2025年11月10日，元成股份（603388）发布关于收到公司终止上市相关事项的监管工作函的公告，称收 到上海证券交易所下发的《关于元成环境股份有限公司终止上市相关事项的监管工作函》，上交所提 及，"截至2025年11月10日，你公司股票收盘总市值已连续20个交易日均低于5亿元，根据《上海证券交 易所股票上市规则（2025年4月修订）》的规定，你公司股票已触及终止上市条件。你公司股票自2025 年11月11日开市起停牌，本所上市委员会将在公司提出听证、陈述和申辩的有关期限届满或者听证程序 结束后15个交易日内，就是否终止公司股票上市事宜进行审议。本所根据上市委员会的审议意见，作出 相应的终止上市决定。" 上海久诚律师事务所许峰律师代理的元成股份投资者索赔案已向法院提交立案，目前律师团队还在继续 推进后续案件的立案工作，还在继续接受其他投资者的索赔委托。 2025年10月9日，元成股份公告收到证监会浙江监管局下发的《行政处罚事先告知书》，经查明，元成 股份、祝昌人涉嫌违法的事实如下： 2、元成股份2022年非公开发行股票文件编造重大虚假内容（事项三） 许峰律师认为，综合相关违法事实，在2021年4月15日到2 ...

New Stock Issuance - Cash option declaration period for Hangzhou Steam Turbine (200771) is from November 19 to November 25, 2025[1] - Acquisition request period for Hailianxun (300277) is from November 12 to November 18, 2025[1] Trading Alerts - Severe abnormal fluctuation reported for Haike Xinyuan (301292) on November 11, 2025[1] - Abnormal fluctuation noted for ST Yuancheng (603388) on November 11, 2025[1] Company Announcements - Announcement for Tianji Co., Ltd. (002759) on November 13, 2025[1] - Announcement for Huatong Technology (688109) on November 13, 2025[1] Other Notable Events - ST Meigu (000615) reported on November 13, 2025[1] - ST Zhongdi (000609) reported on November 13, 2025[1]

Core Viewpoint - The average stock price in the A-share market is 14.08 yuan, with 20 stocks priced below 2 yuan, the lowest being *ST Yuan Cheng at 0.58 yuan [1] Summary by Category Stock Price Distribution - As of November 13, the Shanghai Composite Index closed at 4029.50 points, with the average A-share price at 14.08 yuan [1] - There are 20 stocks priced below 2 yuan, with *ST Yuan Cheng being the lowest at 0.58 yuan, followed by *ST Su Wu at 0.98 yuan and *ST Jin Ke at 1.47 yuan [1] - Among the low-priced stocks, 8 are ST stocks, accounting for 40% of the total [1] Market Performance - Out of the low-priced stocks, 16 saw an increase today, with the highest gains from ST Yi Gou (5.29%), *ST Jin Ke (5.00%), and Rongsheng Development (4.73%) [1] - Only 2 stocks experienced a decline, with ST Ling Nan and *ST Hui Feng dropping by 1.03% and 0.53%, respectively [1] Low-Priced Stock Rankings - A detailed ranking of low-priced stocks includes: - *ST Yuan Cheng: Latest closing price 0.58 yuan, market-to-book ratio 0.27, industry: construction decoration [1] - *ST Su Wu: Latest closing price 0.98 yuan, daily turnover rate 1.97%, industry: pharmaceutical [1] - *ST Jin Ke: Latest closing price 1.47 yuan, daily increase 5.00%, industry: real estate [1] - Other notable stocks include Chongqing Steel (1.59 yuan), Yongtai Energy (1.63 yuan), and Shandong Steel (1.65 yuan) [1]

