牛市里，*ST元成竟然跌到“市值退市”！

Core Viewpoint - *ST Yuancheng is facing a potential delisting due to its market capitalization falling below 5 billion yuan for 11 consecutive trading days, with a closing price of 0.90 yuan per share on October 28, resulting in a total market value of 293 million yuan [1][2][6]. Financial and Regulatory Issues - The company has triggered a delisting risk related to financial fraud, as indicated by the China Securities Regulatory Commission's (CSRC) notice of administrative penalties received on October 10, which led to a continuous decline in stock price [2][4]. - The administrative penalty notice revealed that *ST Yuancheng's annual reports from 2020 to 2022 contained false records, including inflated labor and machinery costs, resulting in a cumulative inflation of operating costs by 158 million yuan and operating income by 209 million yuan [4][5]. Business Performance and Risks - The company has reported continuous losses over the past three years, with a net profit loss of 127 million yuan in the first half of 2025 and an operating income of 82.34 million yuan [7][8]. - Factors contributing to the poor performance include a slowdown in market investment, increased competition, and delayed payments from clients, leading to liquidity challenges [8][9]. - The company is also facing risks related to overdue fundraising, with approximately 172 million yuan in idle funds not returned to the fundraising account by the end of October [9]. Shareholder and Stock Risks - The controlling shareholder and related parties have pledged 100% of their shares, with 82.23% of these shares subject to judicial freezing, representing 9.76% of the company's total share capital [10].