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 28, there are 919 stocks with a circulating market value below 3 billion yuan, and 356 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,641 stocks have a total market value below 5 billion yuan, with 514 stocks below 3 billion yuan [1] Smallest Market Capitalization Stocks - The three stocks with the smallest circulating market values are: - *ST Yuan Cheng: 189 million yuan - Kuntai Co., Ltd.: 651 million yuan - Kangliyuan: 698 million yuan [1] - The three stocks with the smallest total market values are: - *ST Yuan Cheng: 189 million yuan - *ST Changyao: 813 million yuan - *ST Suwu: 881 million yuan [1] Selected Stocks with Low Market Capitalization - A list 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.: 651 million yuan, PE ratio: 47.32, Industry: Automotive - Kangliyuan: 698 million yuan, PE ratio: 36.15, Industry: Light Industry Manufacturing - Other notable stocks include: - Yangzhou Jinqiao: 719 million yuan, PE ratio: 25.10, Industry: Textile and Apparel - Keres: 735 million yuan, PE ratio: 179.75, Industry: Communication [1][2]

Core Viewpoint - The delisting of ST Yuancheng is a result of severe financial fraud, leading to significant losses for investors and highlighting the risks in the A-share market [2][4]. Group 1: Company Overview - ST Yuancheng, primarily engaged in landscaping engineering, attempted to diversify into online gaming but faced regulatory backlash [2]. - The company was found to have inflated project costs and fabricated revenue, reporting a fictitious income of 209 million yuan and overstating profits by over 50 million yuan from 2020 to 2022 [2]. Group 2: Financial Impact - Following the revelation of financial misconduct, ST Yuancheng's market value fell below 500 million yuan for the first time on October 14, with a subsequent decline to 218 million yuan by November 5, remaining below the delisting threshold for 17 consecutive trading days [4]. - The stock price plummeted from 2 yuan to 0.58 yuan, culminating in its delisting on December 5, leaving investors with no opportunity to exit [6]. Group 3: Investor Behavior - Despite the impending delisting, the number of shareholders in ST Yuancheng increased by 23.86% in the last quarter, reaching 12,600, indicating a misguided attempt by some investors to capitalize on potential rebounds [4]. - These investors faced a harsh reality as the stock experienced 21 consecutive trading halts [5]. Group 4: Broader Industry Context - The case of ST Yuancheng is part of a larger trend, with over 60 companies in the A-share market under investigation and 13 facing delisting due to financial fraud in the past year [16]. - Other companies, such as Yongtai Energy and Tianfeng Securities, are also facing scrutiny for information disclosure violations, further contributing to investor anxiety in the market [8][11].

Termination of Listing - The termination date for *ST Yuancheng's listing is December 5, 2025 [1] - The reason for termination is that the company's total market capitalization has been below 500 million yuan for 20 consecutive trading days from October 14 to November 10, 2025, triggering mandatory delisting conditions [1] - The company is also under investigation by the China Securities Regulatory Commission for suspected false disclosures in its annual reports, which may have influenced its delisting [1] - After delisting, the company's shares will be transferred to the National Equities Exchange and Quotations system for management [1] Company Type and Business Scope - *ST Yuancheng is an integrated environmental service provider focused on "big environment" services, with core areas in ecological landscape, green environmental protection, and leisure tourism [1] - The business scope includes ecological landscape engineering, green environmental protection engineering, and leisure tourism engineering, among other services [1] - The company holds various qualifications, including Class A qualifications in landscape engineering design and Class A qualifications in environmental pollution control [1] Company Qualifications and Honors - *ST Yuancheng possesses numerous high-level qualifications, such as Class A in urban planning, architectural design, and environmental pollution control [1] - The company has been recognized as an "AAA" rated enterprise and a "Contract-abiding and Credit-worthy" unit for several consecutive years [1] - It is also a national high-tech enterprise and a well-known brand in Zhejiang Province, with multiple projects awarded gold and silver medals by the Chinese Society of Landscape Architecture [1]

Core Viewpoint - *ST Yuancheng has received a decision from the Shanghai Stock Exchange to terminate its stock listing due to continuous low market capitalization and financial losses, with the delisting date set for December 5, 2025 [1][3]. Group 1: Delisting Decision - The Shanghai Stock Exchange decided to terminate the listing of *ST Yuancheng's stock, effective December 5, 2025 [1]. - From October 14 to November 10, 2025, *ST Yuancheng's market capitalization was below 500 million yuan for 20 consecutive trading days [3]. - Following the delisting, the company's stock will be transferred to the National Equities Exchange and Quotations system for trading [3]. Group 2: Financial Performance - In the first three quarters of the year, *ST Yuancheng reported revenue of 102 million yuan and a net loss of 143 million yuan [7]. - The company's revenue has been declining, with figures of 294 million yuan, 274 million yuan, and 146 million yuan from 2022 to 2024, respectively, while net losses increased from 65.48 million yuan to 325 million yuan during the same period [7]. - The company has faced continuous operational challenges, leading to a warning about its ability to continue as a going concern in the 2024 audit report [7]. Group 3: Regulatory Issues - On October 10, 2025, *ST Yuancheng received a notice from the China Securities Regulatory Commission regarding administrative penalties for false reporting in annual reports from 2020 to 2022 [8]. - The company was found to have inflated project costs and revenues, which could lead to a forced delisting due to significant violations of stock listing rules [8]. - Proposed penalties include a fine of 37.45 million yuan for the company and a total of 42 million yuan for five responsible individuals, including the controlling shareholder [8].

