Core Viewpoint - The company, Xin Yan Co., has announced a significant equity adjustment due to severe insolvency issues, aiming to avoid delisting and bankruptcy liquidation [1] Summary by Categories Equity Adjustment - The company plans to increase its total share capital from 1.496 billion shares to 3.290 billion shares by a stock conversion of 12 shares for every 10 shares held, resulting in a total increase of 1.795 billion shares [1] Investor Participation - Industrial investors will acquire 500 million shares at a price of 1.30 yuan per share, totaling 650 million yuan [1] - Financial investors will obtain 935 million shares at a price of 1.70 yuan per share, amounting to 1.589 billion yuan [1] - A total of 360 million shares will be allocated for debt repayment [1] Shareholding Restrictions - Industrial and financial investors have committed to not transferring their shares for 36 months and 12 months, respectively [1] Future Adjustments - The company will adjust the calculation formula for the ex-rights reference price in the future [1]

New Stock Listings - Nant Technology (920124) listed at an issue price of 8.66 on November 27, 2025[1] - Tianpu Co., Ltd. (605255) is in the offer period from November 20 to December 19, 2025[1] - Jianglong Shipbuilding (300589) and Huasheng Lithium Battery (688353) reported significant abnormal fluctuations[1] Abnormal Fluctuations - Multiple companies including ST Wanfang (000638) and ST Dongyi (002713) have reported abnormal trading activities[2] - Companies such as ST Suwu (600200) and ST Yanshan (000608) are also under scrutiny for unusual market behavior[3]

Summary of Key Points Core Viewpoint - Several companies are experiencing significant shareholder reductions, indicating potential shifts in ownership and market sentiment towards these firms [1]. Shareholder Reductions - Huijie Co., Ltd. shareholder Lin Shengzhi plans to reduce holdings by up to 2% [1] - Goko Technology's major shareholder Beikong intends to reduce holdings by up to 0.7% [1] - Zhouming Technology's chairman Lin Mingfeng plans to reduce holdings by up to 1.99% [1] - Keheng Co., Ltd. shareholder Wang Guojiang plans to reduce holdings by up to 2% [1] - Fulian Precision's actual controller An Zhifu plans to reduce holdings by up to 1% [1] - Baoli Food's shareholder Shanghai Houxu plans to reduce holdings by up to 3% [1] - Huizhiwei's shareholder GZPA plans to reduce a total of up to 10.52 million shares [1] - Yijiahe's shareholder Zhejiang Junhong plans to reduce holdings by up to 2% [1] - Dexin Technology's shareholder Xinjiang Guotou plans to reduce holdings by up to 2.3351 million shares [1] - Yirui Technology's shareholders Tianjin Sequoia and Beijing Sequoia plan to reduce a total of 3.0022 million shares [1] - Boliview's shareholder Zhang Zhiping has completed a reduction of 2.3756 million shares [1] - Fubon Technology's Zhenghong Development plans to reduce holdings by up to 0.59% [1] - Liaoti Technology's shareholder Alibaba has reduced holdings by 4.2392 million shares [1] Regulatory Actions - Kexin Information is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [1] - *ST Xinyan's stock trading will be subject to additional delisting risk warnings [1]

Core Viewpoint - *ST Xin Yan (300159.SZ) has received a court ruling to accept its restructuring application, indicating significant financial distress and potential delisting risks [1] Group 1: Court Ruling and Restructuring - Xin Yan and its subsidiary Sichuan Xin Hang Titanium Technology Co., Ltd. have received a civil ruling from the Urumqi Intermediate People's Court to accept their restructuring applications [1] - The court has appointed Beijing Jindu Law Firm and Xinjiang Jucheng Law Firm as joint administrators, with Dou Ganggui as the responsible person [1] Group 2: Financial Status and Stock Trading - As of the end of the audited period for 2024, Xin Yan's net assets attributable to the parent company are negative, leading to a delisting risk warning from the Shenzhen Stock Exchange [1] - Following the court's acceptance of the restructuring, Xin Yan's stock will receive an additional delisting risk warning effective November 18, 2025, with a daily price fluctuation limit of 20% [1]

因新研股份2024年度经审计期末归属于母公司的净资产为负，新研股份股票交易已被深圳证券交易所实 施退市风险警示。因新研股份被法院裁定受理重整，根据《深圳证券交易所创业板股票上市规则》第 10.4.1条相关规定，新研股份股票交易将于2025年11月18日被叠加实施退市风险警示。新研股份股票简 称仍为"*ST新研"，股票代码仍为"300159"，股票价格的日涨跌幅限制为20%。 格隆汇11月17日丨*ST新研(300159.SZ)公布，新疆机械研究院股份有限公司及子公司四川新航钛科技有 限公司（简称"四川新航钛"）分别收到乌鲁木齐市中级人民法院（简称"乌鲁木齐中院"或"法院"）送达 的《民事裁定书》，裁定受理新研股份及四川新航钛相关重整申请。2025年11月15日，新研股份及四川 新航钛分别收到法院送达的《决定书》，指定北京市金杜律师事务所和新疆巨臣律师事务所联合担任管 理人，管理人负责人为窦刚贵。 ...

