Core Viewpoint - The stock auction process of *ST Yuancheng (603388.SH) has experienced significant fluctuations this year, with a notable decline in interest and participation following regulatory investigations into financial misconduct and insider trading involving the company's actual controller, Zhu Changren [1][3]. Group 1: Auction Process and Stock Performance - In the first half of the year, *ST Yuancheng's stock was highly sought after, with multiple auctions attracting numerous bidders and resulting in competitive bidding [2][3]. - For example, an auction on April 11 saw 6.8 million shares starting at 20.99 million yuan and ultimately selling for over 25 million yuan, translating to a per-share price of 3.68 yuan, which was above the previous closing price of 3.58 yuan [2]. - However, after the investigation was announced in July, the auction process shifted dramatically, with the first instance of stock going unsold occurring on July 9, when 7.8 million shares failed to attract any bids [3]. Group 2: Price Adjustments and Market Reaction - Following the investigation, the starting price for subsequent auctions was reduced by 20%, but the adjusted prices still exceeded the actual market value of the shares, indicating a lack of rational bidding behavior [1][3]. - The stock price of *ST Yuancheng peaked at 4.06 yuan per share earlier in the year but has since plummeted, with the most recent auction on September 10 resulting in another failure to sell 975,520 shares [1][4]. - The company has also reported significant stock price volatility, with a cumulative decline exceeding 12% over three consecutive trading days, raising concerns about potential delisting due to major legal violations and financial instability [4].

Core Viewpoint - *ST Yuancheng's stock price has hit a one-year low due to consecutive trading halts and the failure of a second judicial auction of shares held by its controlling shareholder [1][2] Group 1: Stock Performance and Auction Details - On September 10, *ST Yuancheng's stock closed at 1.85 yuan per share, marking a significant decline [1] - The second judicial auction of 975,500 shares held by the controlling shareholder, Zhu Changren, was unsuccessful due to no bids [1] - The company indicated that the outcome of any future auctions remains uncertain, and it will monitor developments closely [1] Group 2: Shareholder and Stock Information - As of the announcement date, Zhu Changren holds 32,775,500 shares, representing 10.06% of the total shares, with 975,500 shares frozen [2] - A total of 26,773,100 shares are under provisional freezing, accounting for 81.69% of his holdings [2] - The company confirmed that there are no undisclosed significant matters that could impact the stock price [2] Group 3: Regulatory and Financial Challenges - The company is under investigation by the China Securities Regulatory Commission for suspected false disclosures in financial reports [3] - For the first half of 2025, the company reported revenue of 82.34 million yuan and a net loss of 127 million yuan [3] - The company has not returned a total of 172 million yuan of idle raised funds that were temporarily used for working capital [3] Group 4: Operational and Legal Issues - The company faces liquidity challenges due to difficulties in collecting receivables from major clients [4] - A lawsuit was filed by YOYODYNE, INC. for unpaid equity transfer payments, and the company is in the process of transferring 51% of its stake in Silicon Electronic [4] - The completion of the equity transfer is contingent upon meeting certain conditions, and its success remains uncertain [4]

证券代码：603388 证券简称：*ST 元成 公告编号：2025-102 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： 1 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。 一、股票交易异常波动的具体情况 元成环境股份有限公司（以下简称"公司"）股票于 2025 年 9 月 8 日、2025 年 9 月 9 日、2025 年 9 月 10 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。 二、公司关注并核实的相关情况 针对公司股票交易异常波动情况，公司对有关事项进行了自查核实，并书面 函询了公司控股股东及相关人员，现将有关情况说明如下： ● 元成环境股份有限公司（以下简称"公司"）股票于 2025 年 9 月 8 日、 2025 年 9 月 9 日、2025 年 9 月 10 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 ...

证券代码：603388 证券简称：*ST 元成 公告编号：2025-101 元成环境股份有限公司 关于控股股东、实际控制人所持公司部分股份 被第二次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。 重要内容提示： ● 本次被司法拍卖的股票为公司控股股东、实际控制人祝昌人先生持有的 公司 975,520 股股票，占其所持有公司股份数量的 2.98%，占公司总股本的 0.3%。 ● 截至本公告披露日，本次司法拍卖网拍阶段已经结束，上述 975,520 股 股票因无人出价已流拍。 ● 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 2025 年 9 月 10 日，公司通过"淘宝网司法拍卖网络平台"查询获悉，2025 年 9 月 9 日 10 时至 2025 年 9 月 10 日 10 时止（延时除外）对公司控股股东、实 际控制人祝昌人先生其所持有的 975,520 股股票进行的公开拍卖活动，因无人出 价本次拍卖已流拍。 1 三、其他事项说明 ...

Market Overview - On September 10, the infrastructure sector declined by 0.24% compared to the previous trading day, with *ST Yuan Cheng leading the decline [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Top Performers in Infrastructure Sector - Dongzhu Ecology (603359) closed at 9.22, up 10.02% with a trading volume of 17,600 lots and a transaction value of 16.21 million [1] - Chengbang Co., Ltd. (603316) closed at 10.02, up 9.99% with a trading volume of 158,500 lots and a transaction value of 156 million [1] - ST Lingnan (002717) closed at 1.60, up 5.26% with a trading volume of 1,375,000 lots and a transaction value of 206 million [1] Underperformers in Infrastructure Sector - *ST Yuan Cheng (603388) closed at 1.85, down 5.13% with a trading volume of 17,500 lots and a transaction value of 3.24 million [2] - Hongrun Construction (002062) closed at 9.05, down 3.52% with a trading volume of 786,900 lots and a transaction value of 712 million [2] - Pudong Construction (600284) closed at 8.65, down 2.70% with a trading volume of 310,700 lots and a transaction value of 27.4 million [2] Capital Flow Analysis - The infrastructure sector saw a net inflow of 99.53 million from main funds, while retail investors experienced a net outflow of 123 million [2][3] - The main funds showed significant net inflows in several stocks, including: - Huylv Ecology (001267) with a net inflow of 14.5 million [3] - Chengbang Co., Ltd. (603316) with a net inflow of 66.68 million [3] - Xinjiang Communications Construction (002941) with a net inflow of 53.23 million [3]

