Core Viewpoint - Jiyuan Holdings officially terminates its listing on the Shenzhen Stock Exchange due to its stock price falling below 1 yuan for 20 consecutive trading days, resulting in a cumulative loss of nearly 3.7 billion yuan over six years [1][4]. Group 1: Company Background - Jiyuan Holdings began as a chemical company and transitioned into the pharmaceutical sector through the acquisition of Jinbao Pharmaceutical in 2014, establishing a dual business model of "chemicals + pharmaceuticals" [2][3]. - In 2017, the company rebranded as Jiyuan Holdings, marking a significant shift towards the health industry and initiating an aggressive acquisition strategy that expanded its business into eight major segments [3]. Group 2: Financial Performance - From 2019 to 2024, Jiyuan Holdings reported a total net loss of 3.668 billion yuan, with a staggering asset-liability ratio of 204.08% by the end of 2024, indicating severe financial distress [4]. - In 2024, the company generated only 333 million yuan in revenue while incurring a net loss of 439 million yuan, with available cash dwindling to 16.7 million yuan against short-term borrowings of 600 million yuan [4]. Group 3: Governance and Legal Issues - The company faced governance issues, including the arrest of its former chairman and a board member for alleged job-related crimes, which were discovered during an internal audit [4]. - Jiyuan Holdings has been under investigation by the China Securities Regulatory Commission due to various compliance issues [4]. Group 4: Attempts at Recovery - Over six years, the company made several attempts to recover, including a failed acquisition of Xiu Zheng Pharmaceutical and a strategic cooperation agreement with local government to mitigate delisting risks [5][6]. - The last attempt at restructuring in June 2023 was unsuccessful due to insolvency issues, leading to the termination of the pre-restructuring process by the court in March 2025 [6][7]. Group 5: Delisting Process - Jiyuan Holdings' stock price fell below 1 yuan on March 19, 2025, and remained low for 20 consecutive trading days, triggering the delisting process without a grace period [7]. - The company appointed Shanxi Securities as its main broker and signed an agreement for stock transfer to a delisting board prior to its official delisting on May 29, 2025 [7].

Group 1 - The core point of the article is that Jiyuan Holdings Group Co., Ltd. (*ST Jiyuan) will be delisted from the Shenzhen Stock Exchange on May 29, 2025, due to triggering mandatory delisting rules after its stock price remained below 1 yuan for 20 consecutive trading days [1][3] - The company has experienced continuous losses since 2019, with a cumulative net profit loss exceeding 3.2 billion yuan from 2019 to 2023 [3] - Jiyuan Holdings has faced significant goodwill impairment risks, totaling over 1.5 billion yuan from 2019 to 2024, which has directly contributed to its net profit losses [3] Group 2 - The company was originally known as Tonghua Shuanglong Chemical Co., Ltd. and transitioned to the pharmaceutical sector in 2014 through the acquisition of Jinbao Pharmaceutical [3] - Since its rebranding in 2017, the company has aggressively pursued mergers and acquisitions, acquiring over ten companies within three years, leading to a dual business model of "chemicals + pharmaceuticals" [3] - In 2024, the company's revenue declined by 3.69%, and its losses expanded to 439 million yuan [3] Group 3 - As of 2025, a total of 11 companies have been delisted from the A-share market, with *ST Jiyuan being one of them, alongside others like *ST Meixun and *ST Bo Xin [4] - The reasons for delisting include breaches of face value, market value, voluntary delisting applications, and forced delisting due to major violations [4]

Core Viewpoint - Jiyuan Holdings Group Co., Ltd. has been announced to be delisted from the Shenzhen Stock Exchange due to its stock price falling below 1 yuan for twenty consecutive trading days, with the delisting effective on May 29, 2025 [1] Group 1: Company Performance and Financials - Jiyuan Holdings, originally a chemical company, transitioned to the pharmaceutical sector in 2014 through the acquisition of Jinbao Pharmaceutical, establishing a dual business model of "chemicals + pharmaceuticals" [3] - The company engaged in aggressive acquisitions, acquiring over ten companies within three years, with its pharmaceutical segment accounting for 70% of total revenue at its peak, leading to a market capitalization exceeding 5 billion yuan [3] - However, the acquired companies' performance deteriorated post-acquisition, with Zhejiang Yalida Gelatin Co., Ltd. reporting a 94% drop in net profit in 2019, and Changchun Puhua Pharmaceutical Co., Ltd. incurring direct losses [3] - Since 2019, Jiyuan Holdings has been in a continuous loss state, accumulating losses exceeding 3.7 billion yuan [4] Group 2: Attempts at Restructuring and Ownership Changes - The company has made several attempts to change ownership in response to its financial struggles, but all efforts have failed [5] - In 2019, an agreement to transfer shares to Jilin Jisheng Asset Management was terminated due to disagreements on key terms [5] - A proposed acquisition of Xiu Zheng Pharmaceutical was also abandoned due to regulatory uncertainties, leading to scrutiny from the Shenzhen Stock Exchange [5][6] - In 2020, a deal to transfer control to Ben Cao Hui Pharmaceutical faced disputes over payment, resulting in legal proceedings [6]

