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]

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Market Overview - As of November 26, there are 956 stocks with a circulating market value below 3 billion yuan, and 373 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,687 stocks have a total market value below 5 billion yuan, with 550 stocks below 3 billion yuan [1] Smallest Stocks by Circulating Market Value - The three stocks with the smallest circulating market values are: - *ST元成: 189 million yuan - 坤泰股份: 635 million yuan - 康力源: 681 million yuan [1] Smallest Stocks by Total Market Value - The three stocks with the smallest total market values are: - *ST元成: 189 million yuan - *ST长药: 872 million yuan - *ST苏吴: 881 million yuan [1] Selected Stocks with Low Market Values - A list of stocks with circulating market values below 2 billion yuan includes: - *ST元成: 1.89 billion yuan, PE ratio: N/A, Industry: Construction Decoration - 坤泰股份: 635 million yuan, PE ratio: 46.19, Industry: Automotive - 康力源: 681 million yuan, PE ratio: 35.26, Industry: Light Industry Manufacturing - 扬州金泉: 706 million yuan, PE ratio: 24.66, Industry: Textile and Apparel - 科瑞思: 707 million yuan, PE ratio: 172.76, Industry: Communication [1][2]

Core Viewpoint - The article discusses the ongoing strict regulatory environment for listed companies in China, highlighting recent administrative penalties and investigations against several A-share companies, particularly focusing on issues related to financial misconduct and information disclosure violations [3][4]. Group 1: Regulatory Actions - Multiple A-share companies, including Longbai Group, Dongjiang Environmental Protection, and *ST Chuangxing, have received administrative penalties for various violations, including false financial reporting and undisclosed related-party transactions [3][5]. - Over 10 A-share companies have been penalized or investigated in November alone, with a significant number being ST companies, indicating a heightened regulatory scrutiny [3][4]. Group 2: Specific Cases - Longbai Group's subsidiary was fined 1.49 million yuan due to a safety incident that resulted in casualties and economic losses, while Dongjiang's subsidiary faced penalties for tax evasion amounting to 202.42 million yuan [6][7]. - *ST Chuangxing was found to have false financial records and inadequate disclosure of related-party transactions, leading to a correction order from the Shanghai Securities Regulatory Bureau and warnings issued to its executives [8][9]. Group 3: Other Companies Involved - Companies like Haosai and Jushihua were also investigated for information disclosure violations, with their stock prices dropping significantly following the announcements [10]. - Jia Ying Pharmaceutical faced penalties for failing to disclose 220 million yuan in related-party loans, resulting in warnings and fines totaling 4.9 million yuan [10][11]. - Hengli Tui, which has been delisted, was penalized for financial fraud involving inflated revenue figures, leading to fines of 39.4 million yuan against the company and its executives [13][14].

New Stock Issuance - The new stock issuance for Moer Thread (证券代码: 787795) is priced at 114.28 RMB per share, effective from November 24, 2025[1] - Tianpu Co., Ltd. (证券代码: 605255) is undergoing a tender offer period from November 20 to December 19, 2025[1] Cash Options - Hangzhou Qilun B (证券代码: 200771) has a cash option declaration period from November 19 to November 25, 2025[1] Market Alerts - Jiumuwang (证券代码: 601566) has reported severe abnormal fluctuations[1] - Hefu China (证券代码: 603122) is also noted for significant abnormal fluctuations[1] Recent Announcements - Huasheng Lithium Battery (证券代码: 688353) and Pinming Technology (证券代码: 688109) have recent announcements regarding their stock activities[1] - ST Yuan Cheng (证券代码: 603388) and ST Keli Da (证券代码: 603828) have also made recent disclosures[1] Trading Updates - The trading updates include various companies with links to their respective announcements, indicating ongoing market activities and potential investment opportunities[1]

