Zheng Quan Shi Bao·2026-01-15 14:27Core Viewpoint - The A-share market is experiencing significant divergence, with some stocks reaching new highs while others are continuously declining, leading to several stocks falling below the 1 yuan face value, thus facing delisting risks [1][2][9] Group 1: Stock Performance - *ST Aowei (002231) recently closed at 0.99 yuan per share, marking the first time it has fallen below the 1 yuan face value [1][6] - *ST Changyao (300391) has seen its stock price drop to 0.68 yuan, having fallen over 60% in the past month and remaining below 1 yuan for 11 consecutive trading days [2][9] - *ST Lifang (300344) has experienced a decline from over 5 yuan to 0.83 yuan, with an accumulated drop of over 80% in less than two months [4][9] - More than 30 stocks in the A-share market have recently closed below 2 yuan, indicating a broader trend of declining stock prices [1] Group 2: Market Context - In contrast to the decline of certain stocks, over 200 stocks in the A-share market have reached historical highs in the past month, highlighting a stark contrast in market performance [8] - Since the beginning of 2026, more than 160 stocks have achieved historical highs within a short trading period [8] Group 3: Company Issues and Risks - Many companies that have fallen into the low-price stock category face various operational issues, leading to multiple delisting risks [9] - *ST Changyao received a notice from the China Securities Regulatory Commission regarding false records in its annual reports for 2021, 2022, and 2023, which could lead to forced delisting [9] - *ST Lifang also received a similar notice for false records in its annual reports, indicating potential for significant legal and financial repercussions [9] - *ST Aowei's market capitalization has fallen to 340 million yuan, below the 500 million yuan threshold that could trigger delisting if it remains below this level for 20 consecutive trading days [10]