Core Viewpoint - *ST Suwu has been identified by the China Securities Regulatory Commission (CSRC) for three major violations, leading to a mandatory delisting situation, with trading suspension starting from November 26 [1][5]. Group 1: Violations Identified - The CSRC's administrative penalty decision outlines three violations by *ST Suwu and related parties: failure to disclose the actual controller accurately, false reporting of revenue, costs, and profits from 2020 to 2023, and significant omissions regarding non-operating fund occupation by related parties from 2020 to 2023 [2][3]. - Specifically, after a change in shareholding in February 2018, the actual controller was identified as Qian Qunshan, but the company continued to report Qian Qunying as the controller in its annual reports from 2018 to 2023, constituting false records [3]. Group 2: Penalties Imposed - The CSRC has ordered *ST Suwu to correct its violations, issued a warning, and imposed a fine of 10 million yuan [3]. - Additionally, penalties totaling 20.5 million yuan have been imposed on Qian Qunshan, Qian Qunying, Chen Yi, Sun Xi, and Luo Xiao, with Qian Qunshan facing a 10-year ban from the securities market due to his role in the violations [4]. Group 3: Trading Suspension and Delisting Process - Following the CSRC's findings, *ST Suwu's stock is subject to mandatory delisting as per the Shanghai Stock Exchange's regulations, with trading suspension effective from November 26 [5]. - The company will enter a delisting transition period lasting 15 trading days, after which its stock will be delisted [7]. Group 4: Investor Compensation - Investors may seek compensation through various means, including advance compensation and legal actions, as the company faces delisting due to financial fraud [8][9].

Core Points - *ST Suwu is facing potential delisting due to violations including failure to disclose actual controllers and false reporting in annual reports from 2018 to 2023 [1][2] - The company has been found to have inflated revenue, costs, and profits through non-commercial trade activities with related companies, leading to significant discrepancies in financial reporting [2] - The China Securities Regulatory Commission (CSRC) has imposed a fine of 10 million yuan and ordered the company to rectify its violations, with the stock being suspended from trading starting November 26 [3] Financial Discrepancies - From 2020 to 2023, *ST Suwu inflated its reported revenue by amounts ranging from 37.67 million yuan to 49.53 million yuan, representing 16.82% to 26.46% of the reported revenue for those years [2] - The inflated costs during the same period ranged from 35.54 million yuan to 48.07 million yuan, accounting for 20.95% to 37.08% of the reported costs [2] - The total profit inflation was between 1.46 million yuan and 2.12 million yuan, which constituted 2.89% to 51.65% of the reported profit for the respective years [2] Regulatory Actions - The CSRC has mandated corrective actions and issued warnings, with the potential for mandatory delisting under the Shanghai Stock Exchange rules due to serious violations [3] - If the stock is delisted, it will enter a 15-day trading period marked as "delisting," followed by a five-day period before being officially removed from the exchange [3] - As of November 25, *ST Suwu's stock was trading at 1.24 yuan per share, with a total market capitalization of 881 million yuan [3]

Core Viewpoint - *ST Suwu is facing potential delisting due to significant violations of disclosure regulations and financial misstatements, as determined by the China Securities Regulatory Commission (CSRC) [1][2][3] Group 1: Violations and Financial Misstatements - The company and its related parties failed to disclose the actual controller and made false records in annual reports from 2018 to 2023, including inflated revenue, costs, and profits [1][2] - Specific inflated figures include: - Revenue inflated by 495.26 million CNY (26.46%), 468.51 million CNY (26.39%), 430.75 million CNY (21.26%), and 376.66 million CNY (16.82%) from 2020 to 2023 [2] - Costs inflated by 480.68 million CNY (37.08%), 448.24 million CNY (35.47%), 410.82 million CNY (28.40%), and 355.44 million CNY (20.95%) during the same period [2] - Total profit inflated by 14.58 million CNY (2.89%), 20.27 million CNY (51.65%), 19.92 million CNY (26.42%), and 21.22 million CNY (29.81%) [2] Group 2: Regulatory Actions and Consequences - The CSRC has ordered the company to rectify its violations, issued a warning, and imposed a fine of 10 million CNY, with other parties facing varying penalties [2] - Due to the severity of the violations, the company's stock will be suspended from trading starting November 26, and it may face mandatory delisting under the Shanghai Stock Exchange rules [3] Group 3: Current Stock Performance - As of November 25, the stock of *ST Suwu closed at 1.24 CNY per share, with a total market capitalization of 881 million CNY [4]