Core Viewpoint - The A-share market in 2025 is experiencing an intensified regulatory storm, with multiple companies facing investigations and warnings, highlighting governance issues and a market environment where "bad money drives out good" [1] Regulatory Developments - In the third week of November, the China Securities Regulatory Commission (CSRC) issued multiple investigation notices to listed companies, including Haosai and Jushi Chemical, due to information disclosure violations, leading to significant stock price declines [3] - A total of 100 listed companies or executives have been investigated in 2025, with over 90% of cases involving financial fraud and information disclosure violations [5] - 15 companies have received formal penalties, with ST Yundong facing the highest fine of 6 million yuan for false financial reporting [7] Company-Specific Risks - ST Changyao is at high risk of delisting due to negative net assets and numerous lawsuits, while ST Lifang faces potential delisting if financial fraud is confirmed [3][5] - ST Yuancheng has become the first case of "market value delisting" in 2025, with its market value falling below 500 million yuan for 20 consecutive trading days [7] Systemic Regulatory Changes - The regulatory environment is tightening, with a focus on improving the structure of listed companies and protecting investors, as emphasized by CSRC Vice Chairman Li Chao [9] - Recent policies aim to strengthen risk prevention and regulation, extending enforcement to intermediary institutions, with 13 brokerages penalized for various violations [9] Market Trends - There is a notable trend of long-term capital entering the market, with social security, insurance, and pension funds net buying over 200 billion yuan of A-shares in 2025 [9] - Regulatory encouragement for dividends and buybacks has led to significant capital returns to shareholders, with 4.2 trillion yuan in dividends and 230 billion yuan in buybacks from 2024 to July 2025 [9]

Market Overview - As of November 21, the Shanghai Composite Index closed at 3834.89 points, down 96.16 points, a decline of 2.45% [1] - The Shenzhen Component Index closed at 12538.07 points, down 442.75 points, a decline of 3.41% [1] - The ChiNext Index closed at 2920.08 points, down 122.26 points, a decline of 4.02% [1] Trading Activity - A total of 91 A-shares had a turnover rate exceeding 20% on this day [1] - Notable stocks with high turnover rates included: - Dapeng Industrial (920091) with a turnover rate of 98.28% and a price increase of 1211.11% [1] - Jianglong Shipbuilding (300589) with a turnover rate of 55.14% and a price increase of 14.50% [1] - C Nanshan Data (301638) with a turnover rate of 52.72% and a price increase of 0.91% [1] Notable Stocks - Other significant stocks with high turnover rates included: - C Hengkun (688727) with a turnover rate of 46.22% and a price decrease of 11.47% [1] - Inspur Software (600756) with a turnover rate of 46.20% and a price increase of 6.76% [1] - ST Dongtong (300379) with a turnover rate of 44.50% and a price increase of 4.15% [1] - Additional stocks with notable performance included: - Shennong Agriculture (300189) with a turnover rate of 42.82% and a price increase of 3.67% [1] - Beifang Changlong (301357) with a turnover rate of 42.52% and a price increase of 0.68% [1]

证券代码：300391 证券简称：*ST 长药 公告编号：2025-099 长江医药控股股份有限公司 关于立案调查进展暨风险提示公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 重要风险提示： 1、公司存在重大违法强制退市风险。 3、公司存在财务类强制退市风险。 公司于2025年4月21日披露了《2024年年度报告》，经审计后的年度报告数 据显示，公司2024年度期末归属于上市公司股东的净资产为-432,840,659.21元。 根据《深圳证券交易所创业板股票上市规则》第10.3.1条第（二）项规定，上市 公司出现"最近一个会计年度经审计的期末净资产为负值"的情形，对其股票交 易实施退市风险警示。公司股票交易被实施退市风险警示后，根据《深圳证券交 易所创业板股票上市规则》第10.3.11条规定，上市公司因触及第10.3.1条第一 款情形，其股票交易被实施退市风险警示后，实际触及退市风险警示情形相应年 度次一年度出现以下情形之一的，深圳证券交易所决定终止其股票上市交易： 1）经审计的利润总额、净利润、扣除非经常性损益后的净利润三者孰低为 负值，且扣除后的营业收 ...

