Core Viewpoint - The recent relaxation of policies regarding mergers and acquisitions (M&A) has led to a surge in trading activity within the ST (Special Treatment) sector, with over 27 stocks rising more than 10% in a week due to speculation around restructuring opportunities [1][2] Group 1: Policy Changes and Market Reactions - The China Securities Regulatory Commission (CSRC) has introduced the "Major Asset Restructuring Management Measures," which simplifies review processes and enhances regulatory tolerance, thereby providing greater development space for M&A activities [2] - Following the policy changes, the Wind restructuring index rose by 3.21%, reaching its highest point since December 2024 [2] - The ST sector has seen significant stock price increases, with individual stocks like *ST Sailong and *ST Energy rising over 20% in a short period [2] Group 2: Specific Company Developments - Three ST companies, ST United, *ST Yushun, and *ST Huawang, have announced restructuring plans, indicating a notable increase in activity compared to previous years [5][6] - *ST Yushun has made progress in its restructuring efforts, engaging in due diligence and evaluations, with the potential to become the first successful ST restructuring in 2025 [6][7] - *ST Nanzhi and *ST Hengjiu have also announced restructuring plans, with *ST Hengjiu's stock rising significantly despite its poor financial health [3][4][6] Group 3: Market Dynamics and Investor Behavior - The rapid increase in stock prices for ST companies is largely driven by speculative trading rather than substantial restructuring announcements, with many companies only providing updates on previously announced plans [3][4] - The ST sector's characteristics, such as low market capitalization and simple ownership structures, make it an attractive target for M&A activities [2] - Concerns have been raised about the potential for "pseudo-restructuring" and speculative trading that could harm small investors, as some companies may not have the financial stability to support meaningful restructuring [4]

Company Focus - Zhongchao Holdings' actual controller Yang Fei sold 2.23 million shares, accounting for 0.16% of the total share capital, during the stock's abnormal fluctuation period, with proceeds primarily used for purchasing precision casting equipment in Jiangsu [2] - Chengdi Xiangjiang is part of a consortium that is pre-qualified for the construction project of the power system for China Mobile's data center in Zhejiang [3] - Wangzi New Materials' involvement in controllable nuclear fusion is minimal, and the sustainability of this business is uncertain, as it only provides capacitor products for a component of the nuclear fusion magnetic power supply project [3] - Beifang Changlong is planning to acquire controlling stakes in Henan Zhongsheng and is undergoing related financing, resulting in a stock suspension [4] - ST Yushun's stock will resume trading on May 26, 2025, after confirming no significant changes in its recent operational situation and external environment [5] Investment & Contracts - Mingtai Aluminum signed a strategic cooperation framework agreement with Penghui Energy [6] - Runjian Co. is a candidate for a project with a total value of 374 million yuan for China Mobile's household access construction services from 2025 to 2026 [6] Shareholding Changes - Bangyan Technology has terminated its plan to issue shares and pay cash for asset purchases and related fundraising [6] - Jiashe Technology's shareholder Qianxin Heng plans to reduce its stake by no more than 3% [6] - Xianggang Technology's actual controller intends to reduce its stake by no more than 3% [6] Other Developments - Zhongsheng Pharmaceutical's subsidiary has received ethical approval for two Phase III clinical trials of its innovative drug RAY1225 injection for type 2 diabetes patients [7]

Core Viewpoint - The article discusses the recent surge in major asset restructuring announcements among ST and *ST companies in the A-share market, highlighting *ST Yushun's significant progress in its restructuring efforts since March 2023 [1][7][8]. Group 1: *ST Yushun's Restructuring Progress - *ST Yushun has entered a critical phase of its major asset restructuring, having engaged qualified intermediaries for due diligence, auditing, and evaluation of the target companies [2][3]. - The company announced a cash acquisition of 100% equity in three data center companies, leading to a remarkable stock performance with a year-to-date increase of 308.42%, making it the second-highest gainer in the A-share market this year [2][4]. - The restructuring process has been relatively smooth, with four announcements made regarding the acquisition, indicating a structured approach to the transaction [4][5]. Group 2: Regulatory Environment and Market Implications - The increase in restructuring activities among ST companies reflects a more lenient regulatory environment, as these companies are now able to disclose major acquisition announcements, which was previously uncommon [8][9]. - Regulatory authorities are encouraging mergers and acquisitions to boost market confidence and stabilize expectations, with recent changes in restructuring regulations indicating a shift towards greater acceptance of such activities [9]. - The restructuring actions of ST companies, including *ST Yushun, are seen as both a response to regulatory easing and an opportunity for transformation into emerging industries, suggesting a potential revitalization of the capital market [9].

