Core Viewpoint - The board members of *ST Asia Pacific expressed concerns over the company's financial reporting and governance issues, highlighting a significant internal conflict during a critical restructuring phase [2][3]. Group 1: Board Disagreement - On August 26, 2025, board members Jia Mingqi and Zhao Yong voted against the approval of the 2025 semi-annual report, citing a lack of understanding of the company's operational and financial conditions [2]. - The company responded by stating that it had not received any prior inquiries or requests for information from the dissenting board members [2]. Group 2: Governance and Control Issues - Jia Mingqi's position as a representative of shareholders with significant stakes (16.94%) adds weight to the dissent, as these shareholders are involved in a control struggle with the restructuring applicant, Guangzhou Wanshun Technology Co., Ltd. [2]. - The ongoing control dispute is reflected in the board's disagreement, indicating deeper governance issues within the company [2]. Group 3: Restructuring Challenges - The restructuring process is under threat due to the board's dissent, which could attract regulatory scrutiny and delay the ongoing restructuring efforts [3]. - As of September 8, 2025, Beijing Xingjian Changkong Technology Co., Ltd. was selected as the restructuring investor, but formal agreements had not yet been signed, raising concerns about the feasibility of the restructuring plan [4]. Group 4: Financial Crisis and Risks - The company faces a financial crisis, with a net asset value of -64.81 million yuan as of 2024, triggering delisting risk [4]. - The company reported a net loss of 23.72 million yuan in the first half of 2025, a 67.13% decline year-on-year, indicating worsening financial health [4]. - The restructuring process is complicated by legal uncertainties and potential disputes over control, which could jeopardize the company's survival [4].

Market Overview - On September 12, the chemical raw materials sector declined by 0.41%, with Dayang Bio leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Notable gainers in the chemical raw materials sector included: - Zhenhua Co., Ltd. (603067) with a closing price of 18.59, up 4.97% [1] - ST Yatai (000691) with a closing price of 7.44, up 4.94% [1] - Shilong Industry (002748) with a closing price of 10.17, up 4.31% [1] - Major decliners included: - Dayang Bio (003017) with a closing price of 33.78, down 3.82% [2] - Sanyou Chemical (600409) with a closing price of 5.97, down 2.45% [2] - Kaisheng New Materials (301069) with a closing price of 23.12, down 2.41% [2] Capital Flow - The chemical raw materials sector experienced a net outflow of 209 million yuan from main funds, while retail funds saw a net inflow of 89.33 million yuan [2] - Key stocks with significant capital flow included: - Longbai Group (002601) with a main fund net inflow of 26.73 million yuan [3] - Zhongke Titanium White (002145) with a main fund net inflow of 25.74 million yuan [3] - Huayi Group (600623) with a main fund net inflow of 22.27 million yuan [3]

Market Performance - Major market indices opened with mixed results, with the Shanghai Composite Index down 0.16% at 3806.06 points, the Shenzhen Component Index up 0.11% at 12570.87 points, and the ChiNext Index up 0.46% at 2917.77 points [1] Individual Stock Performance - A total of 1482 stocks rose at the opening, with 7 stocks hitting the daily limit up. Notable performers included *ST Weier with 13 consecutive limit ups, Qingshan Paper with 8 consecutive limit ups, and *ST Yatai with 4 consecutive limit ups [1] - Conversely, 3048 stocks declined at the opening, with 6 stocks hitting the daily limit down, including Youzu Network and Huaguang Huaneng [1] Continuity of Stock Prices - Among the stocks that hit the limit up yesterday, those that continued to hit the limit up today included Qingshan Paper and Xinju Network, among others [1] - Stocks that opened lower included Hezhan Energy, Sijuan New Materials, and Zhaoyan New Drug, with opening declines of 9.89%, 4.91%, and 4.37% respectively [1] - Among the stocks that hit the limit down yesterday, *ST Yuancheng and *ST Gaohong continued to hit the limit down today [1]

Core Viewpoint - The announcement reveals that a major shareholder of *ST Asia Pacific, Lanzhou Asia Pacific Mining Group Co., Ltd., has been listed as an executed person, leading to the forced liquidation of a portion of its shares in the company [1] Group 1 - Lanzhou Asia Pacific Mining Group holds 9,000,000 shares of the company, which have been pledged to Bank of Communications Co., Ltd., Gansu Branch [1] - Out of the 9,000,000 shares, 3,200,000 shares (accounting for 0.99% of the total share capital) have been liquidated through a public auction conducted by the Lanzhou Chengguan District People's Court [1] - The remaining 2,600,000 shares (accounting for 0.80% of the total share capital) are subject to forced liquidation through online judicial auction [1] Group 2 - As of the date of the announcement, Lanzhou Asia Pacific Mining Group holds a total of 28,977,295 shares in the company, representing 8.96% of the total share capital [1]

证券代码：000691 证券简称：*ST亚太 公告编号：2025-083 甘肃亚太实业发展股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 甘肃亚太实业发展股份有限公司（以下简称"公司"）的股票（证券简称： *ST 亚太 ，证券代码：000691）连续 3 个交易日（2025 年 9 月 8 日、2025 年 9 月 9 日、2025 年 9 月 10 日）收盘价格涨幅偏离值累计超过 12%。根据《深圳 证券交易所交易规则》的规定，属于股票交易异常波动的情形。 1、公司于 2025 年 8 月 5 日在巨潮资讯网（www.cninfo.com.cn）披露了 《2025 年半年度业绩预告修正公告》（公告编号：2025-070），公司对前期披 露的 2025 年半年度业绩预告相关区间数据进行了修正。除此之外，公司前期披 露的其他信息不存在需要更正、补充之处。 二、公司关注并核实情况说明 针对公司股票价格异常波动情况，公司进行了全面自查，并书面函询了公 司控股股东及实际控制人，现将有关情况说明如下： ...

