Vanfund(SZ:000638) Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2026-01-06 23:49Core Viewpoint - The company, WanFang Urban Investment Development Co., Ltd., is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may lead to significant risks including potential delisting of its stock [1][2]. Group 1: Investigation and Regulatory Actions - On July 25, 2025, the company received a notice from the CSRC regarding the initiation of an investigation due to suspected violations of information disclosure laws [1]. - As of the latest announcement, the investigation is ongoing, and the company has not received any conclusive opinions or decisions from the CSRC [2]. - If the CSRC's findings lead to administrative penalties that fall under the major illegal circumstances defined by the Shenzhen Stock Exchange, the company's stock may face mandatory delisting [2]. Group 2: Stock Trading and Financial Performance - The company's stock experienced an abnormal trading fluctuation, with a cumulative closing price deviation of 12.58% over three consecutive trading days from December 31, 2025, to January 6, 2026 [4]. - The company confirmed that there were no significant changes in its operational situation or external business environment that could have influenced the stock price [6]. - As of September 30, 2025, the company reported total assets of 265.74 million yuan, net assets of 139.49 million yuan, and a revenue of 175.54 million yuan, with a net loss attributable to shareholders of 8.59 million yuan, representing a 164.64% decrease compared to the same period last year [8]. Group 3: Audit and Financial Reporting - The company received a qualified audit opinion from Zhongxing Caiguanghua Accounting Firm for its 2024 financial statements, indicating uncertainty regarding the recoverability of investments in Jilin WanFang Bai'ao Biotechnology Co., Ltd. [9]. - The company is at risk of receiving a qualified audit opinion for its 2025 financial statements, which could trigger delisting if it falls under the relevant rules of the Shenzhen Stock Exchange [9]. - As of January 6, 2026, the company's rolling price-to-earnings ratio was -140.23, significantly higher than the industry average of 136.71 [8].