Core Viewpoint - Qingdao Zhongzi Zhongcheng Group Co., Ltd. (*ST Zhongcheng) has been under investigation for suspected violations of information disclosure laws, leading to significant financial discrepancies and potential delisting from the Shenzhen Stock Exchange [1][3][8]. Group 1: Investigation and Financial Misconduct - The company was officially investigated by the China Securities Regulatory Commission (CSRC) on January 16, 2025, for suspected information disclosure violations, with a notice of administrative penalty received on April 30, 2025 [1][3]. - From 2017 to 2021, the company inflated total profits by 776 million yuan and understated total profits by 567 million yuan [1][4]. - The company reported false financial data related to its projects in the Philippines and Indonesia, including premature revenue recognition and failure to write off expired mining rights [3][4]. Group 2: Specific Financial Irregularities - In 2017, the company inflated operating income by 1.403 billion yuan, accounting for 92.18% of reported operating income, and inflated total profits by 552.77 million yuan, which was 136.17% of reported total profits [4]. - In 2018, the inflated operating income was 467.89 million yuan (36.00% of reported income) and inflated total profits were 217.76 million yuan (94.92% of reported profits) [4]. - In 2019, the company understated operating income by 672.44 million yuan (88.83% of reported income) and total profits by 285.38 million yuan (78.36% of reported profits) [4]. Group 3: Legal and Regulatory Consequences - The company has received a notice of termination of listing from the Shenzhen Stock Exchange, with trading suspended since May 6, 2025 [1][8]. - The CSRC has proposed penalties including a fine of 7.5 million yuan for the company and various fines for key individuals involved in the misconduct [7][8]. - The company has been under audit scrutiny, receiving "qualified opinions" for three consecutive years, indicating ongoing concerns about its financial reporting [11][12].

Summary of Key Points Core Insights - The report highlights the upcoming listings and trading activities of several companies on May 19, 2025, indicating a busy market day with multiple new entries [1][2][3]. Upcoming Listings - Company 001390 Guqi Fur Material will be available for online subscription on May 19, 2025 [1]. - Companies 301595 N Taili and 603014 N Weigao will officially list on the same day, with allocations for general institutional investors [1]. - Company 920060 Wanyuantong will also list on May 19, 2025, specifically for the public portion [1]. Suspension Announcements - Company 002092 ST Zhongtai and 002259 ST Shengda will be suspended for one day due to the announcement of the withdrawal of other risk warnings [2]. - The Invesco Great Wall S&P Consumer Select ETF (QDII) and Guotai S&P 500 ETF will also be suspended until 10:30 AM on May 19, 2025, to protect investor interests [2]. - Company 300506 *ST Mingjia will be suspended for one day following the announcement of the withdrawal of delisting risk warnings [2]. Special Suspensions - Company 000151 Zhongcheng Co. will be suspended due to plans for issuing shares to acquire assets and raise matching funds, effective from May 16, 2025 [3]. - Company 000584 *ST Gongzhi and 000622 *ST Hengli will also face suspensions due to potential delisting risks and failure to disclose periodic reports within the legal timeframe [3]. - Company 002336 *ST Renle will be suspended for one day due to the announcement of potential delisting risks [3].

记者｜赵阳戈 2024年年报披露后，*ST中程（300208.SZ）收到了来自深交所的《终止上市事先告知书》，原因在于 公司2024年度财务会计报告被出具了保留意见的审计报告，以及内部控制被出具了否定意见的审计报 告。 值得注意的是，*ST中程对审计得出的结论并不认可，甚至指摘对方办事不力、推卸责任。如今公司已 在申请听证的路上。 源：公告 光伏项目上，审计在推卸责任？ 根据《终止上市事先告知书》内容，*ST中程曾因2023年度经审计的期末净资产为负值，被实施退市风 险警示。一年后的2025年4月30日，*ST中程2024年度财务会计报告被出具了保留意见的审计报告，内 部控制被出具了否定意见的审计报告。如此表现自是触发了终止上市的相关规则。 *ST中程与审计机构的争议的焦点之一在于菲律宾光伏项目。 *ST中程2016年11月承接菲律宾风光一体化EPC项目，2017年开始建设，至今近8年，截至2024年12月31 日，项目仍未交付并网。2025年4月15日，*ST中程向业主方移交菲律宾光伏项目并签署《风电(132兆 瓦)-光伏(100兆瓦)风光一体项目之结算协议》和《质押协议》，结算金额为2.12亿美元(按去年 ...

