603388，锁定退市

Core Viewpoint - *ST Yuancheng (603388) is facing imminent delisting risks due to multiple violations, with a total market value of 199 million yuan, which has been below 500 million yuan for 19 consecutive trading days, and the stock price has been below 1 yuan for 10 consecutive trading days [2][3][6] Group 1: Delisting Risks - The company has issued multiple announcements regarding delisting risks, indicating it may face mandatory delisting due to significant violations [2][6] - As of November 7, 2025, the company's market value was 199 million yuan, which is below the 500 million yuan threshold for 20 consecutive trading days, triggering trading-type mandatory delisting [3][6] - The stock price closed at 0.61 yuan on November 7, 2025, and has been below 1 yuan for 10 consecutive trading days, which also contributes to the delisting risk [3][6] Group 2: Regulatory Actions - The company received a notice from the China Securities Regulatory Commission (CSRC) regarding administrative penalties, citing false records in annual reports from 2020 to 2022, which could lead to significant legal consequences [7] - The company has been warned of potential mandatory delisting due to major violations as per the stock listing rules [7] Group 3: Financial Performance - For the third quarter of 2025, the company reported revenues of 102.48 million yuan and a net loss attributable to shareholders of 143.14 million yuan, indicating ongoing financial distress [8] - The company faces uncertainties regarding its ability to continue as a going concern, with overdue fundraising and multiple liquidity risks [8]