Core Viewpoint - *ST Yushun (002289.SZ) is progressing in its major asset restructuring, having engaged qualified intermediaries for due diligence, auditing, and evaluation of the target companies [2][3][5]. Group 1: Restructuring Progress - The company has entered a critical phase of due diligence, indicating that the transaction is moving into a substantive stage [3][4]. - The restructuring process began in April, with a framework agreement signed to acquire 100% equity of three data center companies [6][7]. - The due diligence and discussions regarding the transaction plan are ongoing, with a timeline set for completion by June 30, 2025 [7]. Group 2: Market Reaction and Performance - Following the announcement of the cash acquisition of three data centers, *ST Yushun's stock experienced 22 consecutive trading limits, with a year-to-date increase of 308.42%, making it the second-highest gainer in A-shares this year [3]. - The market is closely monitoring every development related to the restructuring, reflecting heightened investor interest [3][5]. Group 3: Regulatory Environment - The recent trend of ST companies announcing major asset restructurings, including *ST Yushun, indicates a shift in regulatory attitudes, suggesting increased tolerance for such transactions [8][10]. - Regulatory measures have been implemented to encourage mergers and acquisitions among listed companies, aiming to boost market confidence and stabilize expectations [10]. Group 4: Management Changes - The company has recently appointed a new non-independent director, Chen Chao, who has significant experience in artificial intelligence and data technology, indicating a strategic move to enhance its management team [11].

截至本公告披露之日，公司向深圳证券交易所申请撤销其他风险警示事项处 于补充材料阶段，根据《深圳证券交易所股票上市规则》第 9.1.12 条的规定，补 充材料期间不计入深圳证券交易所作出有关决定的期限。公司申请撤销其他风险 警示尚需经深圳证券交易所批准，能否获得深圳证券交易所批准尚存在不确定性。 由于公司 2024 年度经审计的净利润、扣除非经常性损益后的净利润均为负 值且扣除后营业收入低于 3 亿元，触及了《深圳证券交易所股票上市规则》第 施退市风险警示，股票简称由"ST 宇顺"变更为"*ST 宇顺"，证券代码仍为 "002289"，公司股票交易的日涨跌幅限制仍为 5%。详情请参见公司于 2025 年 警示暨停牌的公告》（公告编号：2025-042）。如果后续深圳证券交易所作出对 公司股票交易撤销其他风险警示的决定，公司股票简称仍为"*ST 宇顺"，公司 股票交易的日涨跌幅限制仍为 5%。 证券代码：002289 证券简称：*ST宇顺 公告编号：2025-055 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 警示尚需经深圳证券交易所批准，能否 ...

Transaction Overview - Shenzhen Yushun Electronics Co., Ltd. plans to acquire 100% equity of three companies under Olive Ida Limited to enhance asset quality and profitability, which constitutes a major asset restructuring as per regulations [1] - The acquisition will not be classified as a related party transaction, and the target companies will become subsidiaries of the company upon completion [1] Transaction Progress - The company is actively progressing with the major asset restructuring, having engaged qualified intermediaries and conducting due diligence, audits, and evaluations on the target companies [2] - Ongoing discussions and negotiations are taking place regarding core issues of the transaction, with plans to convene a board meeting for further approvals once the necessary work is completed [2] Financial Position - As of March 31, 2025, the company reported a cash balance of 14.5007 million and total liabilities of 154.5011 million, indicating a need for sufficient funding to complete the transaction [3] Risks Related to Target Companies - The target companies face risks associated with macroeconomic fluctuations that could impact demand for data center services [4] - Changes in national industrial policies could affect the operational environment and competitiveness of the target companies [4] - High customer concentration poses a risk, as significant changes in major clients' operations could adversely affect the target companies' performance [5]