Core Viewpoint - *ST Suwu is facing potential delisting due to significant violations including false disclosures and inflated financial figures from 2018 to 2023 [2][4]. Financial Misconduct - The company and its subsidiaries inflated revenue, costs, and profits through non-commercial trade activities with related companies, resulting in inflated figures for the years 2020 to 2023 [3]. - Specific inflated amounts include: - Revenue: 495.26 million, 468.51 million, 430.75 million, and 376.66 million, representing 26.46%, 26.39%, 21.26%, and 16.82% of reported revenue respectively [3]. - Costs: 480.68 million, 448.24 million, 410.82 million, and 355.44 million, representing 37.08%, 35.47%, 28.40%, and 20.95% of reported costs respectively [3]. - Profits: 14.58 million, 20.27 million, 19.92 million, and 21.22 million, representing 2.89%, 51.65%, 26.42%, and 29.81% of reported profits respectively [3]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) has ordered the company to rectify its violations, issued a warning, and imposed a fine of 10 million [4]. - Due to the severity of the violations, the company’s stock will be suspended from trading starting November 26, and it may face mandatory delisting under the Shanghai Stock Exchange rules [4]. - If delisting occurs, the stock will enter a 15-day trading period marked as "delisted" before being officially removed from the exchange [4]. Market Impact - As of November 25, the stock of *ST Suwu reached a limit-up price of 1.24 yuan per share, with a total market capitalization of 881 million [4].

*ST苏吴通过支付无商业实质的贸易业务采购款等形式向关联方提供资金，形成关联方非经营性占用资金。*ST苏吴未在2020年至2023年年度报告中披 露上述关联方非经营性占用资金情况，2020年至2023年年度报告存在重大遗漏。 11月25日，江苏吴中医药发展股份有限公司（简称*ST苏吴）公告称，收到中国证监会下发的《行政处罚决定书》。 因公司未如实披露实际控制人，2018年至2023年年度报告存在虚假记载等违法行为，证监会对*ST苏吴责令改正，给予警告，并处以1000万元罚款； 相关责任人均被警告，并合计被罚2050万元。其中，董事长钱群山被采取10年证券市场禁入措施。 上述情形触及《股票上市规则》规定的重大违法强制退市情形，公司股票将被实施重大违法强制退市。公司股票自2025年11月26日起停牌。 经查明，*ST苏吴及相关人员存在以下违法事实： 一、未如实披露实际控制人，2018年至2023年年度报告存在虚假记载。 2018年2月，*ST苏吴控股股东苏州吴中投资控股有限公司发生股权变更，变更后，钱群山实际支配*ST苏吴行为，成为*ST苏吴实际控制人。*ST苏吴 2018年至2023年年度报告披露钱群英为实际控 ...

Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. (*ST Wuzhong*) has been penalized by the China Securities Regulatory Commission (CSRC) for failing to disclose its actual controller and for false records in its annual reports from 2018 to 2023, leading to a warning, a fine of 10 million yuan, and a forced delisting of its stock starting November 26, 2025 [1][4]. Group 1 - The company failed to disclose its actual controller, with the reports from 2018 to 2023 falsely identifying Qian Qunying as the actual controller instead of Qian Qunshan, who became the actual controller after a shareholding change in February 2018 [1][2]. - There were inflated operating revenues, costs, and profits in the annual reports from 2020 to 2023, with subsidiaries engaging in non-substantive trade activities to artificially boost financial figures [2]. - The company did not disclose the non-operating fund occupation by related parties in its reports from 2020 to 2023, which constituted significant omissions [3]. Group 2 - The CSRC imposed a fine of 10 million yuan on *ST Wuzhong* and issued warnings to responsible individuals, with Qian Qunshan facing a total fine of 15 million yuan and a 10-year ban from the securities market [4]. - Other penalties included fines for the vice chairman, board members, and the financial director, totaling 2.05 million yuan for various individuals involved [4]. - Prior to the announcement of the suspension, *ST Wuzhong* had achieved a "five consecutive boards" increase, with its stock price at 1.24 yuan, reflecting a 5.08% increase and a market capitalization of approximately 880 million yuan [6].

