New Stock Issuance - Jin Hua New Material (920015) issued at a price of 18.15[1] - Jianfa Zhixin (301584) issued at a price of 7.05[1] Market Alerts - Cash option declaration period for *ST Tianmao (000627) from September 15 to September 19, 2025[1] - 13 trading days remaining for the delisting period of Zitian Tui (300280)[1] - Severe abnormal fluctuation reported for Jishi Media (601929)[1] Other Announcements - Multiple companies including Shanghai Construction (600170) and Zhongke Shuguang (603019) have recent announcements linked[1] - Various stocks are under scrutiny for abnormal trading activities, including *ST Yu Shun (002289) and ST Huaneng (000851)[3]

Group 1 - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] - As of September 15, there are 977 stocks with a circulating market value below 3 billion yuan, and 402 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,659 stocks have a total market value below 5 billion yuan, with 570 stocks having a total market value below 3 billion yuan [1] Group 2 - The three stocks with the smallest circulating market values are: Zitian Tui at 101 million yuan, *ST Yuancheng at 560 million yuan, and Bofei Electric at 609 million yuan [1] - The three stocks with the smallest total market values are: Zitian Tui at 102 million yuan, *ST Yuancheng at 560 million yuan, and *ST Suwu at 675 million yuan [1] - A detailed list of stocks with circulating market values below 2 billion yuan includes various sectors such as media, construction decoration, and basic chemicals, with notable stocks like Bofei Electric having a P/E ratio of 155.38 [1][2]

New Stock Issuance - New stock issuance for 联合动力 (code: 301656) at a price of 12.48 on September 15, 2025[1] - *ST天茂 (code: 000627) has a cash option declaration period from September 15 to September 19, 2025[1] - 紫天退 (code: 300280) has 14 trading days remaining until the last trading day during the delisting period[1] Market Alerts - 先导智能 (code: 300450) reported severe abnormal fluctuations[2] - 杭可科技 (code: 688006) and 新华锦 (code: 600735) have recent announcements regarding trading activities[1] - 退市整理期 for multiple stocks including *ST威尔 (code: 002058) and 新炬网络 (code: 605398) has been noted[1] Trading Insights - Significant trading activity observed in stocks like 工业富联 (code: 601138) and 景旺电子 (code: 603228) with recent announcements[1] - The report includes links to detailed announcements for various stocks, indicating ongoing market developments[1]

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them potential market leaders [1] Market Overview - As of September 12, there are 976 stocks with a circulating market value below 3 billion yuan, and 397 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,656 stocks have a total market value below 5 billion yuan, with 577 stocks below 3 billion yuan [1] Smallest Market Capitalization Stocks - The three stocks with the smallest circulating market values are: - Zitian Tui: 440 million yuan - *ST Yuancheng: 577 million yuan - Bofei Electric: 611 million yuan [1] - The three stocks with the smallest total market values are: - Zitian Tui: 444 million yuan - *ST Yuancheng: 577 million yuan - *ST Suwu: 711 million yuan [1] Selected Stocks with Low Market Value - A list of stocks with circulating market values below 2 billion yuan includes: - Zitian Tui: 440 million yuan, PE ratio: 39.34, Industry: Media - *ST Yuancheng: 577 million yuan, PE ratio: N/A, Industry: Construction Decoration - Bofei Electric: 611 million yuan, PE ratio: 155.90, Industry: Basic Chemicals - Other notable stocks include: - Kuntai Co.: 632 million yuan, PE ratio: 51.97, Industry: Automotive - Hongming Co.: 691 million yuan, PE ratio: N/A, Industry: Machinery Equipment [1][2]

Summary of Key Points Core Viewpoint - *ST Yuancheng (603388) has experienced significant stock price decline and faces increasing risks of delisting due to financial irregularities and continuous losses [1][2][3] Trading Information Summary - As of September 12, 2025, *ST Yuancheng closed at 1.77 yuan, down 18.06% from the previous week [1] - The stock reached a high of 2.16 yuan on September 8 and a low of 1.76 yuan on September 11 [1] - The company appeared on the trading alert list for the first time in five days due to a cumulative price drop exceeding 12% [1][3] Company Announcement Summary - The controlling shareholder, Zhu Changren, had 975,520 shares (2.98% of his holdings, 0.3% of total shares) subject to a second judicial auction, which failed due to lack of bids [1][2] - The company confirmed normal operations and no undisclosed matters, despite being under investigation by the CSRC for suspected false financial disclosures [2] - The 2025 semi-annual report indicated a revenue of 82.34 million yuan and a net loss of 126.80 million yuan [2] - The company has faced continuous losses over the past three years, raising doubts about its ability to continue operations [2][3] - The company plans to transfer 51% of its stake in Silicon Electronic, but the completion of this transaction is uncertain [2]

