21个“一”字跌停！终止上市

Core Viewpoint - *ST Yuancheng announced that the Shanghai Stock Exchange has decided to terminate its stock listing due to the company's market capitalization falling below 500 million yuan for 20 consecutive trading days [1][3]. Group 1: Stock Termination - The Shanghai Stock Exchange will terminate *ST Yuancheng's stock listing on December 5, 2025, following the decision made on November 28, 2025 [1]. - The stock will be transferred to the National Equities Exchange and Quotations system for trading after delisting [3]. Group 2: Stock Performance - From October 13 to November 10, *ST Yuancheng's stock experienced 21 consecutive trading days of a "limit down" situation, with the stock price closing at 0.58 yuan per share and a market capitalization of approximately 19 million yuan as of November 10 [3][8]. - The stock has been suspended from trading since November 11 and has not resumed trading since then [3]. Group 3: Financial Issues - For the first three quarters, *ST Yuancheng reported total revenue of 102 million yuan, a year-on-year increase of 0.10%, but incurred a net loss of 143 million yuan, compared to a loss of 82.93 million yuan in the same period last year [8]. - The company has been involved in financial misconduct, with the China Securities Regulatory Commission indicating that the company had fabricated financial data in its annual reports from 2020 to 2022 [8][9]. Group 4: Regulatory Actions - The company received an administrative penalty notice from the Zhejiang Regulatory Bureau, which included a total fine of 37.45 million yuan for various infractions, including inflating project costs and revenues [9]. - Key executives, including the actual controller and several board members, faced fines and warnings, with the actual controller also facing a proposed 10-year ban from the securities market [9].