Core Viewpoint - *ST Yuancheng's stock has experienced significant volatility, with potential risks of forced delisting due to continuous losses and regulatory issues [1][3]. Trading Information Summary - On October 16, *ST Yuancheng closed at 1.35 yuan, down 4.93%, with a turnover rate of 0.08% and a trading volume of 2,680 shares, amounting to 361,800 yuan [1]. - On the same day, the main funds saw a net outflow of 26.07 thousand yuan, accounting for 72.05% of the total trading volume, while retail investors had a net inflow of 19.32 thousand yuan, representing 53.4% of the total [1]. Company Announcements Summary - The stock price of Yuancheng Environment Co., Ltd. has deviated significantly, with a cumulative drop exceeding 12% over three consecutive trading days, leading to a market capitalization below 5 billion yuan, which may trigger forced delisting [1][3]. - 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 lead to significant legal consequences [1][3]. - The controlling shareholder's associate, Hangzhou Beijia Investment Co., Ltd., had 6,872,194 shares (2.11% of total shares) auctioned but failed to attract bids, indicating financial distress [2][3]. - The controlling shareholder and associates hold a total of 38,672,194 shares, representing 11.87% of total shares, with 84.19% of their shares frozen [2].

Group 1 - The core point of the news is the increasing severity of regulatory actions against financial fraud in the Chinese stock market, exemplified by the termination of ST Yuancheng's listing due to serious financial misconduct [1] - The new delisting rules implemented in April 2024 allow for companies to be delisted after one year of serious fraud, expanding the scope of delisting [3] - Since the new rules were enacted, over 50 companies have been terminated or entered delisting procedures, indicating a significant increase in delisting efficiency [3] Group 2 - ST Zhuolang's case illustrates the extent of financial fraud, with the company inflating revenue by 1.815 billion yuan through fictitious business operations from 2018 to 2022 [3] - ST Zhongcheng's fraudulent activities spanned six years, with profits inflated by over 1.3 billion yuan through methods such as falsifying project progress [5] - The trend of delisting due to stock prices falling below 1 yuan has become prevalent, with over 60% of delisted companies in 2025 falling into this category [5] Group 3 - Regulatory technology has improved the detection of fraud, with GPS data revealing discrepancies in reported logistics activities [10] - Satellite imagery has been utilized to verify claims made by companies, such as agricultural coverage, effectively curbing asset inflation attempts [11] - The number of regulatory inquiries has increased by 40% in the first half of 2025, with over 60% targeting abnormal financial data [18] Group 4 - The market is experiencing a shift in investor sentiment, with a notable decrease in trading volume coinciding with an increase in delisted companies [13] - Institutional investors are adjusting their strategies, reducing exposure to small-cap and low-liquidity stocks to historic lows [13] - Retail investors face significant challenges, with average losses exceeding 70% for those holding delisted stocks [15] Group 5 - The emergence of innovative drug companies contrasts sharply with the wave of delistings in traditional industries, highlighting a structural shift in market resource allocation [15] - The introduction of supportive policies for the smart terminal industry aims to accelerate capital flow towards emerging sectors [15] - Breakthroughs in nuclear fusion technology showcase the potential of tech-driven companies, contrasting with the fates of fraudulent firms [16]

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 - *ST Yuancheng has experienced significant trading activity, with a notable decline in stock price and net outflow of funds, indicating potential challenges for the company in the market [2] Trading Activity - On October 16, *ST Yuancheng recorded 2 transactions on the block trading platform, with a total trading volume of 713,700 shares and a total transaction amount of 963,500 yuan, at a price of 1.35 yuan per share [2] - In the past three months, the stock has seen a total of 19 block trades, amounting to 11.5361 million yuan [2] Stock Performance - The closing price of *ST Yuancheng on October 16 was 1.35 yuan, reflecting a decrease of 4.93% [2] - The stock's turnover rate for the day was 0.08%, with a total transaction amount of 361,800 yuan [2] - There was a net outflow of 264,200 yuan in major funds for the day, and over the past five days, the stock has declined by 21.51% with a total net outflow of 15.6691 million yuan [2] Company Background - Yuancheng Environmental Co., Ltd. was established on December 23, 1999, with a registered capital of 3,257.33572 million yuan [2]

证券代码：603388 证券简称：*ST 元成 公告编号：2025-119 元成环境股份有限公司 关于控股股东一致行动人（杭州北嘉投资有限公司）所持公司部分股份 被司法拍卖流拍的公告 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。 ● 截至本公告披露日，本次司法拍卖网拍阶段已经结束，上述 6,872,194 股股票因无人出价已流拍。 2025 年 10 月 16 日，公司通过"京东网拍平台"查询获悉，2025 年 10 月 15 日 10 时至 2025 年 10 月 16 日 10 时止（延时除外），北嘉投资所持有的公司 1 重要内容提示： ● 本次被司法拍卖的股票为元成环境股份有限公司（以下简称"公司"） 控股股东一致行动人杭州北嘉投资有限公司（以下简称"北嘉投资")持有的公 司 6,872,194 股股票，占公司总股本的 2.11%。 ● 本次司法拍卖事项不会对公司经营管理产生重大不利影响，亦不会导致 公司控股股东和实际控制人发生变化。 一、本次拍卖的基本情况 公司于 2025 年 9 月 30 日披露了《元成环境股份有 ...