Group 1 - *ST Jiyao has been decided to be delisted from the Shenzhen Stock Exchange, effective May 29, 2025, without entering a delisting adjustment period [1] - The company has engaged Shanxi Securities Co., Ltd. as its lead broker and signed a stock transfer agreement to facilitate the transfer of shares post-delisting [1] - As of March 31, 2025, *ST Jiyao had 28,056 shareholders who will face the reality of their stocks being non-tradable in the A-share market [3] Group 2 - The company experienced a significant drop in stock price, with a closing price of 0.21 yuan per share before suspension, and a trading volume spike on the last trading day [3] - *ST Jiyao's revenue for 2024 was 333 million yuan, a year-on-year decrease of 3.69%, while the net loss was 439 million yuan, compared to a loss of 349 million yuan in the previous year [4] - In the first quarter of 2025, the company reported revenue of 63.74 million yuan, a year-on-year decline of 15.53%, and a net loss of 45.17 million yuan, compared to a loss of 40.85 million yuan in the same period last year [5]

Group 1 - The first ARNI class antihypertensive drug in China, Xinchaotuo, developed by Xinlitai, has been approved for primary hypertension treatment, enhancing the company's product line and market competitiveness [1] - The National Medical Products Administration has announced the conversion of Xiaer Ganmao Ning and Pugongying Granules from prescription to over-the-counter drugs, providing broader market opportunities for pharmaceutical companies while facing stricter regulations [2] - Jia Ying Pharmaceutical has been investigated by the China Securities Regulatory Commission for information disclosure violations, highlighting the regulatory body's zero tolerance for such infractions and promoting industry standardization [3] Group 2 - ST Jiyao's stock will be delisted on May 29 due to continuous trading below par value, emphasizing the strict "par value delisting" rules in the capital market and the need for companies to focus on market value management [4] - ST Longjin's stock will enter a delisting transition period starting June 6, reflecting the risks faced by pharmaceutical companies with poor management and sustained performance pressure, urging the industry to strengthen operational management [5]

Core Viewpoint - *ST Jiyuan's stock has been terminated from listing due to continuous trading below 1 yuan for 20 consecutive trading days, leading to a significant decline in its market value and operational challenges [2][3][4]. Group 1: Stock Termination and Transition - The Shenzhen Stock Exchange has decided to terminate the listing of *ST Jiyuan's stock, effective May 29, following a period of poor stock performance [2]. - The company is required to ensure that its shares can enter the National Small and Medium Enterprises Share Transfer System within 45 trading days after delisting [2]. - *ST Jiyuan has appointed Shanxi Securities Co., Ltd. as its main broker to assist with the share transfer process and related matters [2]. Group 2: Financial Performance and Challenges - *ST Jiyuan has experienced a cumulative stock price decline of 83.59% since the beginning of the year, reflecting severe financial distress [3]. - The company reported a revenue of 333 million yuan for 2024, a year-on-year decrease of 3.69%, and a net loss of 439 million yuan, indicating an increase in the loss margin compared to the previous year [4]. - The company faces significant operational challenges due to severe liquidity shortages, overdue debts, and multiple lawsuits, which have led to the freezing of bank accounts and assets [4][5]. Group 3: Audit and Bankruptcy Proceedings - The financial report for 2024 received an audit opinion of "unable to express" from Beijing Dehao International Accounting Firm, highlighting major uncertainties regarding the company's ability to continue operations [5]. - In 2023, *ST Jiyuan applied for bankruptcy reorganization due to its inability to repay debts and lack of repayment capacity, but the pre-reorganization process was ultimately unsuccessful [7]. - The court determined that the pre-reorganization plan was not approved, increasing the risk of delisting for the company [7].

Group 1: Economic and Industry Updates - China announced a unilateral visa exemption policy for Saudi Arabia, Oman, Kuwait, and Bahrain, effective from June 9, 2025, to June 8, 2026, allowing ordinary passport holders to enter China for up to 30 days without a visa [1] - The Ministry of Finance reported that from January to April 2025, the total operating revenue of state-owned and state-controlled enterprises was 262,755.0 billion yuan, remaining flat year-on-year, while total profit decreased by 1.7% to 13,491.4 billion yuan [2] - A meeting on semiconductor cooperation between China and the EU emphasized the importance of collaboration in the global semiconductor supply chain, with a commitment to oppose unilateralism and ensure supply chain stability [2] - The National Healthcare Security Administration announced a verification of retail pharmacy pharmacists to ensure compliance with labor contracts and prohibit "hanging certificates" or part-time practices [2] Group 2: Company News - Zhongqi Co. has project approval for chlorantraniliprole but has not yet commenced production [4] - Tongda Electric's stock may be subject to market sentiment risks and irrational speculation [4] - ST Longjin's stock will enter the delisting arrangement period starting June 6 [4] - Yaxing Chemical's subsidiary plans to introduce strategic investors [4] - China Gold's controlling shareholder intends to increase its stake in the company by 168 million to 335 million yuan [4] - ST Huaxi signed a significant contract worth 290 million USD for daily operations [4] - Shantui Co. is planning to issue H-shares and list on the Hong Kong Stock Exchange [5] - Hehe Information is also planning to issue H-shares for listing on the Hong Kong Stock Exchange [5] - Debon Logistics stated that the current trends in autonomous logistics vehicles will not impact its performance [5] - ST Jiyuan's stock will be delisted on May 29 [5] - ST United plans to acquire 100% of Runtian Industrial and will resume trading on May 29 [5] - Taiji Industry intends to repurchase shares worth 100 million to 120 million yuan [5] - China Energy Construction's subsidiary won a coal and power project contract worth approximately 145.86 billion yuan [5]

