Sou Hu Cai Jing·2025-12-28 19:52Group 1 - The company *ST Changyao (300391) experienced a stock price decline of 3.92%, closing at 1.47 yuan on December 26, 2025, with a trading volume of 349,600 shares and a turnover of 51.48 million yuan [1][3] - The company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) due to false reporting in its annual reports from 2021 to 2023, which inflated revenue and total profit [1][2] - The company may face a significant risk of forced delisting, with the CSRC proposing a fine of 10 million yuan and imposing market bans on responsible individuals [1][2] Group 2 - The company’s net assets for the fiscal year 2024 were reported at -432.84 million yuan, triggering a financial delisting risk warning [2] - The company’s annual reports from 2021 to 2023 contained false records, leading to the potential for major legal violations and forced delisting [2][3] - The stock will be subject to a delisting risk warning starting December 29, 2025, with a daily price fluctuation limit of 20% [2]