Summary of Key Points Core Viewpoint - *ST Yuancheng (603388) is facing significant financial and operational challenges, including an ongoing investigation by the China Securities Regulatory Commission (CSRC) for alleged false disclosures in its annual reports, which could lead to delisting risks. Company Announcements - The company received a notice from the CSRC on July 1, 2025, regarding the investigation for suspected false disclosure of financial data in its annual reports [1][2] - For the first half of 2025, the company reported revenue of 82.34 million yuan and a net loss attributable to shareholders of 126.80 million yuan [1][2] - The company and its subsidiaries have had multiple bank accounts frozen, with a total amount of 330.52 million yuan, representing 39.02% of the latest audited net assets [1][2] Stock Performance - As of September 5, 2025, *ST Yuancheng's stock closed at 2.16 yuan, down 2.26% from the previous week [1] - The stock reached a weekly high of 2.30 yuan on September 3 and a low of 2.13 yuan on September 4 [1] - The company's total market capitalization is currently 704 million yuan, ranking 45th in the infrastructure sector and 5151st in the overall A-share market [1]

Group 1 - The article highlights that 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 2, there are 994 stocks with a circulating market value below 3 billion yuan, and 414 of these have a circulating market value below 2 billion yuan [1] - A total of 1,674 stocks have a total market value below 5 billion yuan, with 598 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, Bofei Electric at 608 million yuan, and Hongming Co. at 620 million yuan [1] - The three stocks with the smallest total market values are *ST Zitian at 444 million yuan, *ST Yuancheng at 726 million yuan, and *ST Suwu at 775 million yuan [1] - A detailed list of stocks with circulating market values below 2 billion yuan includes various sectors such as media, basic chemicals, machinery, and more, with notable examples like *ST Zitian and Bofei Electric [1][2]

Group 1 - The stock of *ST Yuancheng (603388) closed at 2.25 yuan on September 1, 2025, with an increase of 1.81% and a turnover rate of 2.97%, totaling a trading volume of 96,900 hands and a transaction amount of 21.67 million yuan [1] - On September 1, 2025, the net inflow of main funds was 2.0273 million yuan, accounting for 9.36% of the total transaction amount, while retail investors experienced a net outflow of 1.4529 million yuan, representing 6.7% of the total transaction amount [1][3] - The company is under investigation by the China Securities Regulatory Commission (CSRC) for suspected false disclosures in its annual reports, which may lead to a significant risk of forced delisting if found guilty [1][3] Group 2 - For the first half of 2025, the company reported an operating income of 82.34 million yuan and a net profit attributable to shareholders of -126.80 million yuan, indicating continuous losses over the past three years [1] - The company has multiple frozen bank accounts with a total amount of 330.52 million yuan, which accounts for 39.02% of the latest audited net assets [1] - The company is required to disclose risk warning announcements monthly as the investigation is ongoing [1]

Core Viewpoint - The company, Yuancheng Environment Co., Ltd., is under investigation by the China Securities Regulatory Commission (CSRC) for suspected false disclosures in financial reports, which poses significant risks of forced delisting due to major violations [1][3]. Financial Risks - For the first half of 2025, the company reported revenue of 82.34 million yuan and a net loss attributable to shareholders of 126.80 million yuan, which may lead to delisting risks if the annual report does not meet the requirements set by the Shanghai Stock Exchange [2]. - The company is subject to a risk warning due to its financial performance, and if the 2025 annual report does not meet the delisting criteria, the company's stock may be terminated from listing [2]. Operational Status - As of the announcement date, the company's business activities are reported to be operating normally, and the CSRC's investigation is ongoing without any conclusive findings yet [3]. - The company and its controlling shareholder are cooperating with the CSRC's investigation and will provide monthly updates on the progress of the investigation as required by the stock listing rules [3]. Risk Warnings - The company faces uncertainties regarding its ability to continue operations and liquidity risks, with multiple bank accounts frozen, totaling a significant amount in restricted funds [2].

证券代码：603388 证券简称：*ST 元成 公告编号：2025-100 元成环境股份有限公司 关于立案调查进展暨风险提示公告 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。 重要风险提示： ● 重大违法强制退市风险。2025 年 7 月 1 日收到中国证券监督管理委员会 （以下简称"中国证监会"）《立案告知书》（编号：证监立案字 01120250019 号）因公司涉嫌年报等定期报告财务数据虚假披露，根据《中华人民共和国证 券法》《中华人民共和国行政处罚法》等法律法规，决定对公司立案，同时公 司控股股东、实际控制人祝昌人先生也被同步立案（编号：证监立案字 01120250020 号）。若后续经中国证监会行政处罚认定的事实，触及《上海证券 交易所股票上市规则》（以下简称《股票上市规则》）规定的重大违法强制退 市情形，公司股票将被实施重大违法强制退市。 ● 财务类退市风险。公司 2025 年半年度（未经注册会计师审计），营业收 入为 8,233.93 万元，归属于母公司股东的净利润为-12,679.50 万元，根据《上 海证券交 ...