Market Overview - The Chinese medicine sector experienced a decline of 0.21% on November 20, with Kanghui Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Notable gainers in the Chinese medicine sector included: - *ST Changyao: Closed at 2.83, up 19.92% with a trading volume of 763,900 shares and a turnover of 197 million yuan [1] - Jinhua Co., Ltd.: Closed at 69.8, up 7.15% with a trading volume of 577,400 shares and a turnover of 505 million yuan [1] - Tailong Pharmaceutical: Closed at 7.44, up 3.33% with a trading volume of 344,200 shares and a turnover of 25.2 million yuan [1] - Conversely, Kanghui Co., Ltd. saw a decline of 3.72%, closing at 22.26 with a trading volume of 27,400 shares and a turnover of 61.69 million yuan [2] Capital Flow - The Chinese medicine sector experienced a net outflow of 143 million yuan from institutional investors, while retail investors saw a net inflow of 133 million yuan [2] - Key stocks with significant capital flow included: - Jinhua Co., Ltd.: Institutional net inflow of 99.64 million yuan, retail net outflow of 79.86 million yuan [3] - Zhongsheng Pharmaceutical: Institutional net inflow of 92.18 million yuan, retail net outflow of 51.91 million yuan [3] - Tailong Pharmaceutical: Institutional net inflow of 25.82 million yuan, retail net outflow of 31.90 million yuan [3]

Core Points - *ST Changyao has received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into suspected false financial reporting [1] - Investors who purchased shares between March 30, 2019, and April 29, 2024, may have the opportunity to claim compensation if they sold or still hold shares at a loss after April 30, 2024 [1] Summary by Sections Company Investigation - The CSRC has decided to initiate a case against *ST Changyao due to allegations of false records in periodic financial reports [1] Investor Compensation - According to lawyer Xu Jin, investors can file civil compensation lawsuits without prior procedures due to new judicial interpretations regarding securities false statements [1] - Compensation claims may include losses from investment differences, stamp duty, and commission losses [1] Claim Conditions - Investors must have bought shares between March 30, 2019, and April 29, 2024, and must have sold or still hold shares at a loss after April 30, 2024, to qualify for claims [1] - Required materials for claims include a copy of the ID, confirmation of securities account opening, and transaction records stamped by the brokerage [1]

Market Overview - During the week of November 10 to November 14, the A-share market saw a collective decline in the three major indices, with the Shanghai Composite Index closing at 3990.49 points, down 0.18% for the week, the Shenzhen Component Index at 13216.03 points, down 1.40%, and the ChiNext Index at 3111.51 points, down 3.01% [2] - Over 56% of individual stocks experienced gains during the week, with 170 stocks rising over 15% and 23 stocks declining over 15%. Sectors such as textiles, retail, beauty care, biomedicine, and food and beverage saw increases, while communication, electronics, computers, machinery, and defense industries faced declines [2] Top Performing Stocks - Huasheng Lithium Battery (688353.SH) led the weekly gainers with a remarkable 79.61% increase, followed by Haike Xinyuan (301292.SZ) at 71.38%. Other notable gainers included Jindike (688670.SH), Furui Shares (002083.SZ), Renmin Tongtai (600829.SH), and Dongbai Group (600693.SH), all exceeding 61% in weekly gains [4] - The stock price of Huasheng Lithium Battery reached a historical high, closing at 139.20 yuan, with a total market capitalization of 22.2 billion yuan. The stock has seen a cumulative increase of over 172% from November 5 to November 14 [5][6] Huasheng Lithium Battery Details - Huasheng Lithium Battery specializes in the research, production, and sales of lithium battery electrolyte additives, with a significant market presence in China and exports to Japan, South Korea, the United States, Europe, and Southeast Asia. The company ranked first in domestic market share for lithium-ion battery electrolyte additives from 2018 to 2020 [5] - The recent price surge in the electrolyte industry has driven the prices of additive products higher, with battery-grade vinyl carbonate rising from 48,800 yuan/ton to 57,000 yuan/ton in October, and a significant daily increase of 8.13% to 66,500 yuan/ton on November 10 [5][6] Underperforming Stocks - *ST Changyao (300391.SZ) was the worst performer of the week, with a decline of 33.62%. Other stocks such as Haitan Shares (603759.SH), Degute (300950.SZ), and Bangji Technology (603151.SH) also saw declines exceeding 17% [9] - The company is under investigation by the China Securities Regulatory Commission for suspected financial fraud, which may lead to forced delisting if significant violations are confirmed [10][11] *ST Changyao Company Overview - *ST Changyao operates in the pharmaceutical industry, focusing on the production and sales of traditional Chinese medicine pieces, medicinal capsules, and medical logistics. The company has faced challenges, including a warning of potential delisting due to negative net profits over the past three years [10][11] - The company reported a revenue of 105 million yuan for the first three quarters of 2025, a year-on-year increase of 4.4%, but a net loss of 210 million yuan, a decline of 15.89% [12]