Mei Ri Jing Ji Xin Wen·2025-12-30 14:27Core Viewpoint - *ST Changyao's stock price has fallen below 1 yuan for the first time, potentially leading to delisting due to continuous trading below this threshold and ongoing investigations by the China Securities Regulatory Commission (CSRC) for financial misconduct [2][4][6] Financial Performance - The company reported a negative net asset value of -433 million yuan for the end of 2024, which could trigger mandatory delisting if the negative trend continues into 2025 [5] - The audited net profits for 2022, 2023, and 2024 were -76.39 million yuan, -632 million yuan, and -569 million yuan respectively, indicating a consistent decline in financial performance [5] Legal and Regulatory Issues - The CSRC has identified that *ST Changyao inflated revenue and profits for three consecutive years, leading to proposed fines of 10 million yuan for the company and 31 million yuan for 14 responsible individuals [6] - The company is under investigation for potential major violations that could result in delisting, with the Shenzhen Stock Exchange initiating delisting procedures [6] Court Proceedings - The company faced a court ruling that rejected its restructuring application, indicating a lack of feasibility for reorganization [3] - The court also terminated the substantive merger restructuring process for *ST Changyao and six other companies, declaring them bankrupt [3]