000697，退市预警！明天停牌

Core Viewpoint - ST Lian Shi (000697) has been granted a court ruling to accept its restructuring application, leading to a delisting risk warning and a one-day trading suspension [1][3]. Group 1: Court Ruling and Restructuring - On September 23, ST Lian Shi announced that the Chengdu Intermediate People's Court has accepted its restructuring application, resulting in a delisting risk warning for its stock [1][3]. - The company will change its stock abbreviation from "ST Lian Shi" to "*ST Lian Shi" and will be suspended from trading for one day starting September 24, 2025, resuming on September 25, 2025 [1][3]. Group 2: Financial Situation - The company has significant overdue debts, with principal and interest payments of 77 million yuan and 948 million yuan due on January 2 and April 22, 2025, respectively, indicating substantial default [3][4]. - ST Lian Shi is facing severe liquidity issues, with insufficient cash reserves and high debt levels, leading to continuous losses and difficulty in generating funds through operations [3][4]. Group 3: Restructuring Feasibility - The temporary administrator has developed preliminary plans regarding equity adjustments, debt classification, and repayment schemes, and has signed pre-restructuring investment agreements with multiple investors, indicating the feasibility of the restructuring [4]. - The company intends to apply for self-management of its assets and operations during the restructuring period under the supervision of the administrator, aiming to continue operations [4]. Group 4: Potential Outcomes - Successful restructuring could alleviate debt risks and improve the company's financial structure and operational status [4]. - Failure to complete the restructuring may lead to bankruptcy and the risk of stock delisting [4].