Core Viewpoint - The A-share market is experiencing an accelerated pace of delisting, with a significant increase in companies being warned or forced to delist due to various regulatory standards and stricter enforcement of delisting policies [1][2][3][4]. Group 1: Delisting Risks and Statistics - *ST Tianmao issued its fourth risk warning regarding potential delisting due to failure to disclose its 2024 annual report and 2025 quarterly report within the stipulated timeframe [1]. - As of August 7, 2023, 23 A-share companies have been delisted this year, with 8 due to trading-related delisting (e.g., stock price below par), 7 for compliance issues, and 3 for voluntary delisting [1][2]. - The number of delisted companies has significantly increased since 2019, with 212 companies delisted from 2019 to the present, surpassing the total from the previous 20 years [2]. Group 2: Regulatory Changes and Impact - The introduction of the "New National Nine Articles" in April 2022 has led to stricter enforcement of delisting standards, particularly for companies involved in serious violations [3][4]. - The revised stock listing rules have raised the revenue threshold for financial delisting from 1 billion to 3 billion yuan, indicating a tightening of financial health requirements for listed companies [4]. - As of now, 107 companies are under delisting risk warnings due to financial issues, and 118 companies face compliance-related delisting risks [4][5]. Group 3: Market Dynamics and Future Outlook - The trend towards a normalized delisting mechanism is expected to continue, with a focus on improving investor protection and eliminating the expectation of "shell value" [1][4]. - The new regulations are anticipated to accelerate the exit of loss-making companies from the capital market, thereby promoting structural reforms in the supply side of the economy [5].

Core Viewpoint - The article discusses the recent updates in credit ratings for convertible bonds, highlighting that while most ratings remain unchanged, some have been downgraded due to deteriorating company fundamentals, including losses, increased debt pressure, and worsening credit conditions [1][2]. Summary by Sections Credit Rating Updates - A total of 72 convertible bonds have updated their ratings this year, with 65 bonds maintaining their previous ratings, accounting for 90.28% [1]. - Seven convertible bonds have experienced downgrades, including Dongshi Convertible Bond, Fumiao Convertible Bond, and others, primarily due to continuous losses and increased debt pressure [2]. Specific Cases of Downgrades - Fumiao Convertible Bond's credit rating was adjusted from A+ to A due to the company's declining profitability and rising debt levels, with a significant increase in total liabilities expected by the end of 2024 [2]. - Dongshi Convertible Bond's rating was downgraded from B to CCC, indicating a rise in credit risk for the issuing company [3]. - Puli Pharmaceutical's credit rating was downgraded from BB to B+ following the termination of its stock and convertible bond listings due to significant financial discrepancies [3][4]. Market Impact and Risk Assessment - The overall credit risk exposure in the convertible bond market has influenced investors' risk assessments, although recent market recovery has alleviated some concerns [5]. - Historical data indicates that abnormal exits of convertible bonds are often linked to the issuing company's circumstances, with risks associated with both stock delisting and repayment pressures [5][6].

New Stock Issuance - New stock issuance for Jiao Da Tie Fa at an issuance price of 8.81[1] - ST Li Fang and United Chemical have recent announcements dated May 14 and May 23 respectively[1] - Multiple companies including Zhongzhou Special Materials and San Sheng Guo Jian have announcements on May 23[1] Market Alerts - Significant abnormal fluctuations reported for Nanjing Port and Li Jun Co. on May 23[1] - ST Er Ya and ST Jin Hong have recent announcements regarding market conditions[1] - Companies like Hainan Development and ST Haihua have reported abnormal trading activities[1] Trading Updates - Trading updates for various companies including ST Ya Zhen and ST Jian Gang on May 27[1] - Multiple companies have links to their announcements for further details on trading activities[1] - The report includes a comprehensive list of companies with their respective announcement dates and links for investor reference[1]