Core Points - The average stock price of A-shares is 13.93 yuan, with 20 stocks priced below 2 yuan, the lowest being *ST Yuan Cheng at 0.58 yuan [1] - As of November 12, the Shanghai Composite Index closed at 4000.14 points, indicating a relatively low proportion of both high-priced and low-priced stocks in the A-share market [1] - Among the low-priced stocks, 8 are ST stocks, accounting for 40% of the total [1] Low-Priced Stocks Summary - The lowest priced stock is *ST Yuan Cheng at 0.58 yuan, followed by *ST Su Wu at 0.98 yuan and *ST Jin Ke at 1.40 yuan [1] - In terms of market performance, 4 of the low-priced stocks increased in price, with Haihang Holdings, *ST Hui Feng, and *ST Su Wu showing gains of 1.09%, 1.08%, and 1.03% respectively [1] - Conversely, 12 stocks declined, with Chongqing Steel, Rongsheng Development, and Yabo Co. experiencing drops of 1.88%, 1.74%, and 1.53% respectively [1] Low-Priced Stocks Table - The table lists various low-priced stocks along with their latest closing prices, daily price changes, turnover rates, price-to-book ratios, and industries [1]

New Stock Issuance - The stock code 300277 (Hai Lian Xun) has a subscription period for acquisition rights from November 12 to November 18, 2025[1] - Stock code 688353 (Hua Sheng Lithium) reported severe abnormal fluctuations on November 11, 2025[1] - Stock code 603122 (He Fu China) has an announcement dated November 8, 2025[1] Trading Alerts - Stock code 601888 (China Zhong Mian) has an announcement dated November 12, 2025[1] - Stock code 600537 (Yi Jing Guang Dian) has an announcement dated November 12, 2025[1] - Stock code 688028 (Wo Er De) has an announcement dated November 12, 2025[1] Abnormal Fluctuations - Stock code 600815 (Xia Gong Co.) reported abnormal fluctuations on November 6, 2025[2] - Stock code 603557 (ST Qi Bu) reported abnormal fluctuations on November 7, 2025[3] - Stock code 002478 (Chang Bao Co.) reported abnormal fluctuations on November 7, 2025[3]

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] - As of November 11, there are 880 stocks with a circulating market value below 3 billion yuan, and 341 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,605 stocks have a total market value below 5 billion yuan, with 492 stocks having a total market value below 3 billion yuan [1] Market Data - The three stocks with the smallest circulating market values are *ST Yuan Cheng at 189 million yuan, Kuntai Co. at 668 million yuan, and *ST Su Wu at 690 million yuan [1] - The three stocks with the smallest total market values are also *ST Yuan Cheng at 189 million yuan, *ST Su Wu at 690 million yuan, and *ST Chang Yao at 774 million yuan [1] - A detailed list of stocks with circulating market values below 2 billion yuan includes various sectors such as construction decoration, automotive, and pharmaceuticals, with notable examples like Kuntai Co. having a P/E ratio of 48.57 [1][2]

Core Viewpoint - The company Yuan Cheng Environment Co., Ltd. is facing a potential delisting due to its stock market value falling below 500 million yuan for 20 consecutive trading days, triggering the delisting conditions set by the Shanghai Stock Exchange [1][2]. Group 1: Delisting Risks - Yuan Cheng Environment is confronted with three types of delisting risks: trading-related, financial-related, and major legal violations [5]. - Since May 6, the company has been under financial delisting risk warning by the Shanghai Stock Exchange, and from October 13, it has been subjected to additional warnings for major legal violations [6]. Group 2: Financial Misconduct - The Zhejiang Securities Regulatory Bureau issued a notice revealing that the company’s annual reports from 2020 to 2022 contained false records, and the 2022 non-public stock issuance constituted fraudulent issuance [7]. - The company employed two main methods for financial fraud: inflating project costs and revenues for the years 2020 to 2022, and failing to account for discrepancies in project pricing in the 2022 annual report [8]. Group 3: Penalties and Consequences - The company is facing a fine of 37.45 million yuan for its violations, and five responsible individuals, including the actual controller and former chairman, are subject to a total fine of 42 million yuan, with the chairman personally fined 28 million yuan [9]. - The regulatory authority also plans to impose a 10-year market ban on the chairman [10]. Group 4: Business Transformation Challenges - Originally established in 1999 as an environmental service provider, the company has strayed from its core business, pursuing market trends and attempting to enter the semiconductor sector without success [12]. - The anticipated revenue from the semiconductor business has not materialized, with its contribution expected to remain below 40% by 2024, failing to provide effective profit support [14]. Group 5: Financial Performance - The company reported a cumulative net loss exceeding 500 million yuan from 2022 to 2024, and its stock has been under delisting risk warning since the 2024 annual report [15]. - In the first three quarters of 2025, despite a slight revenue increase of 0.1%, the company still incurred a net loss of 143 million yuan [16].

