Changyao Group(SZ:300391) Bei Jing Shang Bao·2025-11-09 16:17Core Viewpoint - *ST Changyao has been placed under delisting risk warning due to operational pressures and has now received further negative news regarding a formal investigation by the China Securities Regulatory Commission (CSRC) for suspected false financial reporting [1][3] Financial and Operational Summary - On November 7, *ST Changyao received a notice from the CSRC regarding an investigation into potential false reporting of financial data, which could lead to severe penalties and delisting if found guilty [1][3] - The company has been under delisting risk warning since April due to negative net assets, which stood at -433 million yuan at the end of 2024, worsening to -643 million yuan by the end of Q3 2024 [3][4] - The company has reported continuous net losses for three consecutive years, with revenues of approximately 1.615 billion yuan in 2022, 1.198 billion yuan in 2023, and a projected 112 million yuan in 2024, alongside net losses of -23 million yuan, -606 million yuan, and -628 million yuan respectively [3][4] Legal and Restructuring Challenges - *ST Changyao is currently in a pre-restructuring phase, with a court decision extending this period until January 20, 2024, following a previous ruling to initiate pre-restructuring on January 20, 2023 [4][5] - The company faces significant risks related to its restructuring efforts, including the possibility of failure in the restructuring plan, which could lead to bankruptcy and delisting [5] - There are ongoing legal challenges, with 140 lawsuits and arbitration cases involving a total of 1.878 billion yuan, representing 434% of the company's latest audited net assets [5]