证券代码：300391 证券简称：*ST 长药 公告编号：2026-022 长江医药控股股份有限公司 关于收到股票终止上市决定的公告 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。 特别提示： 1、终止上市的证券种类：人民币普通股；证券简称：*ST长药；证券代码： 300391。 2、长江医药控股股份有限公司（以下简称"公司"或"长药控股"）股票 于2026年3月20日复牌并进入退市整理期，退市整理期为十五个交易日，预计最 后交易日期为2026年4月10日。 3、退市整理期间股票在风险警示板交易。退市整理期首个交易日，公司股 票价格无价格涨跌幅限制，此后每日涨跌幅限制为20%。 4、请投资者、证券公司等市场主体在股票摘牌前及时了结股票质押式回购、 约定购回、融资融券、转融通等业务。 5、对于将在股票摘牌后至完成全国中小企业股份转让系统有限责任公司依 托原证券公司代办股份转让系统设立并代为管理的两网公司及退市公司板块（以 下简称"退市板块"）初始登记期间到期的司法冻结业务，建议有权机关在股票 摘牌前通过原协助执行渠道提前办理续冻手续。 公司于2026年3月12日收 ...

Group 1 - The A-share market has seen an accelerated pace of delisting in 2026, with five companies penalized for financial fraud and information disclosure violations [1] - Regulatory authorities are moving away from the old paradigm of "just delisting," initiating accountability and civil claims against the aforementioned companies [1] Group 2 - Dongfang Tui, one of the first delisted companies in 2026, was found to have inflated revenue by 432 million yuan and profits by 314 million yuan from 2019 to 2022 through fictitious business and premature revenue recognition [2] - The company faced a fine of 229 million yuan from the Beijing Securities Regulatory Bureau, and its actual controller was fined 26.5 million yuan and banned from the securities market for 10 years [2] Group 3 - *ST Changyao is on the verge of delisting due to financial fraud, having inflated revenue by over 700 million yuan from 2021 to 2023 [3] - The China Securities Regulatory Commission imposed a fine of 10 million yuan on the company and a total of 31 million yuan on 14 responsible individuals [3] Group 4 - *ST Aowei's delisting is a typical case of trading-related mandatory delisting, with its stock suspended after its market value fell below 500 million yuan for 20 consecutive trading days [4] - The company has also faced serious issues with non-operating fund occupation, with 189 million yuan in funds still outstanding as of December 2025 [5][6] Group 5 - *ST Lifang engaged in financial fraud through financing trade, leading to its stock suspension and a notice of termination of listing [6] - The company inflated revenue and profits by using financing trade without owning the goods or bearing inventory risks, resulting in severe penalties [6]

Core Viewpoint - The article discusses the ongoing legal actions against Changyao Holdings (300391) for investor compensation due to financial misconduct, including false reporting of revenues and profits from 2021 to 2023 [1][2][3]. Group 1: Legal Proceedings - Changyao Holdings' investor compensation case has been accepted by the Wuhan Intermediate People's Court, with multiple previous filings also accepted [1]. - The law firm is continuing to accept compensation claims from other investors [1]. - There are precedents of investor victories in similar compensation cases against Changyao Holdings [1]. Group 2: Financial Misconduct - From 2021 to 2023, Changyao Holdings' subsidiaries fabricated inventory and sales documents, leading to inflated revenues of 215.32 million yuan, 283.74 million yuan, and 233.63 million yuan, which represented 9.12%, 17.57%, and 19.51% of the reported revenues for those years respectively [2]. - The inflated total profits for the same years were 56.40 million yuan, 63.38 million yuan, and 43.71 million yuan, accounting for 35.62%, 88.23%, and 6.42% of the reported total profits [2]. - In 2022, the company also inflated profits by 4.55 million yuan due to improper loss recognition related to a project, which was 6.34% of the reported total profits for that year [2]. Group 3: Investor Compensation Eligibility - Investors who purchased Changyao Holdings stock between March 30, 2019, and April 30, 2024, and sold or held the stock after April 30, 2024, are eligible to file for compensation [3]. - Additionally, those who bought shares between April 28, 2022, and November 8, 2025, and sold or held after November 8, 2025, can also initiate claims [3].

Core Viewpoint - Long Pharmaceutical Holdings (长药控股) is facing legal actions due to false financial reporting and has been penalized by the China Securities Regulatory Commission (CSRC) for various violations, leading to potential compensation claims from affected investors [1][7]. Group 1: Legal Actions and Compensation Claims - The Wuhan Intermediate People's Court has accepted a compensation claim case against Long Pharmaceutical Holdings, with previous cases also being accepted, indicating ongoing legal proceedings [1][3]. - Investors who purchased Long Pharmaceutical Holdings stock between March 30, 2019, and April 30, 2024, or between April 28, 2022, and November 8, 2025, are eligible to file for compensation [3][9]. Group 2: Financial Misconduct - Long Pharmaceutical Holdings has been found to have inflated revenues and profits in its financial reports from 2021 to 2023, with reported inflated revenues of 215.32 million, 283.74 million, and 233.63 million yuan, representing 9.12%, 17.57%, and 19.51% of the disclosed revenues respectively [2][8]. - The company also inflated total profits by 56.40 million, 63.38 million, and 43.70 million yuan during the same periods, accounting for 35.62%, 88.23%, and 6.42% of the reported total profits [2][8]. Group 3: Related Company Violations - The subsidiary of Long Pharmaceutical Holdings, Hubei Changjiang Source Pharmaceutical Co., and Hubei Xinfeng Pharmaceutical Co. engaged in creating false inventory and sales documents, leading to the recognition of non-existent sales [2][8]. - The company failed to properly recognize losses related to a project in 2022, further contributing to the inflated profit figures in its annual report [2][8].