特别提示： 1.青岛中资中程集团股份有限公司（以下简称"公司"）于 2025 年 4 月 30 日在巨潮资讯网披露了《2024 年年度报告》《审计报告》《内部控制审计报告》， 和信会计师事务所（特殊普通合伙）对公司 2024 年度财务报告出具了带与持续 经营相关的重大不确定性段落、强调事项段落的保留意见的审计报告，否定意见 的内部控制审计报告，公司已触及《深圳证券交易所创业板股票上市规则》第 10.3.11 条第（三）项、第（五）项情形。2025 年 5 月 7 日，公司收到深圳证券 交易所（以下简称"深交所"）下发的《终止上市事先告知书》（创业板函〔2025〕 第<120>号），深交所拟决定终止公司股票上市交易。具体内容详见公司于 2025 年 5 月 7 日在巨潮资讯网披露的《关于收到终止上市事先告知书的公告》（公告 编号：2025-046）。公司已于 2025 年 5 月 8 日向深交所提交了听证申请，若公 司参加了听证但深交所最终仍作出终止上市的决定，公司股票将被终止上市。 证券代码：300208 证券简称：*ST 中程 公告编号：2025-048 青岛中资中程集团股份有限公司 关于公司被立案调查的进 ...

Group 1 - The average stock price of A-shares is 11.51 yuan, with 60 stocks priced below 2 yuan, the lowest being *ST Jiyao at 0.21 yuan [1] - Among the low-priced stocks, 24 are ST stocks, accounting for 40% of the total [1] - The Shanghai Composite Index closed at 3367.46 points on May 16 [1] Group 2 - Among the low-priced stocks, 10 stocks increased in price, with *ST Jinguang, Puli Tui, and *ST Jinke leading with increases of 4.76%, 2.27%, and 1.97% respectively [1] - 33 stocks decreased in price, with ST Lingnan, *ST Xingguang, and *ST Baoying showing the largest declines of 5.23%, 4.88%, and 3.14% respectively [1] - The stock price distribution indicates that both high-priced and low-priced stocks constitute a relatively small proportion of the A-share market [1]

New Stock Offerings - ST Xinchao (600777) is in the offer period from April 23, 2025, to May 22, 2025[1] - Polytron Technologies (300630) has 5 trading days remaining until the last trading day[1] - ST Cube (300344) has an announcement dated May 14, 2025, but no specific details provided[1] Trading Alerts - ST Zhongcheng (300208) reported severe abnormal fluctuations on April 29, 2025[1] - ST Hu Ke (600608) and ST Hua Rong (600421) both have announcements dated May 14, 2025, with no further details[1] - ST Zhengping (603843) has an announcement dated May 13, 2025, with no specific details provided[1] Market Trends - Multiple stocks, including ST Yanzhen (603389) and ST Chuangxing (600193), have announcements dated May 14, 2025, indicating potential market volatility[1] - The report highlights a significant number of stocks under observation for abnormal trading activities, suggesting increased market scrutiny[2]

Group 1 - Since May, several companies including *ST Zhongcheng, *ST Renle, *ST Hengli, and *ST Gongzhi have announced receipt of termination of listing advance notice, indicating a trend of companies leaving the capital market [1][3] - As of May 12, 2025, a total of 10 companies have received termination of listing advance notices from the Shanghai and Shenzhen Stock Exchanges, with additional companies like *ST Puli and *ST Xulan also facing similar fates [1][3] - The new delisting regulations have been implemented, leading to the first annual report season under these rules, resulting in multiple companies being warned of delisting risks and several directly delisted [5] Group 2 - *ST Renle reported a net asset of -387 million yuan for 2023 and -404 million yuan for 2024, triggering termination of listing due to financial report issues [3] - *ST Hengli's 2023 net profit was negative, and its revenue was below 100 million yuan, leading to a delisting risk warning [3][4] - *ST Zhongcheng's 2023 net asset was also negative, and its 2024 financial report received a qualified opinion, resulting in a proposed termination of listing [3][4] Group 3 - A total of 9 companies have completed delisting in 2025, with reasons ranging from continuous low stock prices to major violations [6][7] - The companies that have delisted include *ST Meixun, Haitong Securities, and *ST Boxin, among others, with various reasons for their delisting [7][8] - The trend indicates a significant number of companies facing financial difficulties and regulatory challenges, leading to increased scrutiny and potential delisting [10] Group 4 - The Beijing Stock Exchange may see its first delisted company, with Guandao Digital and Yun Chuang Data facing delisting risks due to audit issues [9][10] - Both companies have received audit opinions that could lead to termination of listing if they continue to meet financial delisting criteria in 2025 [10] - A total of 96 companies in the A-share market have been warned of delisting risks due to various financial issues, indicating a broader trend of financial instability among listed companies [10]

