors who suffered losses due to the company's false statements are encouraged to pursue legal action against the company and responsible individuals [4][11]. - Hundreds of investors have already registered for compensation claims, which are being processed in the courts [4][11]. - Eligible investors can claim compensation if they purchased shares between April 15, 2021, and January 30, 2024, or between April 29, 2023, and April 27, 2024, and sold or still hold shares at a loss after specified dates [5][6][11].

Core Viewpoint - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Group 1: Market Overview - As of December 2, there are 911 stocks with a circulating market value below 3 billion yuan, and 359 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,638 stocks have a total market value below 5 billion yuan, with 516 stocks having a total market value below 3 billion yuan [1] Group 2: Smallest Stocks by Circulating Market Value - The three stocks with the smallest circulating market values are: - *ST Yuan Cheng: 189 million yuan - Kuntai Co., Ltd.: 662 million yuan - Kangliyuan: 688 million yuan [1] Group 3: Smallest Stocks by Total Market Value - The three stocks with the smallest total market values are: - *ST Yuan Cheng: 189 million yuan - *ST Changyao: 750 million yuan - *ST Suwu: 881 million yuan [1] Group 4: Selected Stocks with Low Market Values - A selection of stocks with circulating market values below 2 billion yuan includes: - *ST Yuan Cheng: 189 million yuan, PE ratio: N/A, Industry: Construction Decoration - Kuntai Co., Ltd.: 662 million yuan, PE ratio: 48.15, Industry: Automotive - Kangliyuan: 688 million yuan, PE ratio: 35.62, Industry: Light Industry Manufacturing - Other notable stocks include: - *ST Changyao: 750 million yuan, PE ratio: N/A, Industry: Pharmaceutical Biology - *ST Suwu: 881 million yuan, PE ratio: N/A, Industry: Pharmaceutical Biology [1][2]

Core Viewpoint - The article discusses the increasing regulatory scrutiny and consequences faced by ST companies in the A-share market due to long-term financial fraud, leading to a shift in investor sentiment from speculative trading to risk aversion [2][11]. Group 1: Regulatory Actions and Consequences - On December 2, 2023, two companies, Yuan Da Intelligent (ST远智) and ST Cube (ST立方), received risk warnings and their stock names were changed to ST Yuan Zhi (002689.SZ) and *ST Cube (300344.SZ) respectively, both experiencing significant stock price declines [2]. - ST Cube was found to have inflated revenue by over 600 million yuan over three years, resulting in a total fine of 40 million yuan for the company and several responsible individuals [2][5]. - ST Yuan Zhi is set to be delisted on December 5, 2023, due to triggering mandatory delisting indicators, with a history of financial fraud and fraudulent issuance [2][10]. Group 2: Financial Fraud Details - ST Yuan Zhi was found to have inflated revenue by approximately 336 million yuan and profits by about 93.26 million yuan from 2019 to 2021, with significant discrepancies in revenue recognition practices [3][4]. - ST Cube inflated its revenue by 638 million yuan from 2021 to 2023, with over 50% of its total revenue in 2021 and 2022 being fictitious [5][9]. - Both companies had previously corrected accounting errors, with ST Yuan Zhi reporting losses in 2020 and 2021 after adjustments, while ST Cube faced regulatory scrutiny for its accounting practices [6][8]. Group 3: Market Sentiment Shift - The article notes a shift in market sentiment from speculative trading in underperforming stocks to a focus on selecting quality investments, as indicated by the increasing regulatory actions against ST companies [2][12]. - The regulatory environment is described as a "zero-tolerance" approach, aiming to cleanse the market of problematic companies and ensure a healthier capital market [11].

