Sou Hu Cai Jing·2026-01-19 18:31Summary of Key Points Core Viewpoint - *ST Changyao (300391) has experienced significant stock price declines, raising concerns about its financial stability and potential delisting risks due to continuous losses and regulatory scrutiny [1][2][3][4]. Trading Information - On January 19, 2026, *ST Changyao closed at 0.44 yuan, down 18.52%, with a trading volume of 803,516 shares and a total transaction value of 37.55 million yuan [1]. - The stock has seen a cumulative decline of 46.06% since the beginning of 2026, with three out of the last five trading days experiencing declines exceeding 5% [1]. - Over the past ten trading days, there has been a net outflow of 48.58 million yuan from major funds, with the stock price dropping by 47.22% during this period [1]. Fund Flow - On January 19, 2026, major funds experienced a net outflow of 5.65 million yuan, while retail investors saw a net inflow of 2.60 million yuan [1]. Stock Performance and Risk Warnings - The stock has been listed on the "Dragon and Tiger List" for the second time in five trading days due to a daily decline of 15% and a cumulative price deviation of over 50% [2]. - The company confirmed that there were no undisclosed significant matters and that the controlling shareholder did not trade the stock during the volatility period [2]. - The stock has been under continuous trading risk warnings, having closed below 1 yuan for thirteen consecutive trading days, with negative net assets reported [3][4]. - The company faces potential delisting risks due to trading, financial issues, and significant legal violations, with the net assets expected to remain negative through 2025 [3][4].