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]

Investment Rating - The report does not explicitly state an investment rating for Melco International Development Core Insights - Melco International Development's subsidiary, Melco Resorts & Entertainment, reported a net revenue of USD 1.31 billion for Q3 2025, representing an 11.4% year-over-year increase. The adjusted EBITDA reached USD 0.352 billion, up 16.3% year-over-year, with an adjusted EBITDA margin of 26.9%, an increase of 1.13 percentage points year-over-year [1][9] - The company's total betting amount in Macau reached USD 10.9 billion, a 24.3% year-over-year increase, with VIP betting amounting to USD 5.58 billion, reflecting a 47.0% year-over-year growth [3][11] - The company's market share in Q3 2025 was 14.6%, down from 15.8% in Q2 2025, indicating a decline in market position [6][14] Summary by Sections Financial Performance - In Q3 2025, Melco International Development achieved operating revenue of USD 1.31 billion, a year-over-year increase of 11.4%. The adjusted EBITDA was USD 0.352 billion, up 16.3%, with an adjusted EBITDA margin of 26.9%, an increase of 1.13 percentage points year-over-year. For the year-to-date, the operating revenue reached USD 3.87 billion, up 12.3%, and adjusted EBITDA was USD 1.017 billion, up 16.9% [1][9] - The company's gaming gross revenue (GGR) in Macau was USD 1.13 billion, up 11.8% year-over-year, but this growth rate was lower than the industry average of 12.5% [4][12] Business Segments - In Macau, the company's operating revenue was USD 1.1 billion, with gaming and non-gaming segments contributing USD 0.92 billion and USD 0.19 billion, respectively. The gaming segment grew by 12.3% year-over-year, while the non-gaming segment grew by 7.2% [2][10] - The adjusted property EBITDA for the company in Macau was USD 0.317 billion, reflecting a year-over-year increase of 21.1% and an adjusted EBITDA margin of 28.7%, up 2.3 percentage points year-over-year [5][13] Market Dynamics - The total betting amount in Macau increased significantly, with VIP betting showing the highest growth at 47.0% year-over-year. The VIP win rate for the City of Dreams was reported at 3.68%, exceeding the expected range [3][11] - The company's market share has declined, with a noted decrease from 15.8% in Q2 2025 to 14.6% in Q3 2025, indicating competitive pressures in the market [6][14]

Core Viewpoint - The performance of Melco Resorts in Q3 2025 exceeded consensus expectations, driven by stable operational cost control despite a decline in market share for gaming revenue [1][2] Financial Performance - Melco reported net revenue of $1.31 billion in Q3 2025, an 11% year-on-year increase but a 1% quarter-on-quarter decline, recovering to 91% of Q3 2019 levels [1] - Adjusted property EBITDA was $380 million, up 18% year-on-year and 1% quarter-on-quarter, also recovering to 91% of Q3 2019 levels, surpassing Bloomberg's consensus estimate of $348 million [1] Development Trends - The company noted a weak performance during the Golden Week in October 2025 due to typhoon disruptions, but demand accelerated post-holiday with a 30% year-on-year growth in the following 21 days, achieving the highest monthly total gaming revenue in history at City of Dreams [1] - Management observed that new clients from other countries have been driving growth in direct VIP business in Macau [1] - Following the closure of the Junlong Hotel and Mocha Club in Q3 2025, the company relocated 15 gaming tables to City of Dreams and 90 slot machines to Studio City [1] Strategic Initiatives - A new gaming area was established at the southeast entrance near the Macau light rail station to attract more visitors [2] - Despite intense competition in the Macau gaming industry, Melco believes the long-term trend for high-end mass gaming remains healthy, with no concerns about profit margin erosion [2] Earnings Forecast and Valuation - The company maintains its adjusted EBITDA forecasts for 2025 and 2026, with the current stock price corresponding to 6 times the 2026 estimated EV/adjusted EBITDA, suggesting a 1% upside potential to the target price of $8.50 [2] - For Melco International Development, the adjusted EBITDA forecasts for 2025 and 2026 remain unchanged, with a target price of HKD 5.80, indicating a 20% upside potential based on a 20% discount to net asset value [2]

Core Viewpoint - New World Development (00200) shares rose over 3%, reaching HKD 5, following the announcement of improved operational results from its subsidiary, Melco Resorts & Entertainment, for Q3 2025 [1] Financial Performance - Melco Resorts & Entertainment reported total operational revenue of USD 1.31 billion for Q3 2025, representing an approximate 11% year-on-year increase [1] - The net income attributable to Melco Resorts was USD 74.7 million, showing a significant year-on-year growth of 174% [1] - Earnings per American Depositary Share (ADS) were USD 0.19 [1]