Core Viewpoint - *ST Asia Pacific (000691) experienced an abnormal price fluctuation with a cumulative closing price deviation exceeding 12% over three consecutive trading days from September 8 to 10, 2025 [1] Group 1: Company Performance and Actions - The company conducted a self-examination revealing a revision in its previous performance forecast and an incomplete plan for the controlling shareholder's increase in holdings, with 4,624,300 shares already acquired [1] - During the abnormal fluctuation period, the controlling shareholder purchased an additional 277,300 shares [1] Group 2: Legal and Financial Issues - The company has multiple ongoing lawsuits, arbitrations, and issues related to shareholder equity pledges and forced sales [1] - Beijing Xingjian Changkong has been confirmed as the investor for the company's restructuring [1] Group 3: Risk Factors - The company has issued warnings regarding several risks, including the potential for delisting, uncertainties surrounding the restructuring process, impacts of arbitration on control rights, and uncertainties in signing the restructuring agreement [1]

Group 1 - Hunan Asia-Pacific Industry Co., Ltd. has obtained a patent for a component related to bus air ducts, specifically titled "Air Outlet Component for Bus Air Duct, Bus Air Duct Structure, and Bus" with authorization announcement number CN223302507U, applied on July 2024 [1] - The patent provides a new design for an air outlet component that includes a base, main light source, and air outlet frame, which enhances assembly efficiency and reduces labor costs by allowing the component to be pre-assembled and easily attached to the duct housing [1] - Hunan Asia-Pacific Industry Co., Ltd. was established in 2000, located in Changsha, and primarily engages in the automotive manufacturing industry with a registered capital of 30 million RMB [1] Group 2 - The company has made investments in 6 enterprises and participated in 23 bidding projects, holding 2 trademark records and 147 patent records, along with 21 administrative permits [1]

证券代码：000691 证券简称：*ST亚太 公告编号：2025-082 甘肃亚太实业发展股份有限公司 关于持股5%以上股东所持部分股份将被法院强制变卖、变现的 提示公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 1、股东名称：兰州亚太矿业集团有限公司 2、持股情况：截至本公告披露日，亚太矿业及其一致行动人兰州太华投资 控股有限公司合计持有公司股份48,560,995股，占公司总股本的15.02%。其中： 亚太矿业持有公司股份28,977,295股，占公司总股本比例的8.96%；兰州太华投 资控股有限公司持有公司股份19,583,700股，占公司总股本比例的6.06%。 股东名称 是否为控股 股东或第一 大股东及其 一致行动人 本次拟被 强制、变 卖、变现股 份数量 （股） 占其与 一致行 动人所 持股份 比例 占公 司总 股本 比例 是否为 限售股 及限售 类型 执行 人 原因 兰州亚太 矿业集团 有限公司 是 5,800,000 11.94% 1.79% 否 兰 州 市 城 关 区 人 民 法院 在法定期 限内 拒 不 履 行 （2020）甘兰公 强 ...

Group 1: Pre-restructuring Overview - On July 10, 2025, Guangzhou Wanshun Technology Co., Ltd. applied for bankruptcy reorganization of Gansu Asia-Pacific Industrial Development Co., Ltd. due to its inability to repay due debts and lack of repayment capacity [2] - On July 11, 2025, the Lanzhou Intermediate People's Court decided to initiate pre-restructuring for the company and appointed a liquidation team as the temporary administrator [2] Group 2: Recruitment of Restructuring Investors - To facilitate the pre-restructuring process, the temporary administrator announced an open recruitment for restructuring investors, with the deadline for applications set for August 11, 2025 [3] - By August 11, 2025, a total of 12 interested investors (counting consortiums as one) submitted their application materials and paid the required deposit [3] Group 3: Selection of Restructuring Investor - As of August 15, 2025, nine interested investors submitted pre-restructuring investment proposals, and Beijing Xingjian Changkong Measurement and Control Technology Co., Ltd. was selected as the restructuring investor [4]

证券代码：000691 证券简称：*ST亚太 公告编号：2025-081 甘肃亚太实业发展股份有限公司 关于临时管理人公开招募和遴选重整投资人的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、预重整基本情况 2025 年 7 月 10 日，广州万顺技术有限公司（以下简称"广州万顺"）以甘 肃亚太实业发展股份有限公司（以下简称"公司"）不能清偿到期债务且明显 缺乏清偿能力向甘肃省兰州市中级人民法院（以下简称"兰州中院"）申请对 公司进行破产重整及预重整；2025 年 7 月 11 日，兰州中院决定对公司启动预重 整，并指定甘肃亚太实业发展股份有限公司清算组担任公司预重整期间的临时 管理人，同时要求债权人向临时管理人申报债权。具体内容详见公司于 2025 年 7 月 12 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于公司被债权人申请 重整暨被法院启动预重整及指定临时管理人的公告》（公告编号：2025-063）、 《关于被债权人申请重整及预重整事项的专项自查报告》（公告编号：2025- 064）、《关于公司预重整债权申报通知的公告》 ...