Core Points - *ST Yuancheng's stock market value as of November 10, 2025, is 189 million RMB, remaining below 500 million RMB for 20 consecutive trading days, triggering potential delisting conditions [1] - The company’s stock will be suspended from trading starting November 11, 2025, as per the stock listing rules [1] - The Shanghai Stock Exchange will review the delisting decision within 15 trading days after the company’s hearing process concludes [1] Summary by Sections - **Market Value and Delisting Conditions** - The total market value of *ST Yuancheng is reported at 189 million RMB, which is below the 500 million RMB threshold for 20 consecutive trading days, indicating a risk of delisting [1] - **Trading Suspension** - The company’s stock will be suspended from trading effective November 11, 2025, in accordance with the stock listing regulations [1] - **Review Process** - The Shanghai Stock Exchange will conduct a review regarding the potential delisting within 15 trading days after the completion of the company's hearing process [1]

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 7, there are 907 stocks with a circulating market value below 3 billion yuan, and 352 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,635 stocks have a total market value below 5 billion yuan, with 508 stocks below 3 billion yuan [1] Smallest Market Capitalization Stocks - The three stocks with the smallest circulating market values are: - *ST Yuan Cheng: 199 million yuan - *ST Gao Hong: 430 million yuan - Kuntai Co., Ltd.: 669 million yuan [1] - The three stocks with the smallest total market values are: - *ST Yuan Cheng: 199 million yuan - *ST Gao Hong: 440 million yuan - *ST Su Wu: 697 million yuan [1] Selected Stocks with Low Market Capitalization - A list of stocks with circulating market values below 1 billion yuan includes: - *ST Yuan Cheng: 199 million yuan, PE ratio not available, industry: Construction Decoration - *ST Gao Hong: 430 million yuan, PE ratio not available, industry: Communication - Kuntai Co., Ltd.: 669 million yuan, PE ratio 48.66, industry: Automotive - *ST Su Wu: 697 million yuan, PE ratio not available, industry: Pharmaceutical Biology - Kangliyuan: 702 million yuan, PE ratio 36.35, industry: Light Industry Manufacturing [1] - Additional stocks include: - Hongming Co., Ltd.: 739 million yuan, PE ratio not available, industry: Machinery Equipment - Kereisi: 740 million yuan, PE ratio 180.87, industry: Communication - Southeast Electronics: 746 million yuan, PE ratio 63.31, industry: Electronics [1] Additional Stocks Listed - Other notable stocks with low market capitalization include: - Zhenhe Ecology: 897 million yuan, PE ratio not available, industry: Environmental Protection - Sentai Co., Ltd.: 901 million yuan, PE ratio 41.84, industry: Building Materials - Lian Technology: 903 million yuan, PE ratio 52.12, industry: Electronics [2]

Summary of Key Points Core Viewpoint - *ST Yuan Cheng (603388) is facing significant financial distress, with potential risks of forced delisting due to continuous low market capitalization and stock price below regulatory thresholds [3][4]. Trading Information - On November 7, 2025, *ST Yuan Cheng closed at 0.61 yuan, down 4.69%, with a turnover rate of 0.54% and a trading volume of 17,400 shares, amounting to a total transaction value of 1.064 million yuan [1]. - The net outflow of main funds was 665,200 yuan, accounting for 62.52% of the total transaction value, while retail investors saw a net inflow of 459,500 yuan, representing 43.19% of the total [1][4]. - A block trade occurred on November 7, with a transaction amount of 183,200 yuan [2][4]. Company Announcements - The total market capitalization of Yuan Cheng Environment Co., Ltd. was 199 million yuan as of November 7, 2025, having been below 500 million yuan for 19 consecutive trading days, which could lead to forced delisting if it continues [3][4]. - The stock price has been below 1 yuan for 10 consecutive trading days, which also risks triggering delisting standards [3][4]. - The company received a notice from the China Securities Regulatory Commission regarding administrative penalties due to false records in annual reports from 2020 to 2022, which may result in significant legal consequences and forced delisting [3][4]. - The net profit for the first half of 2025 was reported at -126.795 million yuan, indicating ongoing uncertainty in the company's ability to continue operations [3].