Group 1 - Qingmu Technology plans to reduce its shareholding by up to 3%, amounting to no more than 2.776 million shares [1] - Newcap received a decision from the police to revoke the case against its actual controller, who was previously detained for insider trading [2] - Rhine Biotech's directors and executives plan to collectively reduce their holdings by up to 0.14%, totaling no more than 1.0185 million shares [3] Group 2 - Puli Tui's stock and convertible bonds will be delisted on May 22, 2025 [5] - *ST Nong Shang will have its delisting risk warning lifted and will resume trading on May 23, 2025 [7] - State Grid Information Communication plans to acquire 100% equity of Yili Technology for approximately 1.853 billion yuan [9] Group 3 - Kelun Pharmaceutical's subsidiary received drug registration approval for a new injectable product, which is the first of its kind in China [10] - Aishida plans to acquire 7% equity of its subsidiary Zhejiang Qianjiang Robot Co., Ltd. for 13.09 million yuan [11] - Hongming Co. is planning to acquire 83% equity of Shenzhen Chisu Automation Equipment Co., Ltd. for approximately 151 million yuan [12] Group 4 - JuJiao Co. plans to reduce its shareholding by up to 2.6%, totaling no more than 2.093 million shares [14] - AVIC Financial's stock will be delisted on May 27, 2025 [16] - Jingwang Electronics' major shareholders plan to reduce their holdings by up to 2.99% [17] Group 5 - Huaren Health intends to acquire stakes in three pharmaceutical chain companies for a total of 327 million yuan [18] - Huanrui Century's original shareholders are required to compensate for unfulfilled performance commitments with 116 million shares [20] - Tefa Service's shareholders plan to reduce their holdings by up to 3% [21] Group 6 - Maipu Medical is planning to acquire at least 51% of Easy Medical's equity, which will constitute a major asset restructuring [22] - *ST Jinshi will have its delisting risk warning lifted and its stock will resume trading on May 23, 2025 [22] - Guoke Micro is planning a major asset restructuring and will suspend trading [23] Group 7 - Defu Technology intends to acquire 100% equity of an overseas electronic circuit copper foil company [24] - Xince Standard's shareholder plans to reduce its holdings by up to 1% [25] - Xiouqiang Co. plans to reduce its holdings by up to 3% [27]

Group 1 - The controlling shareholder of Jingwang Electronics plans to reduce its stake by no more than 3% [1] - Jiemai Technology's subsidiary has signed a strategic cooperation framework agreement with a solid-state battery manufacturer [1] - Pulitui's stock and convertible bonds have been delisted [1] Group 2 - Guocheng Mining's credit rating for its convertible bonds has been downgraded to A+ by United Credit [1] - Several convertible bonds, including Xiangjia, Fangyuan, Wentai, Yongjin, Leizhi, and Wenke, will not undergo adjustments [1]

Core Points - The company, Hainan Puli Pharmaceutical Co., Ltd., has had its stock and convertible bonds terminated from listing by the Shenzhen Stock Exchange due to false disclosures in its annual reports for 2021 and 2022, which amounted to a total of 669 million yuan, representing 73.83% of the total profits disclosed for those years [2][3] Group 1: Termination of Listing - The securities affected include common stock (stock code: 300630) and convertible bonds (bond code: 123099), with the termination decision effective from April 28, 2025 [2][3] - The company is required to ensure that its stock and convertible bonds can enter the delisting board for trading within 45 trading days after the termination [2] Group 2: Post-Termination Procedures - After the termination, the company has appointed Guotai Junan Securities Co., Ltd. as the lead broker for the trading of its stock and convertible bonds on the delisting board [4] - The company must handle the confirmation, registration, and custody of its securities in accordance with the regulations during the delisting process [4][5] Group 3: Investor Actions - Investors who submitted applications for conversion, redemption, or repurchase before the termination must resubmit their requests after the bonds are listed on the delisting board [1][5] - The company advises investors to complete the necessary procedures for the confirmation and registration of their securities to avoid delays in trading on the delisting board [5]