New Stock Issuance - YouSheng Co., Ltd. (Securities Code: 732418) issued shares at a price of 46.36 RMB on September 12, 2025[1] - *ST Tianmao (Securities Code: 000627) has a cash option declaration period from September 15 to September 19, 2025[1] - *ST Zitian (Securities Code: 300280) enters the delisting arrangement period starting September 15, 2025[1] Trading Alerts - Hangke Technology (Securities Code: 688006) reported severe abnormal fluctuations on September 11, 2025[1] - Shanghai Electric Power (Securities Code: 600021) had a trading volume of 8,487 on September 10, 2025[1] - Tianji Co., Ltd. (Securities Code: 002759) reported a trading volume of 8,705 on September 10, 2025[1] Abnormal Fluctuations - ST Lingnan (Securities Code: 002717) reported a trading volume of 7,965 on September 10, 2025[3] - ST Huaxi (Securities Code: 002630) reported a trading volume of 9,579 on September 11, 2025[3] - ST Jianye (Securities Code: 600381) reported a trading volume of 5,420 on September 3, 2025[3]

Group 1 - *ST Yuancheng's stock closed at 1.77 yuan, with a decline of 4.32% [1] - The company was listed on the Shanghai Stock Exchange on March 24, 2017, with an issuance of 25 million shares at a price of 12.10 yuan per share, resulting in a total fundraising amount of 302.5 million yuan [1] - Currently, *ST Yuancheng is in a state of breaking issue, as its stock price is below the initial offering price [1] Group 2 - A special report on the use of raised funds for the year 2024 indicates that *ST Yuancheng conducted a non-public offering of 40,591,512 shares at a price of 7.01 yuan per share, raising a total of approximately 284.55 million yuan [2] - After deducting underwriting fees and other issuance costs of approximately 7.49 million yuan, the net amount raised was about 277.06 million yuan [2] - The total amount raised by *ST Yuancheng from two fundraising events is approximately 58.70 million yuan [2]

Group 1 - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] - As of September 11, there are 974 stocks with a circulating market value below 3 billion yuan, and 401 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,654 stocks have a total market value below 5 billion yuan, with 569 stocks having a total market value below 3 billion yuan [1] Group 2 - The three stocks with the smallest circulating market values are *ST Zitian at 440 million yuan, *ST Yuancheng at 603 million yuan, and Bofei Electric at 611 million yuan [1] - The three stocks with the smallest total market values are *ST Zitian at 444 million yuan, *ST Yuancheng at 603 million yuan, and *ST Suwu at 690 million yuan [1] - A detailed list of stocks with circulating market values below 2 billion yuan includes various sectors such as media, construction decoration, and basic chemicals [1][2]

Group 1 - The company *ST Yuancheng has experienced a limit-down situation, marking its fourth consecutive trading day of decline [2] - Over the past four days, the cumulative decline of the company's stock has reached 18.52% [2]

Core Viewpoint - 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 September 10, there are 995 stocks with a circulating market value below 3 billion yuan, and 403 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,681 stocks have a total market value below 5 billion yuan, with 586 stocks below 3 billion yuan [1] Smallest Market Capitalization Stocks - The three stocks with the smallest circulating market values are *ST Zitian at 440 million yuan, *ST Yuancheng at 603 million yuan, and Bofei Electric at 611 million yuan [1] - The three stocks with the smallest total market values are *ST Zitian at 444 million yuan, *ST Yuancheng at 603 million yuan, and *ST Suwu at 704 million yuan [1] Selected Stocks with Low Market Capitalization - A list of stocks with circulating market values below 2 billion yuan includes: - *ST Zitian: Circulating market value 440 million yuan, total market value 444 million yuan, P/E ratio 39.34 [1] - *ST Yuancheng: Circulating market value 603 million yuan, total market value 603 million yuan, P/E ratio not available [1] - Bofei Electric: Circulating market value 611 million yuan, total market value 2.676 billion yuan, P/E ratio 155.81 [1] - Other notable stocks include: - Kuntai Co., Ltd.: Circulating market value 631 million yuan, total market value 2.286 billion yuan, P/E ratio 51.92 [1] - Hongming Co., Ltd.: Circulating market value 673 million yuan, total market value 2.046 billion yuan, P/E ratio not available [1] - Yangzhou Jinqiao: Circulating market value 691 million yuan, total market value 2.759 billion yuan, P/E ratio 21.02 [1] Additional Stocks with Low Market Capitalization - Further stocks include: - *ST Suwu: Circulating market value 704 million yuan, total market value 704 million yuan, P/E ratio not available [1] - Boen Group: Circulating market value 715 million yuan, total market value 2.063 billion yuan, P/E ratio not available [1] - Kangliyuan: Circulating market value 737 million yuan, total market value 2.885 billion yuan, P/E ratio 49.26 [1] - Southeast Electronics: Circulating market value 752 million yuan, total market value 2.520 billion yuan, P/E ratio 58.37 [1] Summary of Additional Stocks - Other stocks with notable metrics include: - *ST Gaohong: Circulating market value 770 million yuan, total market value 787 million yuan, P/E ratio not available [1] - Tiandi Medical: Circulating market value 817 million yuan, total market value 2.624 billion yuan, P/E ratio 138.37 [1] - Meino Energy: Circulating market value 855 million yuan, total market value 3.171 billion yuan, P/E ratio 30.77 [1]