Core Viewpoint - *ST Changyao has been found guilty of financial misconduct, leading to potential delisting from the Shenzhen Stock Exchange due to false reporting in its financial statements from 2021 to 2023 [2][3][6]. Group 1: Financial Misconduct - In November 2020, *ST Changyao acquired 52.75% of Hubei Changjiang Xing Pharmaceutical Co., Ltd. (Changjiang Xing), which was subsequently consolidated into *ST Changyao's financial statements [2]. - From 2021 to 2023, subsidiaries of Changjiang Xing fabricated inventory and sales documents, resulting in inflated revenues of 215.32 million, 283.74 million, and 233.63 million yuan for the respective years, accounting for 9.12%, 17.57%, and 19.51% of reported revenues [3]. - The inflated profit totals were 56.40 million, 63.38 million, and 43.71 million yuan, representing 35.62%, 88.23%, and 6.42% of the reported profit totals for the same years [3]. Group 2: Regulatory Actions - On January 23, 2023, *ST Changyao received an administrative penalty decision from the China Securities Regulatory Commission (CSRC) due to the aforementioned violations [2][6]. - The Shenzhen Stock Exchange issued a notice indicating the intention to terminate the company's stock listing, with trading suspension set to begin on January 26, 2026 [4][6]. - The company has the right to request a hearing or submit written statements within a specified timeframe; failure to do so will lead to the automatic termination of its listing [6]. Group 3: Market Reaction - Following the announcement, *ST Changyao's stock experienced a 20% increase for four consecutive trading days, with the latest price at 0.92 yuan per share, resulting in a total market capitalization of 322 million yuan [8].

Core Viewpoint - *ST Changyao faces multiple delisting risks due to significant violations, including administrative penalties and financial misreporting, leading to a suspension of trading and initiation of delisting procedures by the Shenzhen Stock Exchange starting January 26, 2026 [2][5]. Group 1: Regulatory Actions - On January 23, *ST Changyao received an administrative penalty from the China Securities Regulatory Commission (CSRC), which included a warning and a fine of 10 million yuan for false reporting in annual reports from 2021 to 2023 [2]. - The CSRC's investigation into *ST Changyao's financial misconduct was completed in just over two months, reflecting a strong regulatory stance against market irregularities [5]. Group 2: Financial Performance and Risks - The company has reported continuous financial losses, with projected revenues for 2025 estimated between 120 million to 170 million yuan, and net losses expected to be between 350 million to 520 million yuan [9]. - *ST Changyao has indicated that it may have negative net assets by the end of 2025, which could lead to termination of its stock listing under relevant regulations [9]. Group 3: Market Reactions - Despite the delisting risks, *ST Changyao's stock experienced speculative trading, achieving a four-day consecutive limit-up, with the stock price reaching 0.92 yuan per share [8]. - Analysts have warned that the current stock price movements disregard the serious administrative penalties and potential delisting, indicating a high level of investment risk [8].

1月23日晚，*ST长药（300391）发布公告，公司于1月23日收到深交所下发的《事先告知书》，拟决定 终止公司股票上市交易。公司股票自1月26日开市起停牌。 湖北证监局表示，*ST长药连续多年财务造假，性质恶劣，严重损害广大投资者利益，扰乱了资本市场 正常秩序。证监会在*ST长药财务造假案件查处过程中，从立案到下发行政处罚决定书仅用时两个多 月，充分彰显了监管机构对资本市场乱象"零容忍"的坚决态度以及保护投资者合法权益的坚定决心。 值得注意的是，今天A股出现了"小强大弱"的普涨行情，濒临退市的*ST长药、*ST立方等连续4天盘中触 及20%涨停。*ST长药今晚发布的股价异动公告显示，公司股票于1月22日、1月23日连续2个交易日内日 收盘价格涨幅偏离值累计41.44%，于1月20日至1月23日连续4个交易日内日收盘价格涨幅偏离值累计 107.75%。 湖北证监局表示，近期市场对"*ST"相关概念进行投机性炒作，*ST长药、*ST立方等面临重大违法退市 风险的股票连续涨停。当前的股价异动，无视上市公司面临行政处罚、将因重大违法强制退市的现实， 是典型的投机炒作，积聚了巨大的投资风险，广大投资者应坚守理性投资 ...

