Regulatory Measures - On February 16, 2026, the China Securities Regulatory Commission (CSRC) issued multiple regulatory measures, leading to warning letters for three leading securities firms and investigations into four listed companies, including a major player in the chip industry [1][7] - The sudden regulatory storm has exacerbated the already fragile Hong Kong stock market, with the Hang Seng Technology Index experiencing a significant drop [1] Securities Firms Under Warning - The first firm, Caitong Securities, received a warning due to inadequate internal controls in its bond business, failing to properly execute risk management processes and conduct thorough due diligence [3] - The second firm, Pacific Securities, faced similar issues with its bond and asset-backed securities business, lacking proper oversight and failing to track core enterprise operations [5] - The third firm, Zhongtian Guofu Securities, was warned for insufficient internal controls in its bond business, reflecting compliance and risk management vulnerabilities [6] Companies Under Investigation - The first company under investigation is the chip leader, Ingechip, for suspected violations of information disclosure laws, specifically misleading statements made during a self-Q&A session on a public platform [7] - The second company, Tianfeng Securities, is being investigated for failing to timely disclose significant shareholding changes and historical violations related to financing and undisclosed related-party transactions [8] - The third company, Tianji Co., is under investigation for irregularities in goodwill impairment testing and financial disclosures [10] - The fourth company, Lansi Heavy Industry, is facing scrutiny due to the investigation of its vice president for alleged misconduct, creating uncertainty for the company [10] Stocks at Risk of Delisting - Seven stocks have been flagged for delisting risks, with Jiuyou Co. projecting a net loss of approximately 19 million yuan for 2025, falling below the 300 million yuan revenue threshold [12] - Tianjian Technology faces delisting risks due to retrospective adjustments in military product pricing, leading to projected negative net profits and revenues below 300 million yuan [12] - ST Jinling is at risk of delisting with projected negative net assets and is undergoing restructuring, which could lead to bankruptcy if unsuccessful [15][16] - HeXin Instruments anticipates negative net profits and revenues below 100 million yuan, triggering delisting warnings under specific rules [18] - ST Quanwei expects negative net profits and net assets below zero, meeting multiple delisting criteria [19] - ST Zhangjiajie is facing significant losses and has been accepted for restructuring, raising concerns about its ongoing viability [20] - ST Lifang is at risk of mandatory delisting due to financial fraud over three consecutive years, with a notice of potential delisting already issued [22] Conclusion - The recent regulatory actions reflect a clear shift in enforcement focus, emphasizing the importance of compliance and accurate information disclosure across the capital market [26]

广东泉为科技股份有限公司董事会 一、可能被实施退市风险警示的原因 经公司财务部门初步测算，2025年度公司净利润为负值、营业收入低于1 亿元且期末净资产为负值，存在触及《深圳证券交易所创业板股票上市规则》 （2025 年 4 月修订）第 10.3.1 条第一款、第二款规定的可能性。如果公 司 《2025年年度报告》披露后，经审计财务数据与前述初步测算结果 相差不大，则公司股票存在被实施"退市风险警示"的风险、股票简称将由"S T泉为"变更为"*ST泉为"，详见公司于2026年1月30日在巨潮资讯网（ www.cninfo.com.cn）披露的《2025 年度业绩预告》(公告编号:2026-011)。 截至本公告披露日，公司 2025 年度财务、审计工作仍在进行中，最 终财务数据及审计意见以会计师事务所正式出具的《审计报告》及公司即将 正式披露的《2025年年度报告》为准。 二、风险提示 公司董事会将在现有基础上积极做好日常运营工作，保障生产经营稳 定，严格按照《公司法》《证券法》《深圳证券交易所创业板股票上市规则》 （2025 年 4 月修订）等有关法律、法规的规定，持续关注上述事项的进展 情况，严格履行信息 ...

