Ruyi Group(SZ:002193) Xin Lang Zheng Quan·2025-10-24 12:29Core Viewpoint - Recently, Ru Yi Group is under regulatory investigation for suspected information disclosure violations, marking the second such investigation in a short period, raising concerns about potential delisting risks as new regulations are implemented [2][12]. Group 1: Background of Ru Yi Group - Ru Yi Group's controlling shareholder, Shandong Ru Yi Technology Group Co., Ltd., has a history of aggressive acquisitions, spending over 40 billion USD on overseas mergers from 2015 to early 2019, leading to a debt surge exceeding 40 billion CNY [3][4]. - The liquidity crisis for Ru Yi Technology began to surface between 2019 and 2020, with significant debt repayment pressures and defaults on various bonds starting in 2021 [4][5]. Group 2: Previous Regulatory Actions - In January 2024, a penalty decision revealed that Ru Yi Group had engaged in fund transfers to its controlling shareholder through fictitious transactions, with amounts constituting over 21% of the company's audited net assets [7][8]. - The company also faced scrutiny for misrepresenting investment transactions, which were essentially financial support to its controlling shareholder, leading to audit reservations [10][11]. Group 3: Current Financial Situation - As of the first half of 2025, Ru Yi Group reported a revenue of 154 million CNY, a year-on-year decline of 32.25%, and a net loss of approximately 95.73 million CNY, representing a 105% increase in losses compared to the previous year [15]. - The company has received audit opinions with reservations for three consecutive years, indicating ongoing financial and operational issues [16]. Group 4: Potential Delisting Risks - With the implementation of stricter delisting regulations, Ru Yi Group's financial performance and repeated regulatory violations raise significant concerns about its ability to avoid delisting [12][15].