Sou Hu Cai Jing·2026-01-14 19:13Group 1 - The stock price of *ST Changyao has been below 1 yuan for ten consecutive trading days, indicating a risk of forced delisting due to trading-related issues [1][3] - The company's market capitalization has been below 300 million yuan for four consecutive days, further highlighting its financial distress [1][3] - The estimated net asset for the end of 2025 is expected to be negative, and the financial report may receive a non-standard opinion, indicating potential financial delisting risks [1][3] Group 2 - The company has received a preliminary notice of administrative punishment from the China Securities Regulatory Commission (CSRC) due to false records in its annual reports from 2021 to 2023, which may lead to significant legal consequences and forced delisting [1][3] - A subsidiary of the company has been declared bankrupt, adding to the overall financial instability of the company [1]