Shanghai Prosolar Resources Development (SH:600193) Hua Xia Shi Bao·2025-09-19 12:22Core Viewpoint - Chuangxing Resources (*ST Chuangxing, 600193.SH) is facing dual challenges of management turmoil and operational crisis, putting its survival at risk of delisting due to new regulations requiring revenue above 300 million yuan by 2025 [2][6][8] Management Crisis - The chairman Liu Peng has been detained by the police, which has raised concerns about the company's governance and decision-making efficiency [4][5] - Liu Peng's case is reportedly unrelated to the company, but his absence may hinder strategic execution during a critical period for the company [4][5] - Yang Zhe, the general manager, has been appointed to act as chairman during Liu's absence, although he has faced skepticism regarding his qualifications for the role [4][5] Financial Performance and Delisting Risk - As of the first half of 2025, *ST Chuangxing reported revenue of only 374,000 yuan, a 99% decrease year-on-year, and a net loss of 13.71 million yuan [7][8] - The company has not signed new contracts in its construction business since the expiration of previous agreements, leading to a lack of new revenue [7] - Without significant cash flow or revenue improvements, the company risks falling below the 300 million yuan threshold, triggering delisting [8][9] Shareholding Changes - Following legal issues involving the former controlling shareholder, the shares held by Huqiao Industrial were judicially frozen and auctioned, resulting in a new controlling shareholder, Wang Xiangrong, who now holds 15.75% of the company [6][9] - Despite the change in control, the board composition has not significantly changed, and the company claims normal operations continue [6][9]