Yuancheng(SH:603388) Xin Lang Cai Jing·2025-09-17 10:19Core Viewpoint - *ST Yuancheng faces significant risk of forced delisting due to allegations of false financial disclosures and has been under investigation since July 1, 2025 [1] Financial Performance - For the first half of 2025, the company reported revenue of 82.34 million yuan and a net loss of 126.80 million yuan, indicating financial distress and potential delisting risks [1] Liquidity and Funding Issues - The company has 172 million yuan of idle raised funds that are overdue, highlighting challenges in liquidity [1] - There is a high proportion of pledged and frozen shares held by the controlling shareholder and their concerted parties, raising concerns about financial stability [1] Legal and Operational Challenges - Multiple judicial auctions of the company's stocks have either failed or are pending, creating uncertainty around the transfer of equity in Silicon Mi Electronics [1] - The company's ability to continue operations is in doubt due to these ongoing legal and financial issues [1]