Sou Hu Cai Jing·2026-01-06 14:58Core Viewpoint - The company *ST Changyao (300391) is at risk of being delisted due to negative net assets and potential non-standard audit opinions, following a series of financial irregularities and a recent bankruptcy of its subsidiary [1]. Financial Performance - As of January 6, 2026, *ST Changyao's stock closed at 0.88 yuan, down 1.12% from the previous trading day, with a total market capitalization of 308 million yuan [1]. - The stock opened at 0.86 yuan, reached a high of 0.91 yuan, and a low of 0.82 yuan, with a trading volume of 47.54 million yuan and a turnover rate of 15.68% [1]. Risk Factors - The company announced that its net assets for the year 2024 are expected to be negative, and it is projected that it will not complete restructuring by 2025, leading to continued negative net assets by the end of 2025 [1]. - The company has received a notice of administrative penalty from the China Securities Regulatory Commission (CSRC) due to false disclosures in its annual reports from 2021 to 2023, which may lead to mandatory delisting for major violations [1]. - The stock price has been below 1 yuan for several consecutive days, and if it remains below this threshold for twenty consecutive trading days, it will trigger a trading delisting [1]. - A subsidiary of the company has been declared bankrupt, and a manager has been appointed [1].