Core Viewpoint - Shenzhen Yushun Electronics Co., Ltd. (*ST Yushun*) will resume trading on May 26, 2025, after a significant stock price increase of 204.18% from March 31 to May 20, 2025, and following a self-examination of stock price fluctuations [1][2][6] Group 1: Stock Trading and Financial Performance - The company reported a net profit of -17.57 million yuan for the fiscal year 2024, with a revenue of 220.28 million yuan, which triggered a delisting risk warning from the Shenzhen Stock Exchange [3][4] - The company’s first-quarter 2025 revenue was 45.73 million yuan, with a net profit of 1.14 million yuan, indicating a slight recovery [4] - The company’s current static price-to-earnings (P/E) ratio is 38.22, and the price-to-book (P/B) ratio is 3.24, which are significantly higher than industry peers [3][6] Group 2: Major Asset Restructuring Plans - The company is planning a major asset restructuring to improve asset quality and profitability, involving the acquisition of 100% equity in several data technology companies [5][6] - This acquisition is still in the planning stage and may face risks related to approval, funding, and operational performance of the target companies [5][6] Group 3: Industry Comparison - The company’s P/E and P/B ratios are notably higher than those of comparable companies in the industry, such as Helitai and O-film, indicating a significant deviation in valuation metrics [6]

Core Viewpoint - *ST Yushun (002289) has experienced a significant stock price increase of 204.18% from March 31, 2025, to May 20, 2025, but its valuation metrics show considerable deviation from comparable companies in the industry [1] Financial Performance - The audited net profit for the fiscal year 2024 is negative, and the net profit after excluding non-recurring gains and losses is also negative, with operating revenue falling below 300 million [1] - The company’s price-to-book ratio stands at 17.58 times, indicating a substantial deviation from the overall industry valuation [1] Regulatory Actions - Due to the financial performance, the Shenzhen Stock Exchange will implement a delisting risk warning for the company’s stock starting May 6, 2025, in accordance with the stock listing rules [1] - The company is planning a major asset restructuring, which carries the risk of potential suspension, interruption, or termination of trading [1] Trading Resumption - The company’s stock is scheduled to resume trading on May 26, 2025 [1]

Core Viewpoint - *ST Yushun (002289.SZ) announced that its stock will resume trading on May 26, 2025, after a period of suspension due to significant price fluctuations and a review of its trading activities [1] Group 1: Stock Trading and Suspension - The company's stock experienced a significant increase from March 31, 2025, to May 20, 2025, leading to a suspension of trading starting May 21, 2025 [1] - During the suspension, the company conducted an internal review regarding the stock price fluctuations and found no undisclosed significant information that could have impacted the stock price [1] - The stock's price-to-earnings ratio and price-to-book ratio were noted to be significantly deviated from industry peers [1] Group 2: Business Operations - The company reported that there have been no significant changes in its recent business operations or external business environment [1]

2、如果后续深圳证券交易所作出对公司股票交易撤销其他风险警示的决定， 公司股票简称仍为"*ST 宇顺"，公司股票交易的日涨跌幅限制仍为 5%。 证券代码：002289 证券简称：*ST宇顺 公告编号：2025-055 深圳市宇顺电子股份有限公司 关于申请公司股票交易撤销其他风险警示的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、深圳市宇顺电子股份有限公司（以下简称"公司"）申请撤销其他风险 警示尚需经深圳证券交易所批准，能否获得深圳证券交易所批准尚存在不确定性； 公司于 2025 年 4 月 28 日召开第六届董事会第十六次会议，审议通过了《关 于申请公司股票交易撤销其他风险警示的议案》，公司于 2025 年 4 月 29 日向深 圳证券交易所提出撤销对公司股票实施其他风险警示的申请。 截至本公告披露之日，公司向深圳证券交易所申请撤销其他风险警示事项处 于补充材料阶段，根据《深圳证券交易所股票上市规则》第 9.1.12 条的规定，补 充材料期间不计入深圳证券交易所作出有关决定的期限。公司申请撤销其他风险 警示尚需经深圳证券交易所 ...