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].

*ST元成（603388）或仅剩下最后一个交易日。 11月8日，*ST元成（603388）发布了两则提示退市风险的公告。公告显示，公司触及多项退市风险。 | 公告日期 | 标题 | | --- | --- | | 2025-11-08 | "2 *ST元成:关于公司股票可能存在因市值低于5亿元而终止上市的第十一次风险暨第二次股价低于1元的... | | 2025-11-08 | ₪ *ST元成:可能被实施重大违法强制退市的第五次风险提示公告 | 其中，截至11月7日收盘，公司总市值为1.99亿元，已连续19个交易日总市值低于5亿元，即使后续1个交易日（不包含公司股票全天停牌日）涨停，也将因连续20个 交易日收盘总市值低于5亿元而触及交易类强制退市。此外，公司股票2025年11月7日收盘价为0.61元，已连续10个交易日低于1元。即使后续10个交易日（不包含公 司股票全天停牌日）连续涨停，也将因连续20个交易日收盘总市值低于5亿元而触及交易类强制退市。 根据相关规定，交易类强制退市公司股票不进入退市整理期。上市公司股票及其衍生品种在触及该类指标的次一交易日起开始停牌，交易所将在停牌之日起5个交 易日内，向公司发 ...

Core Viewpoint - The article discusses the increasing risk of mandatory delisting due to significant violations among A-share companies, highlighting the challenges investors face in protecting their rights and the need for proactive compensation measures from controlling shareholders and actual controllers of these companies [1][3][6]. Group 1: Mandatory Delisting Risks - As of November 5, 2023, 15 A-share companies have disclosed significant violation risks that could lead to mandatory delisting [2]. - *ST Yuancheng's market capitalization was reported at 218 million yuan, having been below 500 million yuan for 17 consecutive trading days, indicating a potential trigger for mandatory delisting [2]. Group 2: Investor Protection Challenges - Experts point out that investor protection in cases of mandatory delisting is hindered by the lack of compensation capability from delisted companies and insufficient legal recourse for investors [1][3]. - The China Securities Regulatory Commission (CSRC) has introduced guidelines to encourage controlling shareholders to take proactive compensation measures to mitigate investor losses [1][6]. Group 3: Proactive Compensation Measures - Proactive compensation is seen as a way to significantly enhance the efficiency of investor compensation and should be supported by a robust incentive and constraint mechanism [1][6][9]. - The CSRC's recent guidelines aim to improve the fairness and efficiency of investor protection by encouraging controlling shareholders to take responsibility for compensation [6][7]. Group 4: Legal and Institutional Recommendations - Experts recommend enhancing investor awareness and providing more efficient channels for rights protection, including collective lawsuits and proactive compensation systems [3][4]. - There is a call for a diversified investor rights protection system that includes expanding the application of proactive compensation and improving the litigation process [4][6]. Group 5: Case Studies and Practical Applications - Previous cases of proactive compensation, such as the Hai Lian Xun case, demonstrate the feasibility of establishing compensation funds by controlling shareholders [8]. - The recent initiative by Wukuang Securities to set up a proactive compensation fund for *ST Guangdao indicates a growing trend towards such measures in the market [8][9]. Group 6: Enhancing Accountability - Experts emphasize the need for a system that encourages controlling shareholders to take responsibility, linking compensation performance to market integrity and regulatory compliance [9][10]. - The establishment of a market-driven approach to compensation, allowing for various methods such as share buybacks or cash compensation, is recommended to maintain market autonomy while ensuring accountability [10].

11月7日*ST元成大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 30.03 | 18.32 | 0.61 | 0.00 | 世纪证券有限责任公司杭 | 财通证券股份有限公司杭 | | | | | | 州钱江路证券营业部 | 州文二西路证券营业部 | （文章来源：证券时报网） 证券时报·数据宝统计显示，*ST元成今日收盘价为0.61元，下跌4.69%，日换手率为0.54%，成交额为 106.40万元，全天主力资金净流出70.41万元，近5日该股累计下跌21.79%，近5日资金合计净流出162.43 万元。 据天眼查APP显示，元成环境股份有限公司成立于1999年12月23日，注册资本32573.3572万人民币。 （数据宝） *ST元成11月7日大宗交易平台出现一笔成交，成交量30.03万股，成交金额18.32万元，大宗交易成交价 为0.61元。该笔交易的买方营业部为世 ...

