Shanghai Guijiu (SH:600696) 2 1 Shi Ji Jing Ji Bao Dao·2025-12-09 06:01Core Viewpoint - Recent rumors regarding *ST Rock's potential equity transfer to a well-known liquor company have led to significant stock price fluctuations, prompting the company to issue a clarification statement denying any major undisclosed matters [1][2]. Group 1: Stock Performance - On December 9, *ST Rock's stock opened high and reached a peak, hitting a limit up, with a midday price of 4.56 CNY per share, reflecting a 3.64% increase [1]. - The stock had already reached its limit up on December 8, indicating heightened market activity [1]. Group 2: Company Clarification - *ST Rock issued a statement on December 9 clarifying that there are no major undisclosed matters, including equity transfers or significant asset restructuring [1]. - The company confirmed that its controlling shareholder, Shanghai Gui Jiu Enterprise Development Co., Ltd., has all of its 217 million shares frozen, which constitutes 64.80% of the total share capital [1]. Group 3: Financial Risks - The company faces a high risk of financial delisting, having been under risk warning since April 23, 2025, due to underperformance [2]. - For the first three quarters of 2025, *ST Rock reported a revenue of only 34.76 million CNY and a net loss of 112 million CNY, with a risk of triggering delisting if annual revenue falls below 300 million CNY and profits remain negative [2]. Group 4: Historical Context - *ST Rock, originally listed in 1993, has undergone multiple business changes and name changes, previously known as "Fujian Haosheng," "Lijia Shares," and "Pitu Pi," earning the nickname "King of Name Changes" in A-shares [2]. - After entering the liquor sector in 2018, the company changed its name to "Shanghai Gui Jiu," which led to trademark disputes with the established liquor brand "Guizhou Gui Jiu" under Yanghe Co. [2]. - A final ruling by the Jiangsu Provincial High Court in October 2025 ordered *ST Rock to cease using the name "Gui Jiu" and to compensate 4.18847 million CNY for economic losses and reasonable expenses [2].