Trading Information Summary - The stock of *ST Yuancheng (603388) closed at 1.42 yuan on October 15, 2025, down 4.7%, with a trading volume of 5006 shares and a total transaction amount of 71.09 thousand yuan [1] - The stock has experienced a continuous decline for six days, with a year-to-date drop of 40.73%. In the first ten trading days, the net outflow of main funds reached 19.62 million yuan, with a cumulative price drop of 17.93% [1] - On October 15, the stock was listed on the "Dragon and Tiger List" for the second time in five trading days due to a cumulative price drop deviation of 12% over three consecutive trading days [1][3] Shareholder Changes - The controlling shareholder and actual controller, Zhu Changren, had 975,520 unrestricted circulating shares transferred due to a failed judicial auction related to private lending disputes, reducing his holdings from 32,775,520 shares to 31,800,000 shares, a decrease in ownership from 10.06% to 9.76% [1] - The combined holdings of the controlling shareholder and its concerted parties decreased from 39,647,714 shares to 38,672,194 shares, with a reduction in ownership from 12.17% to 11.87% [1][3] Company Announcements - As of October 14, 2025, the company's stock market capitalization was 485 million yuan, falling below 500 million yuan for the first time, which may trigger mandatory delisting if it remains below this threshold for 20 consecutive trading days [2] - The company has received a preliminary notice of administrative penalty from the CSRC regarding false records in annual reports from 2020 to 2022, which may lead to significant legal delisting risks [2] - The company reported a net loss of 126.80 million yuan for the first half of 2025, indicating ongoing financial difficulties and uncertainty regarding its ability to continue operations [2]

证券代码：603388 证券简称：*ST 元成 公告编号：2025-118 9.3.7 条等规定的撤销要件，公司股票将被终止上市。 ● 持续经营能力存在不确定性。根据《股票上市规则》第 9.8.1 条第（六） 项，公司近三年连续亏损且《2024 年度审计报告》提示公司持续经营能力存在 不确定性，根据规定公司股票已被继续实施其他风险警示。请投资者注意投资 风险。 截至目前，公司基本面未发生重大变化，敬请广大投资者充分了解二级市场 交易风险及公司披露的风险因素，切实提高风险意识，理性决策，审慎投资。 元成环境股份有限公司 股票交易异常波动公告 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： ● 元成环境股份有限公司（以下简称"公司"）股票于 2025 年 10 月 13 日、 2025 年 10 月 14 日、2025 年 10 月 15 日连续三个交易日内收盘价格跌幅偏离值 累计超过 12%，属于《上海证券交易所交易规则》规定的股票交易异常波动情形。 ● 市值退市风险。公司股票 2025 年 10 月 14 日收 ...

Core Insights - *ST Yuancheng (维权) experienced a decline of 4.70% on October 15, closing at 1.42 yuan, with two block trades totaling 700,000 shares and a transaction value of 994,000 yuan [1] Trading Activity - The first block trade occurred at a price of 1.42 yuan for 400,000 shares, amounting to 568,000 yuan, with a premium rate of 0.00%. The buyer was from Debon Securities Co., Ltd., and the seller was from Donghai Securities Co., Ltd. [1] - The second block trade also took place at 1.42 yuan for 300,000 shares, totaling 426,000 yuan, with a premium rate of 0.00%. The buyer was from GF Securities Co., Ltd., and the seller was from Shenwan Hongyuan West Securities Co., Ltd. [1] Recent Performance - Over the past three months, *ST Yuancheng has recorded 17 block trades with a cumulative transaction value of 10.57 million yuan [1] - In the last five trading days, the stock has seen a cumulative decline of 21.11%, with a net outflow of 13.67 million yuan in principal funds [1]

| 交易日期 | 证券調移 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 类出营业部 | 是否为专场 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-10-15 | "ST元成 | 603388 | 1.42 | 56.8 | 40 | 是自己的主要着露 | 委副需察努您都限 | | Ka | | 2025-10-15 | *ST元成 | 603388 | 1.42 | 42.6 | 30 | 产品、销售的量盛 | 類開 | | Ka | 10月15日，*ST元成大宗交易成交70万股，成交额99.4万元，占当日总成交额的58.3%，成交价1.42元， 较市场收盘价1.42元持平。 ...

Group 1 - A-shares saw a total of 82 stocks hitting the daily limit up and 7 stocks hitting the limit down on October 15 [1] - The automotive sector was active, with Zhongtong Bus and Haima Automobile reaching the limit up [1] - The electric grid equipment sector strengthened, with Heshun Electric and Jinpan Technology also hitting the limit up [1] Group 2 - *ST Yuancheng experienced three consecutive limit downs [2] - *ST Yatai and *ST Mubang faced two consecutive limit downs [2] - Other companies such as Shen Zhenye A, Ruyi Group, and Aopu Optoelectronics also hit the limit down [2]