Sou Hu Cai Jing·2025-09-18 16:01Core Viewpoint - *ST Chuangxing is facing significant operational challenges, including a high risk of delisting due to continuous losses and a lack of new revenue generation in its construction business. The company has a history of regulatory issues and financial mismanagement, which has led to a change in control and potential investor skepticism [4][5][7]. Financial Performance - In the first half of the year, *ST Chuangxing reported revenue of 374,000 yuan, a decrease of 99% year-on-year, with a net profit attributable to shareholders of -13.71 million yuan [4]. - For the year 2024, the company achieved total revenue of only 84.01 million yuan, down 35.53% year-on-year, and a net profit of -193 million yuan, a staggering decline of 814.99% [5]. Management and Governance - Following the chairman's forced measures, the company's daily operations are now managed by the executive team, with Yang Zhe acting as the chairman and legal representative [1]. - The company has a history of internal control deficiencies and financial reporting errors, leading to regulatory warnings from the Shanghai Stock Exchange and the China Securities Regulatory Commission [4]. Shareholder Changes - On July 16, 2025, Liou Holdings became the largest shareholder of *ST Chuangxing by acquiring 9.87% of the company's shares, raising questions about the motivations behind this investment given the company's precarious financial situation [7]. Business Operations - The construction business has not signed new contracts or generated new revenue during the reporting period, primarily due to cash flow pressures and adjustments in personnel allocation [5]. - The company aims to maintain its position in the construction industry while seeking to expand its business capabilities and improve project acquisition [5].