Zheng Quan Shi Bao·2026-01-15 14:30Core 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][6]. Group 1: Stock Performance - *ST Aowei (002231) announced a risk of potential delisting due to its stock price falling below the face value, closing at 0.99 yuan per share, marking the first time it has dropped below 1 yuan [1][8]. - *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]. - *ST Lifang (300344) has experienced a dramatic decline from over 5 yuan to 0.83 yuan, with an 80% drop in less than two months, and has been below 1 yuan for three consecutive trading days [4]. Group 2: Market Context - Over 200 stocks in the A-share market have reached historical highs in the past month, contrasting sharply with the performance of low-priced stocks [6]. - The market is witnessing a split where some stocks are thriving while others are struggling, indicating a shift from the previous trend of simultaneous rises and falls [9]. Group 3: Company Issues - Many companies with stocks falling below 1 yuan are facing operational issues and multiple delisting risks, which have led to investors abandoning them [7][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 [7]. - *ST Lifang also received a similar notice for false records in its annual reports, indicating potential severe consequences for its stock [7].