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从溢价抢拍到无人问津 *ST元成的股权拍卖行情为何急转直下?|速读公告

Core Viewpoint - The stock auction process of *ST Yuancheng (603388.SH) has experienced significant fluctuations this year, with a notable decline in interest and participation following regulatory investigations into financial misconduct and insider trading involving the company's actual controller, Zhu Changren [1][3]. Group 1: Auction Process and Stock Performance - In the first half of the year, *ST Yuancheng's stock was highly sought after, with multiple auctions attracting numerous bidders and resulting in competitive bidding [2][3]. - For example, an auction on April 11 saw 6.8 million shares starting at 20.99 million yuan and ultimately selling for over 25 million yuan, translating to a per-share price of 3.68 yuan, which was above the previous closing price of 3.58 yuan [2]. - However, after the investigation was announced in July, the auction process shifted dramatically, with the first instance of stock going unsold occurring on July 9, when 7.8 million shares failed to attract any bids [3]. Group 2: Price Adjustments and Market Reaction - Following the investigation, the starting price for subsequent auctions was reduced by 20%, but the adjusted prices still exceeded the actual market value of the shares, indicating a lack of rational bidding behavior [1][3]. - The stock price of *ST Yuancheng peaked at 4.06 yuan per share earlier in the year but has since plummeted, with the most recent auction on September 10 resulting in another failure to sell 975,520 shares [1][4]. - The company has also reported significant stock price volatility, with a cumulative decline exceeding 12% over three consecutive trading days, raising concerns about potential delisting due to major legal violations and financial instability [4].