Core Points - *ST Yuancheng (603388) has received a decision from the Shanghai Stock Exchange to terminate its stock listing, effective December 5, 2025 [1] - The company has been facing financial difficulties, with a continuous decline in market value and a significant drop in stock price [4][7] Financial Performance - From October 14 to November 10, 2025, *ST Yuancheng's market capitalization fell below 500 million yuan for 20 consecutive trading days [4] - The company's stock price was recorded at 0.58 yuan per share as of November 10, with a total market value of approximately 189 million yuan [4] - For the first three quarters of the current year, *ST Yuancheng reported revenue of 102 million yuan and a net loss of 143 million yuan [7] Regulatory Actions - The company has been under financial risk warnings since May 6, and was subjected to additional warnings for major legal violations starting October 13 [7] - In October 2025, the Zhejiang Securities Regulatory Bureau issued a notice indicating that the company's annual reports from 2020 to 2022 contained false records, leading to proposed penalties totaling 37.45 million yuan [7] - The company’s actual controller and former chairman, Zhu Changren, faces a personal fine of 28 million yuan and a 10-year ban from the securities market [7]

11月28日，*ST元成(603388.SH)公告称，公司于11月28日收到上交所出具的《关于元成环境股份有限公司股票终止上市的决定》，上交所决定终止公司股 票上市。公司终止上市暨摘牌日为2025年12月5日。 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。 *ST元成将于12月5日终止上市。 2025年10月10日，证监会对*ST元成涉嫌定期报告等财务数据存在虚假记载作出行政处罚并事先告知，*ST元成涉嫌触及重大违法强制退市情形，上交所 将依法启动退市程序。 证监会官网显示，*ST元成连续三年虚增收入和利润，违反证券法律法规。经查明，*ST元成主要通过以下手段造假： 一是虚增越龙山项目成本与产值，导致2020年至2022年年报中的营业收入和利润总额严重失实。 其中，*ST元成累计虚增营业成本约1.58亿元、营收2.09亿元、利润总额达5046.02万元。其中，2020年年报虚增利润总额3848.04万元，占当期披露金额的 36.60%；2021年年报虚增利润总额1109.39万元，占当期披露金额的19.32%；2022年年报虚 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ *ST元成（维权）将于12月5日终止上市。 11月28日，*ST元成（603388.SH）公告称，公司于11月28日收到上交所出具的《关于元成环境股份有 限公司股票终止上市的决定》，上交所决定终止公司股票上市。公司终止上市暨摘牌日为2025年12月5 日。 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。 2025年10月10日，证监会对*ST元成涉嫌定期报告等财务数据存在虚假记载作出行政处罚并事先告知， *ST元成涉嫌触及重大违法强制退市情形，上交所将依法启动退市程序。 证监会官网显示，*ST元成连续三年虚增收入和利润，违反证券法律法规。经查明，*ST元成主要通过 以下手段造假： 一是虚增越龙山项目成本与产值，导致2020年至2022年年报中的营业收入和利润总额严重失实。 其中，*ST元成累计虚增营业成本约1.58亿元、营收2.09亿元、利润总额达5046.02万元。其中，2020年 年报虚增利润总额3848.04万元，占当期披露金额的36.60%；20 ...

*ST元成将于12月5日终止上市。 11月28日，*ST元成(603388.SH)公告称，公司于11月28日收到上交所出具的《关于元成环境股份有限公司股票终止上市的决定》，上交所决定终止公司股 票上市。公司终止上市暨摘牌日为2025年12月5日。 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。 2025年10月10日， 证监会对 *ST元成涉嫌定期报告等财务数据存在虚假记载作出行政处罚并事先告知 ， *ST元成涉嫌触及重大违法强制退市情形，上交 所将依法启动退市程序。 二是 未及时处理淮阴项目价审差异，进一步虚增 2022年营收和利润 。 2022年9月前后，*ST元成先后收到淮阴项目的结算审定单并加盖公司公章确认，但未及时根据审定结果调整财务记账金额，导致*ST元成2022年年报虚增 营收1416.14万元、利润总额1345.33万元，分别占当期披露金额绝对值的4.33%、24.60%。 三是 在 2022年非公开发行股票文件中编造重大虚假内容。 证监会官网显示， *ST元成连续三年虚增收入和利润，违反证券法律法规。经查明，* ...

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。 *ST元成（603388）(603388.SH)发布公告，公司于2025年11月28日收到上交所出具的《关于元成环境股 份有限公司股票终止上市的决定》(上海证券交易所自律监管决定书〔2025〕274号)，上交所决定终止 公司股票上市。公司股票将于2025年12月5日终止上市暨摘牌。 ...

Core Viewpoint - The Shanghai Stock Exchange has decided to terminate the listing of *ST Yuancheng (603388.SH) stock, effective December 5, 2025, following a formal announcement on November 28, 2025 [1] Group 1 - The company received a decision from the Shanghai Stock Exchange regarding the termination of its stock listing [1] - The termination of the stock listing will result in the company's shares being transferred to the National Equities Exchange and Quotations system for trading [1] - The delisted shares will be managed by the original securities company's agency transfer system [1]