Group 1 - Shengxiang Bio plans to increase its investment in Hunan Shengwei Kunteng Biotechnology Co., Ltd. by 100 million yuan to enhance its industrial chain layout in the POCT field, resulting in a 44.6441% stake in Shengwei Kunteng after the investment [1] - Yaguang Technology's subsidiary Chengdu Yaguang signed a product pre-production agreement worth 101 million yuan, accounting for 10.56% of the company's audited revenue for the last fiscal year [1] Group 2 - Chutianlong's shareholder plans to reduce its stake by up to 3%, equating to 13.83 million shares, due to personal funding needs [2] - Naipu Mining intends to invest up to 45 million USD in Swiss Veritas Resources AG, acquiring a 22.5% stake to extend its industrial chain [2][3] Group 3 - Diri Medical's shareholder plans to reduce its stake by up to 3%, totaling 814.83 thousand shares, due to funding needs [4] - Kangtai Medical's controlling shareholder plans to reduce its stake by up to 2.99%, equating to 12 million shares [5] Group 4 - Iwu Bio's controlling shareholder plans to transfer up to 450 thousand shares through block trading, representing 0.86% of the total share capital [7] - Guokai Hengtai's four shareholders plan to collectively reduce their stake by up to 4.7%, totaling 22.94 million shares [9] Group 5 - *ST Zhongcheng submitted a hearing application to the Shenzhen Stock Exchange in response to a delisting notice [10] - Donghua Software's actual controller and associated parties plan to reduce their stake by up to 1%, totaling 32.05 million shares [12] Group 6 - Shandong Molong's shareholder reduced its H-share holdings by 107 million shares, representing 13.39% of the total share capital [12] - Yinbang Co.'s shareholder plans to reduce its stake by up to 1%, totaling 821.92 thousand shares [13] Group 7 - Jinxinnong reported April sales of 10.65 million pigs, generating sales revenue of 139 million yuan, with an average selling price of 15.05 yuan per kilogram [14] - Dongfang Jiasheng purchased 9.54 million shares of Zhonggu Logistics for approximately 99.72 million yuan, representing 4.18% of the company's net assets [15] Group 8 - Linglong Tire's controlling shareholder received a financing commitment of up to 270 million yuan for stock repurchase [16] - Wuchan Jinlun's shareholder plans to reduce its stake by up to 3%, totaling 619.77 thousand shares [18] Group 9 - Pengyao Environmental's directors and executives plan to collectively reduce their stake by up to 0.07% [19] - Ruihu Mould's controlling shareholder plans to reduce its stake by up to 1.92%, totaling 401.89 thousand shares [20] Group 10 - Electric Alloy's shareholder plans to reduce its stake by up to 0.63%, totaling 210.88 thousand shares [22] - Shanghai Xinyang's controlling shareholder plans to reduce its stake by up to 0.64%, totaling 200 thousand shares [24] Group 11 - Sujiao Ke's controlling shareholder plans to acquire up to 2% of the company's shares from a fund [26] - Heyuan Bio's shareholders plan to reduce their stake by up to 1%, totaling 649.04 thousand shares [27]

Core Viewpoint - *ST Zhongcheng (300208), formerly known as Qingdao Zhongcheng, is facing delisting from the Shenzhen Stock Exchange due to significant financial misconduct and negative net assets [1][3] Group 1: Delisting Announcement - On May 7, *ST Zhongcheng received a notice from the Shenzhen Stock Exchange regarding the termination of its stock listing [1] - The delisting decision is based on two main violations: negative net assets in 2023 and a qualified audit report for 2024, along with denied internal control audits [1] - The company has been confirmed to have engaged in systematic financial fraud for six years, as per the investigation by the China Securities Regulatory Commission (CSRC) [1] Group 2: Regulatory Actions - The company was investigated by the CSRC for information disclosure violations starting January 16 of this year [3] - The CSRC issued an administrative penalty notice on April 30, citing fraudulent financial data related to a fictitious project in the Philippines from 2017 to 2021 and further financial misrepresentation regarding Indonesian mining rights from 2020 to 2022 [3] - The company failed to disclose a significant lawsuit involving 627 million yuan, which accounted for 57.47% of its net assets at the end of 2022, leading to a warning and a fine of 7.5 million yuan from the CSRC [3] Group 3: Financial Performance - In the latest annual report, the company reported a revenue of 137 million yuan, a year-on-year decline of 70.21% [3] - The net profit attributable to shareholders was -310 million yuan, reflecting a 73.24% reduction in losses compared to the previous year [3] - The primary reasons for the losses include the completion of the nickel power project, high management costs, and elevated financial expenses [3]

Core Points - Company *ST Zhongcheng (300208)* has submitted a hearing application to the Shenzhen Stock Exchange within the stipulated timeframe [1] - If the company fails to attend the hearing on time, it will be considered as waiving its right to the hearing [1] - Even if the company participates in the hearing, the Shenzhen Stock Exchange may still decide to terminate the company's stock listing [1] - The company received a "Notice of Termination of Listing" from the Shenzhen Stock Exchange on May 7, 2025 [1] - Detailed content regarding the notice was disclosed by the company on the same date [1]