Group 1 - The core point of the news is that *ST Changyao has faced significant legal and regulatory challenges, including multiple lawsuits and allegations of financial misconduct, which may lead to the termination of its stock listing [2][3] Group 2 - On February 24, 2026, *ST Changyao and its subsidiary Hebei Yihang Technology Co., Ltd. were involved in 7 new lawsuits, with a total amount of 17.88 million yuan. Over the past 12 months, the total amount involved in lawsuits and arbitration has reached approximately 54.6952 million yuan, accounting for 12.64% of the latest audited net assets [1] - On January 23, 2026, *ST Changyao received an administrative penalty decision from the China Securities Regulatory Commission, which found that the company had falsely recorded financial data in its annual reports for 2021, 2022, and 2023. The total inflated revenue amounted to 733 million yuan, with inflated total profits of 163 million yuan [2] - Following the administrative penalty, *ST Changyao's stock is set to be suspended from trading starting January 26, 2026, due to potential termination of its listing by the Shenzhen Stock Exchange [2]

Core Viewpoint - *ST Lifan (300344.SZ) is officially on the path to delisting after three consecutive years of financial fraud, with the Shenzhen Stock Exchange announcing the termination of its listing on February 14, 2026 [2][3]. Group 1: Company Delisting and Regulatory Actions - The company received a notice from the Shenzhen Stock Exchange on February 14, 2026, indicating the decision to terminate its listing, with trading suspended from February 24, 2026 [2]. - The administrative penalty decision revealed that *ST Lifan had false records in its annual reports from 2021 to 2023, with a total false revenue exceeding 500 million yuan, accounting for over 50% of the reported revenue for those years [2][3]. - The company was found to have inflated revenue and costs through various fraudulent activities, leading to a fine of 10 million yuan imposed by the Anhui Securities Regulatory Bureau [3][4]. Group 2: Broader Market Context - Since the implementation of new delisting regulations, four companies have been delisted or entered the delisting process due to major violations [3]. - The regulatory environment is characterized by a "zero tolerance" approach towards financial fraud, with significant penalties aimed at key individuals involved in such activities [3][4]. - Other companies, such as *ST Changyao (300391.SZ) and Guandao Digital, have also faced similar delisting actions due to financial misconduct [4][5]. Group 3: Investor Protection and Legal Framework - There is an ongoing effort to enhance investor protection mechanisms, including the establishment of a comprehensive system for addressing fraud, which involves administrative, criminal, and civil accountability [5][6]. - The Shanghai Zhixin Law Firm suggests that delisting should be accompanied by compensation measures to protect investors, advocating for a more robust legal framework to facilitate this [5][6]. - The case of Guandao Digital illustrates the implementation of a compensation fund to address investor losses due to fraudulent disclosures, highlighting the need for proactive measures in investor protection [6]. Group 4: Market Behavior and Risks - Companies like *ST Lifan and Guandao Digital experienced significant stock price speculation before their delisting, with *ST Lifan's stock rising by 314.93% over a period of 10 trading days [8][9]. - The phenomenon of "末日狂欢" (end-day carnival) reflects the speculative trading behavior surrounding stocks that are at risk of delisting, often leading to substantial losses for retail investors [7][9]. - Analysts warn that such speculative trading is fraught with risks, including delisting risk, liquidity issues, and poor information disclosure, urging investors to focus on value investing rather than speculative plays [9].

Core Viewpoint - The article discusses the recent trend of companies facing delisting due to serious financial fraud, highlighting the regulatory environment's shift towards a zero-tolerance approach to such violations, which aims to purify the market ecosystem [2][3]. Group 1: Company Delistings - *ST Lifan has officially entered the delisting process after being found guilty of financial fraud for three consecutive years, with over 500 million yuan in false revenue reported in 2021 and 2022, exceeding 50% of the total revenue disclosed for those years [2][3]. - Four companies have been delisted or entered the delisting process this year due to serious violations, indicating a trend towards timely market exits for companies that fail to comply with regulations [3]. - *ST Changyao is also undergoing the delisting process due to similar fraudulent activities reported in its financial statements for 2021, 2022, and 2023, resulting in a 10 million yuan fine [4]. Group 2: Regulatory Actions - The regulatory authorities have intensified their crackdown on companies involved in systemic financial fraud, with significant penalties imposed, including a 10 million yuan fine on *ST Lifan and a total of 30 million yuan in fines on responsible individuals [3][4]. - The regulatory framework is evolving to include a comprehensive system of accountability, combining administrative, criminal, and civil measures to deter fraudulent activities [5][6]. - The introduction of investor protection mechanisms is ongoing, aiming to balance strict enforcement of delisting rules with effective investor safeguards [6][7]. Group 3: Market Dynamics and Risks - Companies like *ST Lifan and *ST Changyao have experienced significant stock price speculation prior to their delisting, with *ST Lifan's stock rising by 314.93% over a period of 10 trading days [8][9]. - The phenomenon of "speculative trading" in risk-warning stocks poses substantial risks to investors, including delisting risk, liquidity issues, and poor information disclosure [9][10]. - Investors are cautioned against viewing ST stocks as opportunities based solely on low prices, as the underlying value has diminished significantly due to regulatory reforms [10].