Core Viewpoint - The company Yuancheng Environment Co., Ltd. (referred to as "ST Yuancheng") has been identified for mandatory delisting due to its stock market value falling below 500 million yuan for 20 consecutive trading days, indicating the effectiveness of the delisting reform in the market [1] Group 1 - ST Yuancheng has triggered trading-related mandatory delisting procedures as of November 10, following a month of being recognized by the China Securities Regulatory Commission for significant legal violations [1] - The total market capitalization of ST Yuancheng's stock has been below 500 million yuan for 20 consecutive trading days, leading to its delisting status [1] - This situation reflects a broader trend in the market, where two other companies have faced similar circumstances this year, highlighting a consensus on the necessity of delisting underperforming companies [1] Group 2 - Market participants view the acceleration of delisting as a positive development that protects investor rights and enhances the resource allocation function of the capital market [1] - The concept of "delist as necessary" has gained traction, indicating a shift towards a more rigorous evaluation of companies listed on the A-share market [1]

Core Viewpoint - The recent developments in the Chinese capital market indicate a significant shift towards stricter enforcement of delisting regulations, with companies like *ST Yuancheng facing forced delisting due to financial misconduct and market capitalization issues [1][2][3] Group 1: Delisting Cases - *ST Yuancheng has been identified for mandatory delisting after its market capitalization fell below 500 million yuan for 20 consecutive trading days, receiving a notice from the Shanghai Stock Exchange [1] - Other companies, such as Dongfang Group and *ST Gaohong, have also faced similar fates this year, highlighting a trend of accelerated delisting processes due to financial fraud [2] - A total of 28 companies have been delisted this year, with 10 categorized under trading-related delisting, 9 under financial delisting, and 3 under major illegal activities [4] Group 2: Market Dynamics - Investors are increasingly focusing on the fundamentals of companies, leading to a more rational market pricing mechanism, while regulatory bodies maintain a zero-tolerance policy towards financial fraud [3] - The implementation of stricter delisting standards and multiple delisting indicators has improved market clearing efficiency, preventing companies from remaining in the market despite significant issues [5] Group 3: Investor Protection - Regulatory bodies have been enhancing investor protection mechanisms in the delisting process, allowing investors to seek civil compensation for losses due to false statements [6] - Recent judicial cases have shown positive outcomes for investors, indicating a growing emphasis on accountability for companies engaging in fraudulent activities [7]

New Stock Issuance - Nant Technology (920124) issued shares at a price of 8.66 on November 11, 2025[1] - The acquisition request period for Hailianxun (300277) is from November 12 to November 18, 2025[1] Market Alerts - ST Yuancheng (603388) reported severe abnormal fluctuations on November 11, 2025[1] - ST Erlang (600107) and ST Lvkang (002868) also reported abnormal fluctuations on November 11, 2025[1] Recent Announcements - Multiple companies including Hefu China (603122) and Huasheng Lithium Battery (688353) made announcements on November 11, 2025[1] - Significant announcements were made by Jiangbolong (301308) and Furi Shares (002083) on November 10, 2025[1] Additional Information - The report includes links to detailed announcements for various companies, indicating ongoing market activities and potential investment opportunities[1]