证券代码：300716 证券简称：ST泉为 公告编号：2026-018 广东泉为科技股份有限公司 关于筹划重大资产出售暨关联交易的进展公告 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。 自《关于筹划重大资产出售暨关联交易的提示性公告》（公告编号2025-007） 发布以来，公司已就本次交易事项同各相关方持续沟通协商、积极推进方案论证、 尽职调查等相关工作。截至本公告披露日，具体交易方案尚需进一步协商，交易各 方尚未签署正式交易协议。 公司将根据本次交易的工作进展情况，严格按照相关法律法规的规定履行有关 的决策审批程序和信息披露义务。 1、本次交易尚处于初步筹划阶段，具体交易方案仍需进一步论证和协商，并需 按照相关法律、法规及公司章程的规定履行必要的决策和审批程序。 2、根据《深圳证券交易所创业板股票上市规则》的规定，本次交易构成关联交 易。 3、本次交易不构成重组上市，不会导致公司实际控制人发生变更。 一、本次交易概述 广东泉为科技股份有限公司（以下简称"公司 "）及安徽泉为绿能新能源科技 有限公司（以下简称"安徽泉为"）其他股东拟向上海赢古资产管理有限公司 ...

Group 1 - The core issue is that ST Quanwei (300716) has been applied for reorganization and pre-reorganization by creditors, involving a debt of 1.4055 million yuan, which may lead to delisting risk if the court accepts the case [1] - Despite the relatively small debt amount, the company's total liabilities reached 911 million yuan as of September 2025, indicating insolvency and uncertainty regarding the reorganization outcome [1] - The company has issued a 2025 performance forecast, expecting both net profit and net assets to be negative, which, if confirmed by audit, will trigger delisting conditions [1] Group 2 - In the past week, ST Quanwei's stock price has shown significant volatility, with a single-day increase of 4.70% followed by a decrease of 2.58%, closing at 12.85 yuan, with a price fluctuation range of 36.25% [2] - The net outflow of main funds was 2.2455 million yuan, with a cumulative net outflow of 16.5406 million yuan over the past five days, indicating a trend of continuous reduction in holdings by major investors [2] - Technically, the stock price is approaching the lower support level of the Bollinger Bands at 10.24 yuan, and a drop below this level may lead to further declines [2] Group 3 - According to the 2025 performance forecast, ST Quanwei expects operating revenue to be between 45 million yuan and 63 million yuan, with a net profit loss estimated between 182 million yuan and 255 million yuan, indicating an expanded loss year-on-year [3] - The primary reasons for the losses include a decline in photovoltaic module prices, low capacity utilization, and asset impairment provisions [3] - As of September 30, 2025, the company's unaudited net assets are already negative, and insufficient liquidity is restricting operations [3]

Group 1 - ST Quan announced on February 10 that it received a written notice from its controlling shareholder, Quanwei Green Energy Investment (Hainan) Co., Ltd., regarding the release and new pledge of some shares [1] - As of the announcement date, Guoli Holdings has pledged a total of 9.29 million shares, accounting for 48.38% of its held shares [1] - Quanwei Green Energy has pledged a total of 14.6 million shares, representing 95.6% of its held shares [1]

广东泉为科技股份有限公司（以下简称"公司"）近日接到公司控股股 东泉为绿能投资（海南）有限公司（以下简称"泉为绿能"）的书面通知， 获悉其所持有本公司的部分股份解除质押及新增质押，具体事项如下： 二、本次"新增"质押基本情况 | 股东名称 | 是否为控股股 东或第一大股 东及其一致行 | 本次 新增质押 | 占其 所持 股份 | 占公司 总股本 | 是 否 售 股 | 为 及 | 限 限 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 数量 | 比例 | 比例 | 售类型 | | | | | | | | 动人 | （万股） | （%） | （%） | | | | | | | | 泉为绿能 | 是 | 500 | 32.74 | 3.12 | | 否 | | 2026年2 月9日 | 9999年1月 1日 | 北京兴壹探索 企业管理合伙 企业（有限合 | | | | | | | | | | | | 伙） | 一、本次解除质押基本情况 股东名称 是否为控股股 东或第一大股 ...

二、是否存在涉及欺诈发行、重大信息披露违法或者其他严重损害证券 市场秩序的重大违法行为导致股票可能被终止上市的情形 截至本报告披露日，公司不存在涉及欺诈发行、重大信息披露违法或者 其他严重损害证券市场秩序的重大违法行为导致股票可能被终止上市的情 形。 三、是否存在涉及信息披露或者规范运作等方面的重大缺陷导致股票可 能被终止上市的情形 截至本报告披露日，公司不存在涉及信息披露或者规范运作等方面的重 大缺陷导致股票可能被终止上市的情形。 证券代码：300716 证券简称：ST泉为 公告编号：2026-016 广东泉为科技股份有限公司 关于被债权人申请重整及预重整的专项自查报告 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。 广东泉为科技股份有限公司（以下简称"公司"）收到青岛泰上青阳供应 链管理有限公司（以下简称"申请人、债权人"）发来的通知，获悉申请人以 公司不能清偿到期债务且明显缺乏清偿能力，但具有重整价值为由，于 2026 年 1 月 29 日向东莞市中级人民法院申请对公司进行重整并申请启动预重整程 序。公司已于 2026 年 2 月 2 日披露了《关于被债 ...