11月25日晚，*ST苏吴（600200）公告称，公司收到中国证监会《行政处罚决定书》，认定公司未如实披露实际控制人， 2018年至2023年年度报告存在虚假记载；虚增营业收入、营业成本和利润，未按规定披露关联方非经营性占用资金情况， 2020年至2023年年度报告存在虚假记载和重大遗漏。上述情形触及《股票上市规则》规定的重大违法强制退市情形，公司 股票将被实施重大违法强制退市。公司股票自2025年11月26日起停牌。 | | | 根据上述违法事实，中国证监会决定，对*ST苏吴责令改正，给予警告，并处以1000万元罚款；对*ST苏吴实际控制人、董 事长钱群山给予警告，并处以1500万元罚款，采取10年证券市场禁入措施；对其他相关责任人分别给予警告，并处罚款100 万元至200万元不等。 根据规定，上海证券交易所上市委员会在公司提出听证、陈述和申辩的有关期限届满或者听证程序结束后15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。上海证券交易所根据上市委员会的审议意 见，作出是否终止股票上市的决定。 若公司股票被上海证券交易所作出强制终止上市决定，公司股票自公告终止上市决定之 ...

智通财经APP讯，*ST苏吴(600200.SH)公告，公司收到中国证监会下发的《行政处罚决定书》 (〔2025〕145号)，认定：1、公司未如实披露实际控制人，2018年至2023年年度报告存在虚假记载;2、 虚增营业收入、营业成本和利润，未按规定披露关联方非经营性占用资金情况，2020年至2023年年度报 告存在虚假记载和重大遗漏。上述情形触及《上海证券交易所股票上市规则》规定的重大违法强制退市 情形，公司股票将被实施重大违法强制退市。公司股票自2025年11月26日起停牌。 ...

Group 1 - The core point of the news is that southbound funds have reduced their holdings in Melco International Development (00200.HK) by 420,000 shares on November 14, 2025, while there have been net increases in holdings on 3 out of the last 5 trading days, totaling 1,553,000 shares [1][2] - Over the past 20 trading days, southbound funds have increased their holdings on 12 days, with a total net increase of 6,792,000 shares [1][2] - As of now, southbound funds hold 135 million shares of Melco International Development, accounting for 5.94% of the company's total issued ordinary shares [1][2] Group 2 - The trading data shows that on November 14, 2025, the total number of shares held was 135 million, with a decrease of 420,000 shares, representing a change of -0.31% [2] - The previous trading days indicate a slight decrease of 53,000 shares on November 13, an increase of 299,000 shares on November 12, an increase of 935,000 shares on November 11, and an increase of 792,000 shares on November 10 [2] - Melco International Development operates primarily in the entertainment and hotel business, providing services such as gaming, accommodation, dining, entertainment performances, shopping, and conference exhibitions [2]

Group 1 - The core viewpoint of the article highlights a positive trend in the Hong Kong gaming stocks, with significant increases in share prices for major companies such as Melco International Development and Galaxy Entertainment, driven by encouraging data on Macau's gaming revenue [1] - Citigroup's research report indicates that Macau's gaming revenue for the first nine days of November is approximately 6.4 billion MOP, resulting in an average daily revenue of about 711 million MOP, which is seen as a positive sign given the transitional month between October's Golden Week and December's holidays [1] - The report conservatively maintains a forecast of 20.5 billion MOP for November's total gaming revenue, suggesting an expected average daily revenue of around 671 million MOP for the remaining days of the month [1] Group 2 - The Macau Statistics and Census Service reported that non-gaming consumption by tourists reached 20.38 billion MOP in Q3 2025, representing a year-on-year increase of 10.7%, with overnight and non-overnight visitors contributing to the growth [1] - Spending by overnight visitors totaled 16.76 billion MOP, up 7.6%, while spending by non-overnight visitors surged by 27.6% to 3.62 billion MOP [1]