Core Viewpoint - *ST Jiyuan's stock has been decided to be delisted by the Shenzhen Stock Exchange due to its closing price being below 1 yuan for twenty consecutive trading days, effective May 29, 2025 [2] Group 1: Company Overview - *ST Jiyuan primarily operates in the pharmaceutical and health industry, encompassing pharmaceutical manufacturing, retail, research and development, medical care, and investment [2] - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in August 2010 [2] Group 2: Delisting Details - The decision for delisting was made on May 26, 2025, and the company is required to ensure its shares can enter the National Small and Medium Enterprises Share Transfer System within 45 trading days after delisting [2] - The company will not enter a delisting transition period [2] Group 3: Future Actions - *ST Jiyuan has appointed Shanxi Securities Co., Ltd. as its main broker to assist with share transfer services and related matters following the delisting [3] - An agreement for share transfer services was signed on May 27, 2025, to handle the necessary procedures for the delisting [3]

Core Viewpoint - *ST Jiyao has been decided to be delisted from the Shenzhen Stock Exchange due to triggering mandatory delisting rules after its stock price fell below 1 yuan for 20 consecutive trading days, with delisting scheduled for May 29, 2025 [1][3]. Group 1: Company Background and Transition - The company, originally known as Tonghua Shuanglong Chemical Co., Ltd., transitioned to the pharmaceutical sector in 2014 through the acquisition of Jinbao Pharmaceutical, establishing a dual business model of "chemicals + pharmaceuticals" [3]. - In 2017, the company was renamed Jiyao Holdings and began an aggressive acquisition strategy, acquiring over ten companies within three years, covering eight major sectors including pharmaceutical manufacturing, commerce, and research [3]. Group 2: Financial Performance and Risks - The company has faced significant goodwill risks due to its cross-industry expansions, leading to a cumulative goodwill impairment of over 1.5 billion yuan from 2019 to 2024, which directly contributed to net profit losses [3]. - Since 2019, *ST Jiyao has reported losses for six consecutive years, with a total net profit loss exceeding 3.2 billion yuan from 2019 to 2023 [3]. - In 2024, the company's revenue declined by 3.69%, and losses expanded to 439 million yuan [3]. Group 3: Market Context - As of 2025, a total of 11 companies have been delisted from the A-share market, with *ST Jiyao being one of them, reflecting a similar number of delistings compared to the same period last year [4].

Core Viewpoint - *ST Jiyao (300108) has been decided to be delisted by the Shenzhen Stock Exchange due to triggering mandatory delisting conditions, with the delisting date set for May 29, 2025 [1][2]. Summary by Sections Company Announcement - On May 28, 2025, *ST Jiyao announced that its stock would be terminated from listing by the Shenzhen Stock Exchange, effective May 29, 2025, without entering a delisting adjustment period [1]. - The company received the termination notice on May 26, 2025, and is required to ensure its shares can enter the National Equities Exchange and Quotations (NEEQ) within 45 trading days after delisting [1]. Shareholder Information - As of March 31, 2025, *ST Jiyao had 28,056 shareholders [2]. Stock Trading Activity - Prior to its suspension on April 24, 2025, *ST Jiyao's stock price was reported at 0.21 CNY per share. On the last trading day before suspension, the stock opened at a limit-down price of 0.19 CNY, briefly rising to 0.23 CNY with a turnover rate of 29.42%, and a total trading volume of nearly 40 million CNY [4]. - The stock experienced significant price fluctuations, with a cumulative price drop deviation of 30% over two consecutive trading days and 50% over four trading days, indicating severe abnormal trading conditions [4]. Company Background - *ST Jiyao, established in 2000, operates in the pharmaceutical industry, including manufacturing, wholesale, retail, and healthcare services. The company transitioned from a chemical focus to pharmaceuticals through acquisitions starting in 2014 [6]. - The company has faced continuous losses since 2019, with a reported revenue of 333.33 million CNY in 2024, a decrease of 3.69% year-on-year, and a net loss of 439.43 million CNY, worsening from a loss of 349.31 million CNY in the previous year [6][7]. Financial Performance - As of the end of 2024, *ST Jiyao's total assets were approximately 1.44 billion CNY, down 24.52% from the previous year, and the net assets attributable to shareholders were negative 776.52 million CNY, a decline of 176.66% [7]. - In the first quarter of 2025, the company reported a revenue of 63.74 million CNY, a year-on-year decrease of 15.53%, and a net loss of 45.17 million CNY, compared to a loss of 40.85 million CNY in the same period last year [8].