11月7日，*ST元成大宗交易成交30.03万股，成交额18.32万元，占当日总成交额的14.69%，成交价0.61 元，较市场收盘价0.61元持平。 | No 214 082 Your E11 474 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | 是否为专场 卖出营业部 | | 025-11-07 | *ST元成 | 603388 | 0.61 18.32 | 30.03 | 型窗味和食品质 | 發動電影盤盤電器 190 | ...

Core Insights - The average stock price in the A-share market is 13.95 yuan, with 25 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.38 yuan [1][2] - Among the low-priced stocks, 10 are ST stocks, accounting for 40% of the total [1] Market Performance - As of November 7, the Shanghai Composite Index closed at 3997.56 points [1] - In the low-priced stock category, 8 stocks increased in price, with *ST Hui Feng leading at a rise of 3.53%, followed by ST Jing Lan at 1.71% and HNA Holding at 1.67% [1] - Conversely, 10 stocks experienced declines, with *ST Yuan Cheng dropping 4.69%, *ST Su Wu down 2.00%, and ST Zhong Zhu falling 1.51% [1] Low-Priced Stock Rankings - The table lists various low-priced stocks, including their latest closing prices, daily price changes, turnover rates, price-to-book ratios, and industries [1][2] - Notable low-priced stocks include *ST Gao Hong (0.38 yuan), *ST Yuan Cheng (0.61 yuan), and *ST Su Wu (0.98 yuan) [1]

证券代码：603388 证券简称：*ST 元成 公告编号：2025-139 元成环境股份有限公司 ● 根据《股票上市规则》第 9.6.1 条第二款的规定，交易类强制退市公司 股票不进入退市整理期。敬请广大投资者注意投资风险。 一、公司股票可能被终止上市的原因 根据《股票上市规则》第 9.2.1 条第一款第（一）、第（五）项的规定，上 市公司出现连续 20 个交易日在上交所的每日股票收盘价均低于 1 元的或上市公 司出现连续 20 个交易日在上交所的每日股票收盘总市值均低于 5 亿元情形的， 1 上交所将决定终止公司股票上市，属于交易类强制退市。 关于公司股票可能存在因市值低于5亿元而终止上市的第十一次风险提示 暨第二次股价低于1元的风险提示公告 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 2025 年 11 月 7 日收 盘总市值为 1.99 亿元，已连续 19 个交易日总市值低于 5 亿元，即使后续 1 个 交易日（不包含公司股票全天停牌日）涨停，也将因 ...

证券代码：603388 证券简称：*ST 元成 公告编号：2025-140 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。 重要风险提示： ● 元成环境股份有限公司(以下简称"公司") 因涉嫌年报等定期报告财务 数据虚假披露，被中国证券监督管理委员会（以下简称"中国证监会"）立案 调查。2025 年 10 月 10 日，公司收到中国证监会下发的《行政处罚事先告知书》 （浙处罚字[2025]14 号）。认定：1、公司 2020 年至 2022 年年报存在虚假记载： （一）通过虚增越龙山项目成本和产值，虚增公司 2020 年至 2022 年年报营业 收入和利润总额；（二）未及时将淮阴项目价审差异入账处理，虚增公司 2022 年年报营业收入和利润总额；2、公司 2022 年非公开发行股票文件编造重大虚 假内容。 ● 如根据正式的处罚决定书结论，公司触及重大违法强制退市情形，公司 股票将被终止上市。根据《上海证券交易所股票上市规则》第 9.5.7 条、第 9.5.8 条，如公司后续收到行政处罚决定书，显示公司触及重大违法类强制退市情形 ...