Core Viewpoint - Hainan Puli Pharmaceutical Co., Ltd. has received a notice regarding the termination of its stock and convertible bonds listing by the Shenzhen Stock Exchange, with trading entering a delisting arrangement starting April 28, 2025, and the last trading day set for May 21, 2025 [1][3]. Group 1: Termination of Listing - The Shenzhen Stock Exchange has decided to terminate the listing of the company's stock and convertible bonds, effective April 28, 2025, with a delisting trading period of fifteen trading days [1][3]. - The company submitted a review application for the termination decision on May 12, 2025, and received a notice of acceptance for the review application on May 21, 2025, with a review meeting scheduled for May 29, 2025 [3]. Group 2: Investor Guidance - Investors are advised that operations such as conversion, redemption, and repurchase cannot be executed during the delisting period and must be resubmitted after the bonds are listed on the delisting board [1][2]. - The company emphasizes that all relevant information should be verified through official announcements on designated information disclosure platforms [4].

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 | 证券代码：300630 | 证券简称：普利退 | 公告编号：2025-064 | | --- | --- | --- | | 债券代码：123099 | 普转退 债券简称：Z | | 海南普利制药股份有限公司 关于公司股票及可转换公司债券终止上市暨摘牌的公告 特别提示： 1. 海南普利制药股份有限公司（以下简称"公司"）股票及可转换公司债 券（以下简称"可转债"）已被深圳证券交易所（以下简称"深交所"）决定 终止上市，并于 2025 年 4 月 28 日进入退市整理期交易，在退市整理期交易十 五个交易日，最后交易日为 2025 年 5 月 21 日。 2. 公司股票及可转债已被深交所决定终止上市，将在 2025 年 5 月 22 日被 摘牌。 3. 根据《退市公司可转换公司债券管理规定》第三十条，退市可转债自交 易所摘牌后至全国股转公司代为管理的退市板块（以下简称"退市板块"）挂 牌期间不得实施转股、赎回、回售等操作，在退市板块挂牌后需重新提交转股、 赎回、回售等相关信息。 投资者已提交转股、赎回、回售等操作 ...

| 证券代码：300630 | 证券简称：普利退 | 公告编号： | 2025-063 | | --- | --- | --- | --- | | 债券代码：123099 | 债券简称：Z 普转退 | | | 海南普利制药股份有限公司 关于公司收到《复核受理通知书》暨股票及可转换公司债券 摘牌的相关风险提示公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1. 海南普利制药股份有限公司（以下简称"公司"）股票及可转换公司债 券（以下简称"可转债"）已被深圳证券交易所（以下简称"深交所"）决定终 止上市，并于 2025 年 4 月 28 日进入退市整理期交易，在退市整理期交易十五 个交易日，最后交易日为 2025 年 5 月 21 日。 2. 公司股票及可转债已被深交所决定终止上市，将在 2025 年 5 月 22 日被 摘牌。 3. 根据《深圳证券交易所理事会上诉复核委员会工作细则（2024 年修订）》 的相关规定，复核期间，深圳证券交易所作出的公司股票及可转债终止上市决 定不停止执行。 4. 根据《退市公司可转换公司债券管理规定》第三十条，退 ...

New Stock Offerings - ST New潮 (600777) is in the offer period from April 23, 2025, to May 22, 2025[1] - 普利退 (300630) has its last trading day on May 21, 2025, during the delisting arrangement period[1] - 成飞集成 (002190) reported severe abnormal fluctuations[1] Trading Alerts - 12 stocks are flagged for abnormal trading activities, including ST立方 (300344) and 利君股份 (002651)[1] - 3 stocks, including *ST凌云B (900957), are under special treatment due to financial issues[1] - 5 stocks, such as 湖南天雁 (600698) and 曼卡龙 (300945), are highlighted for trading alerts on May 21, 2025[1] Market Trends - The report indicates a significant number of stocks experiencing abnormal volatility, suggesting potential market instability[2] - The ongoing delisting process for certain stocks may impact investor sentiment and market liquidity[1]