Core Viewpoint - *ST Yuancheng is facing potential delisting due to its market capitalization falling below 500 million yuan and stock price below 1 yuan per share, with a current stock price of 0.61 yuan and a total market value of only 199 million yuan after 20 consecutive trading days of a "limit down" [2][6]. Financial Performance - In the first three quarters of this year, *ST Yuancheng reported revenue of 102 million yuan, a slight increase of 0.1% year-on-year, but continued to incur losses with a net profit attributable to shareholders of -143 million yuan [8]. - For the first half of the year, the company had an operating income of 82.34 million yuan and a net profit of -126.80 million yuan, indicating ongoing financial distress [7]. Regulatory Issues - The company has been issued a notice of administrative penalty by the China Securities Regulatory Commission (CSRC) for false reporting in its annual reports from 2020 to 2022, which included inflated project costs and revenues [8][9]. - The CSRC's findings may lead to a significant violation that could trigger mandatory delisting under stock listing rules, with potential penalties including fines totaling 37.45 million yuan for the company and 42 million yuan for responsible individuals, including a 28 million yuan fine for the actual controller [9]. Future Risks - *ST Yuancheng has been under a risk warning for its stock since October 13, 2025, and if it fails to meet the delisting criteria after the 2025 annual report, it may face termination of its listing [9].

Core Viewpoint - *ST Yuancheng is facing multiple delisting risks due to its market capitalization falling below 500 million yuan and stock price dropping below 1 yuan, which could lead to forced delisting from the stock exchange [1][2][3] Financial Performance - In the first three quarters of the year, the company reported revenue of 102 million yuan and a net loss attributable to shareholders of 143 million yuan [7] - For the third quarter alone, revenue was 20.14 million yuan, a year-on-year decrease of 54.70%, with a net loss of 16.34 million yuan [7] - Revenue figures for the years 2022 to 2024 were 294 million yuan, 274 million yuan, and 146 million yuan respectively, with net losses of 65.48 million yuan, 162 million yuan, and 325 million yuan [7] Delisting Risks - As of November 7, the company's total market capitalization was 199 million yuan, having been below 500 million yuan for 19 consecutive trading days, which will trigger forced delisting after 20 days [2][3] - The stock price closed at 0.61 yuan on November 7, having been below 1 yuan for 10 consecutive trading days, which also contributes to the delisting risk [3] - The company has received multiple warnings regarding delisting, including a notice from the China Securities Regulatory Commission about significant violations leading to potential forced delisting [9][10] Regulatory Issues - The company has been found to have false records in its annual reports from 2020 to 2022, which included inflated project costs and revenues [9][10] - The company is facing penalties totaling 37.45 million yuan and potential market bans for key personnel due to these violations [10] Operational Challenges - The company has been experiencing a continuous decline in business performance and has been in a state of loss for several years [8] - There are concerns regarding the company's ability to continue as a going concern, with issues such as overdue fundraising and liquidity risks [10]

Core Viewpoint - *ST Yuancheng (603388) has issued multiple risk warnings regarding potential delisting due to its market capitalization falling below the required thresholds and ongoing financial losses [1][2][4][9]. Financial Performance - As of November 7, the company's total market capitalization was 199 million yuan, having been below 500 million yuan for 19 consecutive trading days [2][4]. - The stock price closed at 0.61 yuan on November 7, remaining below 1 yuan for 10 consecutive trading days [4]. - For the first three quarters of the year, the company reported revenue of 102 million yuan and a net loss of 143 million yuan [7]. - Revenue figures for the years 2022 to 2024 were 294 million yuan, 274 million yuan, and 146 million yuan respectively, with net losses of 65.48 million yuan, 162 million yuan, and 325 million yuan [7][9]. Delisting Risks - The company is at risk of being delisted due to trading-related issues, as it will trigger mandatory delisting after 20 consecutive trading days with a market capitalization below 500 million yuan [2][7]. - Additionally, the company faces risks of major illegal delisting and financial delisting due to identified violations in its financial reports from 2020 to 2022 [9][10]. - The company received a notice from the China Securities Regulatory Commission regarding administrative penalties for false reporting and other violations, which could lead to major illegal delisting [9]. Operational Challenges - The company has been experiencing a continuous decline in business performance and has been in a state of loss for several years [7][8]. - There are concerns regarding the company's ability to continue as a going concern, with uncertainties highlighted in the 2024 audit report [8][11]. - The company is also facing liquidity issues, including overdue fundraising, stock pledges, freezes, and judicial auctions [11].

