Yuancheng(SH:603388) Zhong Guo Jing Ying Bao·2025-10-30 11:44Core Viewpoint - *ST Yuancheng (603388.SH) is facing multiple delisting risks, including trading-related, major violation, and financial delisting risks, with a market capitalization that has fallen below the threshold for continued listing [1][2][3] Group 1: Delisting Risks - The company has a total market capitalization of 2.8 billion yuan as of October 29, which has been below 5 billion yuan for 12 consecutive trading days, triggering trading-related delisting risks [1][2] - The stock price closed at 0.86 yuan on October 29, marking three consecutive trading days below 1 yuan, which also contributes to the trading-related delisting risk [2][3] - The company is also at risk of major violation delisting due to administrative penalties for financial misconduct, including inflated revenues and profits over three years [3][4] Group 2: Financial Misconduct - The company has been found to have inflated its revenue by 209 million yuan and profits by 50 million yuan from 2020 to 2022, leading to administrative penalties from the China Securities Regulatory Commission (CSRC) [4][5] - The CSRC has proposed fines totaling 37.45 million yuan against the company and 42 million yuan against five responsible individuals, along with a 10-year market ban for the actual controller [4][5] - The financial misconduct has resulted in the company being subject to risk warnings and potential delisting if it fails to meet the requirements after the 2025 annual report [3][4]