证券代码：300159 证券简称：*ST 新研 公告编号：2025-065 关于法院裁定受理公司及子公司重整并指定管理人暨公司 股票交易将被叠加实施退市风险警示的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别风险提示： 1、2025 年 11 月 14 日，新疆机械研究院股份有限公司（以下简称"新研股 份"）及子公司四川新航钛科技有限公司（以下简称"四川新航钛"）分别收到 乌鲁木齐市中级人民法院（以下简称"乌鲁木齐中院"或"法院"）送达的《民 事裁定书》，裁定受理新研股份及四川新航钛相关重整申请。2025 年 11 月 15 日，新研股份及四川新航钛分别收到法院送达的《决定书》，指定北京市金杜律 师事务所和新疆巨臣律师事务所联合担任管理人，管理人负责人为窦刚贵。 2、因新研股份 2024 年度经审计期末归属于母公司的净资产为负，新研股份 股票交易已被深圳证券交易所（以下简称"深交所"）实施退市风险警示。因新 研股份被法院裁定受理重整，根据《深圳证券交易所创业板股票上市规则》（以 下简称"《上市规则》"）第 10.4.1 条相关规定，新研股份股票交易 ...

证券代码：300159 证券简称：*ST 新研 公告编号：2025-066 关于公司及子公司重整债权申报 及召开第一次债权人会议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 新研股份及四川新航钛的债权人应于 2025 年 12 月 15 日（含当日）前，按 《新疆机械研究院股份有限公司重整案债权申报指引》和《四川新航钛科技有限 公司重整案债权申报指引》（以下简称"《债权申报指引》"）（详见债权申报 系统网站：https://lawporter.com）向管理人申报债权，说明债权数额、债权 性质、有无财产担保或连带债务人等事项，并提供相关证据材料。 联系电话：15739530473 特别提示： 1、2025 年 11 月 14 日，新疆机械研究院股份有限公司（以下简称"公司" 或"新研股份"）及子公司四川新航钛科技有限公司（以下简称"子公司"或"四 川新航钛"）分别收到新疆维吾尔自治区乌鲁木齐市中级人民法院（以下简称"乌 鲁木齐中院"）作出的（2025）新 01 破申 382 号、（2025）新 01 破申 381 号《民 事裁定书》，裁定受理新研股份 ...

Core Points - The company and its subsidiary Sichuan Xinhang Titanium have received a civil ruling from the Urumqi Intermediate People's Court, which has accepted their restructuring application [1] - The court has appointed Beijing King & Wood Mallesons and Xinjiang Jucheng Law Firm as joint administrators for the restructuring process [1] - As of the end of the audited fiscal year 2024, the company's net assets attributable to the parent company are negative, leading to a delisting risk warning from the Shenzhen Stock Exchange [1] - The company's stock will receive an additional delisting risk warning effective November 18, 2025, with the stock still trading under the name "*ST Xinyan" and the code "300159" [1] - The daily price fluctuation limit for the company's stock is set at 20% [1]

Core Viewpoint - The creditor, China Cinda Asset Management Co., Ltd. Sichuan Branch, has applied to the Urumqi Intermediate People's Court for the reorganization of Sichuan Xinhang Titanium Technology Co., Ltd., a subsidiary of Xinjiang Mechanical Research Institute Co., Ltd. [1] Group 1 - The application for reorganization indicates financial distress within the subsidiary Sichuan Xinhang Titanium [1] - The creditor seeks to implement a coordinated reorganization involving both Sichuan Xinhang Titanium and Xinjiang Mechanical Research Institute [1]

Core Viewpoint - The creditor, China Cinda Asset Management Co., Ltd. Sichuan Branch, has applied to the Urumqi Intermediate People's Court for the reorganization of Sichuan Xinhang Titanium Technology Co., Ltd., a subsidiary of Xinjiang Mechanical Research Institute Co., Ltd. [1] Group 1 - The application for reorganization includes a request for coordinated reorganization of both Sichuan Xinhang Titanium and Xinjiang Mechanical Research Institute [1]