Core Viewpoint - *ST Yuancheng (603388) is facing imminent delisting risks due to multiple violations, with a total market value of 199 million yuan, which has been below 500 million yuan for 19 consecutive trading days, and the stock price has been below 1 yuan for 10 consecutive trading days [2][3][6] Group 1: Delisting Risks - The company has issued multiple announcements regarding delisting risks, indicating it may face mandatory delisting due to significant violations [2][6] - As of November 7, 2025, the company's market value was 199 million yuan, which is below the 500 million yuan threshold for 20 consecutive trading days, triggering trading-type mandatory delisting [3][6] - The stock price closed at 0.61 yuan on November 7, 2025, and has been below 1 yuan for 10 consecutive trading days, which also contributes to the delisting risk [3][6] Group 2: Regulatory Actions - The company received a notice from the China Securities Regulatory Commission (CSRC) regarding administrative penalties, citing false records in annual reports from 2020 to 2022, which could lead to significant legal consequences [7] - The company has been warned of potential mandatory delisting due to major violations as per the stock listing rules [7] Group 3: Financial Performance - For the third quarter of 2025, the company reported revenues of 102.48 million yuan and a net loss attributable to shareholders of 143.14 million yuan, indicating ongoing financial distress [8] - The company faces uncertainties regarding its ability to continue as a going concern, with overdue fundraising and multiple liquidity risks [8]

Core Viewpoint - *ST Yuancheng (603388) is facing imminent delisting risks due to multiple violations and financial issues, with only one trading day left before potential forced delisting [2][6]. Group 1: Delisting Risks - The company has triggered multiple delisting risks, including a trading-based forced delisting due to a market capitalization below 500 million yuan for 20 consecutive trading days [3][6]. - As of November 7, 2025, the company's total market capitalization was 199 million yuan, and the closing price was 0.61 yuan, which has been below 1 yuan for 10 consecutive trading days [3][7]. - The company will face suspension of trading and a delisting decision from the exchange after November 10, 2025, due to these violations [6][7]. Group 2: Financial Violations - The company received a notice from the China Securities Regulatory Commission (CSRC) regarding administrative penalties for false reporting in annual reports from 2020 to 2022, including inflated revenues and profits [7][8]. - The company has been under risk warning since October 13, 2025, due to these violations, which may lead to a major illegal forced delisting [7][8]. Group 3: Financial Performance - For the third quarter of 2025, the company reported revenues of 102.48 million yuan and a net loss of 143.14 million yuan attributable to shareholders [8]. - The company faces uncertainties regarding its ability to continue operations, with overdue fundraising, stock pledges, freezes, liquidations, and other liquidity risks [8].

Core Viewpoint - *ST Yuancheng (603388) is facing imminent delisting risks due to multiple violations and has only one trading day left before potential forced delisting [2][6]. Group 1: Delisting Risks - The company has issued multiple announcements regarding delisting risks, indicating it has triggered several criteria for forced delisting [2][6]. - As of November 7, the company's total market capitalization was 199 million yuan, having been below 500 million yuan for 19 consecutive trading days, which will lead to forced delisting after 20 days [3][6]. - The stock price closed at 0.61 yuan on November 7, remaining below 1 yuan for 10 consecutive trading days, which also contributes to the delisting risk [3][6]. Group 2: Regulatory Actions - On October 10, the company received a notice from the China Securities Regulatory Commission (CSRC) regarding administrative penalties for false reporting in annual reports from 2020 to 2022, which may lead to major illegal forced delisting [7]. - The company has been warned of delisting risks since October 13, 2025, due to these violations [7]. Group 3: Financial Performance - For the third quarter of 2025, the company reported revenues of 102.48 million yuan and a net loss attributable to shareholders of 143.14 million yuan, raising concerns about its financial viability [7]. - The company faces additional risks related to its ability to continue as a going concern, including overdue fundraising, stock pledges, freezes, liquidations, and judicial auctions [8].

Core Viewpoint - *ST Yuancheng is facing imminent delisting risks due to its market capitalization falling below 500 million yuan and stock price remaining below 1 yuan for consecutive trading days [1][2][4]. Group 1: Delisting Risks - As of November 7, the total market capitalization of *ST Yuancheng was 199 million yuan, having been below 500 million yuan for 19 consecutive trading days [2][4]. - The stock price closed at 0.61 yuan on November 7, remaining below 1 yuan for 10 consecutive trading days [2][4]. - The company is set to face trading-type mandatory delisting after November 10 due to these conditions [4]. Group 2: Regulatory Actions - On October 10, the company received a notice from the China Securities Regulatory Commission regarding administrative penalties for false reporting in its annual reports from 2020 to 2022 [5]. - The company is at risk of being subjected to mandatory delisting due to significant violations of regulations, including fabricating major false content in its non-public stock issuance documents [5]. Group 3: Financial Performance - For the third quarter of 2025, the company reported revenues of 102.48 million yuan and a net loss attributable to shareholders of 143.14 million yuan [6]. - The company faces uncertainties regarding its ability to continue operations, overdue fundraising, and multiple liquidity risks [6].