Core Viewpoint - *ST Changyao has been penalized by the China Securities Regulatory Commission (CSRC) for inflating revenue and profits for three consecutive years, resulting in a fine of 10 million yuan [1][5]. Group 1: Financial Misconduct - The company inflated its revenue by 215.32 million yuan, 283.74 million yuan, and 233.63 million yuan for the years 2021, 2022, and 2023 respectively, which accounted for 9.12%, 17.57%, and 19.51% of the reported revenue for those years [3]. - The inflated profit totals were 56.40 million yuan, 63.38 million yuan, and 43.71 million yuan for the same years, representing 35.62%, 88.23%, and 6.42% of the reported profit [3]. - In addition, the company failed to reasonably recognize losses related to a project in 2022, leading to an additional profit inflation of 4.55 million yuan, which was 6.34% of the reported profit for that year [4]. Group 2: Regulatory Actions - On January 23, the company received a notice from the CSRC regarding administrative penalties, which included a warning and a fine of 10 million yuan [5]. - The Shenzhen Stock Exchange has announced that it will monitor *ST Changyao closely due to the financial misconduct and is considering terminating the company's stock listing [1][6]. - The company has triggered major violations that could lead to mandatory delisting, as it has reported false financial data for three consecutive years [6][7]. Group 3: Market Implications - The recent actions by regulatory bodies reflect a zero-tolerance policy towards financial fraud, aiming to enhance the overall quality of listed companies and improve the investment environment [10]. - The stock price of *ST Changyao has seen a surge, with four consecutive days of trading limits, indicating market speculation despite the impending regulatory actions [10].

北京商报讯（记者 丁宁）1月23日晚间，*ST长药（300391）发布公告称，公司于1月23日收到深交所下 发的《事先告知书》，拟决定终止公司股票上市交易。 值得一提的是，近期*ST长药股价大涨，已连续4个交易日涨停。截至1月23日收盘，*ST长药报0.92元/ 股，涨幅为19.48%。 公告显示，1月23日，*ST长药收到中国证监会作出的《行政处罚决定书》。根据该《行政处罚决定 书》载明的事实，公司2021年至2023年年度报告信息披露存在虚假记载。触及深交所《创业板股票上市 规则》第10.5.1条第一项、第10.5.2条第一款第六项规定的股票终止上市情形，深交所拟决定终止公司股 票上市。根据《深圳证券交易所创业板股票上市规则》第10.5.8条相关规定，公司股票自1月26日开市起 停牌。 ...

Core Viewpoint - *ST Changyao (300391.SZ) has been identified by the China Securities Regulatory Commission (CSRC) for false disclosures in its annual reports for 2021, 2022, and 2023, which may lead to the termination of its stock listing due to significant violations of the Shenzhen Stock Exchange's listing rules [1][2] Group 1 - The company received a decision from the CSRC stating that its annual reports contained false records, affecting key financial indicators such as revenue, total profit, and net profit [1] - The company has triggered a major violation that could lead to forced delisting, as it has false disclosures for three consecutive years [1] - According to the Shenzhen Stock Exchange's rules, if a company encounters more than two delisting conditions, its stock will be delisted based on the principle of "first come, first served" [1] Group 2 - The company's stock will be suspended from trading starting January 26, 2026, as per the relevant regulations [2] - The company has the right to apply for a hearing regarding the delisting notice, and if it fails to do so within the specified period, the Shenzhen Stock Exchange will make an independent judgment on the delisting matter [2] - If a hearing application is submitted, the Shenzhen Stock Exchange will form an opinion within fifteen trading days after the hearing process concludes [2]