广东泉为科技股份有限公司 关于控股股东部分股份被司法拍卖的进展公告 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。 特别风险提示： 证券代码：300716 证券简称：ST泉为 公告编号：2026-015 1、本次被司法拍卖的标的物为公司控股股东泉为绿能投资（海南）有 限公司所持的公司5,000,000股股份，占公司总股本的3.12%。 2、前述股份司法拍卖程序已结束，后续仍需经过缴款、法院裁定、股 权变更过户等环节，最终能否顺利完成过户，具有不确定性。公司将持续 关注该事项的进展，依法履行信息披露义务，敬请广大投资者注意风险。 一、本次司法拍卖的基本情况 广东泉为科技股份有限公司（以下简称"公司"）近日获悉，公司控股股 东泉为绿能投资（海南）有限公司（以下简称"泉为绿能"）持有的本公司股 票5,000,000股（占公司总股本的3.12%）被上海市第一中级人民法院在淘宝网 司法拍卖平台上公开进行网络司法拍卖，相关拍卖程序已结束，该标的网络拍 卖成交价格53,280,000（五仟叁佰贰拾捌万元整），现将有关情况公告如下： 股 起 到 | 东泉为绿能投资（海南）有限 ...

证券代码：300716 证券简称：ST泉为 公告编号：2026-014 广东泉为科技股份有限公司 关于控股股东部分股份被司法拍卖完成过户的公告 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。 广东泉为科技股份有限公司（以下简称"公司"）近日收到中国证 券登记结算有限责任公司下发的持股5%以上股东每日持股变化明细及名 单，获悉公司控股股东泉为绿能投资（海南）有限公司（以下简称"泉为 绿能"）持有的83万股公司股份已完成司法拍卖并完成过户登记手续。 同时，因该笔股份过户，泉为绿能所持公司该部分股份解除质押及冻结。 现将具体情况公告如下： 一、司法拍卖的基本情况 河南省洛阳市涧西区人民法院于2025年12月29日10时至2025年12月 30日10时止在淘宝网司法拍卖网络平台上对泉为绿能持有公司的83万股 进行司法拍卖，因无人出价流拍。 河南省洛阳市涧西区人民法院于2026年01月21日10时至2026年01月 22日10时止在淘宝网司法拍卖网络平台上对泉为绿能持有公司的83万股 进行第二次司法拍卖，根据拍卖平台公示的《网络竞价成交确认书》，竞买人 北海银河供应链管 ...

Group 1 - The modified plastics industry in China has shown a growing trend in investment and financing activities from 2017 to 2025, with a total of 18 financing events recorded [1][5] - The average single financing amount in the modified plastics industry peaked at approximately 450 million RMB in 2022, but is expected to decline to 30 million RMB by 2024-2025 [2][5] - Investment rounds are primarily concentrated in A and B+ rounds, indicating a focus on pre-IPO financing [5][12] Group 2 - The majority of financing events in the modified plastics industry occurred in Beijing, with a total of 7 events from 2017 to 2025, while Jiangsu and Zhejiang also showed high activity [6][8] - The investment focus within the modified plastics sector is heavily directed towards biodegradable plastics, with several significant financing events reported [9][12] - The main investors in the modified plastics industry are primarily investment firms, with notable representatives including Taihe Capital and Sany Innovation [12][14] Group 3 - The modified plastics industry has seen limited mergers and acquisitions, primarily involving horizontal integration among midstream companies [14][15] - A summary of mergers and acquisitions indicates that companies like Daon Technology and Huitong Technology have completed several horizontal integrations, enhancing their market positions [15][18] - Overall, while investment activities in the modified plastics market are on the rise, the number of mergers and acquisitions remains relatively low [18]