关于累计诉讼、仲裁事项的公告 证券代码：300391 证券简称：*ST 长药 公告编号：2026-021 长江医药控股股份有限公司 根据《深圳证券交易所股票上市规则》的有关规定，上市公司连续十二个月 内发生的诉讼、仲裁事项，涉案金额超过1,000万元，且占上市公司最近一期经 审计净资产绝对值10%以上的，应当及时披露，已经履行披露义务的，不再纳入 累计计算范围。截至本公告披露日，除已经披露的诉讼、仲裁事项外，公司及子 公司连续十二个月内累计涉及的诉讼、仲裁事项涉案金额合计约5,469.52万元， 占最近一期经审计净资产绝对值12.64%。具体如下： 1、原告奥力孚传动科技股份有限公司与被告一河北羿珩科技有限责任公司、 被告二长江医药控股股份有限公司买卖合同纠纷案。 原告与被告一存有业务往来。诉讼请求：判令被告一支付拖欠的货款 204112.20元及逾期支付利息，利息按LPR一倍标准，自2025年4月27日起计算至 款项实际支付完毕之日止，暂计至起诉之日为4408.27元；判令被告一支付原告 为实现债权支出的律师费11000元；判令被告二对上述费用承担连带支付责任； 本案诉讼费、保全费、保全保险费由两被告承担。 ...

Group 1 - The core issue revolves around *ST Changyao's financial fraud, which has been ongoing for three years, leading to administrative penalties from the China Securities Regulatory Commission [1][3] - The company inflated its revenue by over 730 million yuan and profits by more than 160 million yuan from 2021 to 2023, with false revenue accounting for nearly 20% of total revenue at its peak [4][5] - In 2022, the inflated profits represented an alarming 88.23% of the total profit, indicating severe discrepancies in the company's financial reporting [5] Group 2 - In addition to financial fraud, *ST Changyao is also involved in serious non-operational fund occupation, with 180 million yuan occupied, representing 92.08% of the company's latest audited net assets [2][6] - The company’s subsidiaries provided collateral guarantees for related parties without following any approval procedures, jeopardizing the interests of minority shareholders [2][6] - Legal actions are underway against the company, with precedents of successful second-instance rulings for investors who suffered losses during specific periods [2][6]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has demonstrated a strong commitment to regulatory enforcement in January 2026, with significant penalties imposed on multiple institutions and individuals, reflecting a "zero tolerance" stance towards violations in the capital market [1][9][10] Group 1: Regulatory Actions and Penalties - In January 2026, the CSRC has imposed administrative penalties on at least 13 institutions and 25 individuals, with total fines exceeding 1.1 billion yuan [1] - A notable case involved Yu Han, who was fined a total of 1.022 billion yuan for market manipulation, effectively nullifying his illicit gains and imposing additional penalties [2] - The regulatory actions have extended to private equity firms, listed companies, and intermediaries, with significant fines imposed on Zhejiang Ruifengda Asset Management Co., Ltd. and others for serious violations of private fund regulations [3] Group 2: Comprehensive Coverage of Violations - The CSRC has targeted not only market manipulation but also financial fraud, with companies like Luqiao Information and ST Changyao facing fines for financial misrepresentation [3][4] - The penalties also include actions against delisted companies for information disclosure violations, highlighting a comprehensive approach to enforcement [4] - The regulatory focus has shifted towards a more integrated accountability system, emphasizing simultaneous accountability for individuals, actions, and institutions [4][5] Group 3: Enhanced Enforcement Mechanisms - The connection between administrative penalties and criminal prosecution has been strengthened, allowing for a more effective response to securities violations [6] - The CSRC has expedited its investigation processes, with cases like Rongbai Technology being investigated within days of alleged misleading statements [7][8] - The regulatory environment is characterized by a combination of penalties, including fines, market bans, and restrictions on industry access, enhancing deterrent effects [5][10] Group 4: Future Regulatory Outlook - The CSRC's actions in January signal a continued emphasis on strict enforcement and the protection of investor rights, particularly for small and medium investors [9][10] - The regulatory framework is expected to evolve with a focus on substantive compliance and penetrating oversight, aiming to identify real control relationships and responsible parties [4][10] - The CSRC's commitment to a rigorous enforcement strategy is likely to stabilize market expectations and reinforce the message that violations will be met with serious consequences [10]