Core Viewpoint - The article discusses the increasing regulatory scrutiny and consequences faced by ST companies in the A-share market, highlighting a shift from speculative trading to risk-averse investment strategies as a result of ongoing reforms and a "zero tolerance" approach to financial misconduct [3][16]. Financial Misconduct and Penalties - ST Yuanzhi and *ST Lifang have been subjected to risk warnings and penalties due to long-term financial fraud, with *ST Lifang found to have inflated revenue by over 600 million yuan across three years [3][5][8]. - ST Yuanzhi was penalized for falsely reporting sales and rental income, leading to inflated revenues of approximately 336 million yuan and profits of about 93 million yuan from 2019 to 2021 [5][6]. - *ST Lifang's fraudulent activities included inflated revenues of 280 million yuan, 312 million yuan, and 46 million yuan for the years 2021 to 2023, with penalties totaling 40 million yuan imposed on the company and its executives [8][7]. Changes in Market Behavior - There is a notable shift in investor behavior from speculative trading in low-quality stocks to a more cautious approach focused on selecting high-quality investments, as indicated by the recent regulatory actions against ST companies [3][16]. - The article emphasizes that the market is moving away from the "炒差" (speculative trading) mentality towards a more mature investment philosophy that prioritizes risk management [18]. Financial Performance of Companies - Both ST Yuanzhi and *ST Lifang have reported significant financial losses in recent years, with ST Yuanzhi's net profit losses exceeding 400 million yuan from 2018 to 2022, and *ST Lifang's losses surpassing 1 billion yuan over five years [14][15]. - In 2023, *ST Lifang continued to report losses, with a net profit loss of approximately 62 million yuan in the first nine months [14]. Regulatory Environment - The article highlights the intensified regulatory environment for ST companies, with a focus on maintaining market integrity and eliminating fraudulent entities as part of the ongoing registration system reforms [16][17]. - The regulatory actions are seen as a necessary step to "clear the market" and ensure a healthier investment ecosystem [17].

Core Viewpoint - The trend of "speculating on small and poor-performing stocks" in the A-share market is shifting towards risk aversion, as evidenced by the recent penalties and delistings of several ST companies due to long-term financial fraud [1][12]. Group 1: Company Penalties and Financial Fraud - Both ST Yuan Zhi and *ST Li Fang have been subjected to risk warnings and penalties for long-term financial fraud, with *ST Li Fang being fined a total of 40 million yuan for inflating revenue by over 600 million yuan over three years [1][4]. - ST Yuan Zhi was found to have inflated revenue by approximately 336 million yuan and profit by about 93.26 million yuan from 2019 to 2021, while *ST Li Fang inflated revenue by 638 million yuan from 2021 to 2023 [2][5]. - The penalties for ST Yuan Zhi and its responsible individuals amounted to 21 million yuan, while *ST Li Fang faced a total penalty of 40 million yuan, including fines for its chairman and other executives [4][5]. Group 2: Financial Performance and Adjustments - Both companies have faced significant financial losses, with ST Yuan Zhi reporting a cumulative loss of over 400 million yuan from 2018 to 2022, and *ST Li Fang accumulating losses exceeding 1 billion yuan from 2020 to 2024 [9][12]. - ST Yuan Zhi had to correct its financial statements multiple times, resulting in a shift from profit to loss for the years 2020 and 2021, while *ST Li Fang also faced scrutiny for its accounting practices and had to adjust its revenue recognition methods [6][8]. - The financial adjustments led to significant reductions in reported revenues, with *ST Li Fang adjusting its revenue down by over 50 million yuan due to accounting errors [6][8]. Group 3: Market Trends and Regulatory Environment - The recent regulatory actions against ST companies are part of a broader trend towards a "zero tolerance" approach and the normalization of delisting mechanisms in the context of ongoing registration system reforms [1][12]. - The market sentiment is shifting from speculative trading to a focus on quality investments, as investors become more cautious and seek to avoid risks associated with problematic ST companies [1][12]. - The regulatory environment is tightening, with increased scrutiny on financial disclosures and corporate governance, aiming to cleanse the market of fraudulent entities and ensure a healthier capital market [12].

Group 1 - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] - As of December 1, there are 912 stocks with a circulating market value below 3 billion yuan, and 354 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,633 stocks have a total market value below 5 billion yuan, with 512 stocks having a total market value below 3 billion yuan [1] Group 2 - The three stocks with the smallest circulating market values are *ST Yuan Cheng at 0.189 billion yuan, Kuntai Co. at 0.651 billion yuan, and Kangliyuan at 0.698 billion yuan [1] - The three stocks with the smallest total market values are *ST Yuan Cheng at 0.189 billion yuan, *ST Changyao at 0.781 billion yuan, and *ST Suwu at 0.881 billion yuan [1] - A detailed list of stocks with circulating market values below 2 billion yuan includes various sectors such as construction decoration, automotive, light manufacturing, and more [1][2]