Core Viewpoint - *ST Changyao (300391.SZ) is facing potential delisting from the Shenzhen Stock Exchange due to false disclosures in its annual reports from 2021 to 2023, as indicated by the administrative penalty decision from the China Securities Regulatory Commission [1] Group 1: Company Actions - The company has received a "Notice of Prior Decision" from the Shenzhen Stock Exchange regarding the termination of its stock listing [1] - The administrative penalty decision states that the company violated disclosure regulations as per the revised 2025 rules of the Growth Enterprise Market [1] Group 2: Regulatory Context - The company is found to have false records in its annual reports, which is a violation of the listing rules [1] - The specific rules violated include Article 10.5.1 and Article 10.5.2 of the Growth Enterprise Market listing rules [1]

Core Viewpoint - The article highlights the top-performing stocks in the A-share market for the week of January 19-23, with significant price increases observed in several companies, particularly those in the ST (Special Treatment) category, which face various risks of delisting [1][2]. Group 1: Top Performing Stocks - The top ten stocks for the week include *ST立方, *ST长药, 锋龙股份, 志特新材, 嘉美包装, 湖南白银, 四川黄金, 江化微, 白银有色, and 航发科技, with *ST立方 leading with a 95.52% increase [2]. - *ST长药 follows with a 70.37% increase, facing multiple delisting risks due to financial data discrepancies and a drop in stock price below 1 yuan [2][3]. - 锋龙股份 saw a 61.08% increase, driven by expectations of industrial synergy following a proposed acquisition by 优必选, a leader in humanoid robotics [3]. Group 2: Sector-Specific Insights - 志特新材 experienced a 49.21% increase, attributed to the launch of new AI and robotics products, which garnered significant market attention [3]. - 嘉美包装's stock rose by 48.15% due to expectations of a change in controlling shareholder, which is anticipated to enhance the company's traditional packaging business [3]. - 湖南白银, 四川黄金, and 白银有色 benefited from rising gold and silver prices, with 湖南白银's stock increasing by 47.44% due to macroeconomic factors and production recovery [4]. - 四川黄金's stock rose by 46.74%, supported by its status as a leading gold mining company in Sichuan and favorable market conditions [4]. - 江化微's stock increased by 46.41% following a change in controlling shareholder and its strong position in semiconductor-related materials [3].

根据《深圳证券交易所创业板股票上市规则》第10.5.8条相关规定，公司股票自2026年1月26日（星期 一）开市起停牌。根据第10.5.10条规定：公司收到终止上市事先告知书后，可以根据"第十章退 市"之"第六节听证与复核"的规定申请听证，提出陈述和申辩。公司未在规定期限内提出听证申请的， 深圳证券交易所上市委员会在陈述和申辩提交期限届满后十五个交易日内，就是否终止公司股票上市事 宜进行审议，作出独立的专业判断并形成审议意见；公司在规定期限内提出听证申请的，深圳证券交易 所上市委员会在听证程序结束后十五个交易日内形成审议意见。深圳证券交易所根据上市委员会的审议 意见，作出是否终止公司股票上市的决定。 格隆汇1月23日丨*ST长药(300391.SZ)公布，公司收到中国证监会下发的《决定书》，认定公司2021 年、2022年、2023年年度报告存在虚假记载，公司触及《深圳证券交易所创业板股票上市规则》第 10.5.1条第一项、第10.5.2条第一款第六项的"根据中国证监会行政处罚决定载明的事实，公司披露的年 度报告财务指标连续三年存在虚假记载，前述财务指标包括营业收入、利润总额、净利润、资产负债表 中的资产或者 ...

人民财讯1月23日电，*ST长药（300391）1月23日公告，公司于2026年1月23日收到深圳证券交易所下 发的《事先告知书》,拟决定终止公司股票上市交易。公司股票自2026年1月26日开市起停牌。 ...