Xin Lang Cai Jing·2026-01-21 06:01Core Viewpoint - *ST Changyao is facing multiple risks of being delisted, including trading-related, financial-related, and major violation-related delisting risks, following its stock price falling below 1 yuan for 15 consecutive trading days [1][7]. Trading-Related Risks - The stock price of *ST Changyao opened at 0.64 yuan on January 21, after hitting the daily limit for the second consecutive day [1][7]. - The company has been under a trading risk warning since April 22, 2025, and if the stock price remains below 1 yuan for 20 consecutive trading days, it will be suspended from trading [8][10]. Financial-Related Risks - The company is at risk of financial-related delisting due to the possibility of having negative net assets at the end of the fiscal year 2025, as well as receiving audit reports with reserved opinions or negative opinions [3][9]. - As of January 20, the stock closed at 0.53 yuan, with a market capitalization of 186 million yuan, which has been below 300 million yuan for 8 consecutive trading days [8][10]. Major Violation-Related Risks - The company is under investigation by the China Securities Regulatory Commission (CSRC) for suspected false reporting of financial data, with inflated revenues reported for 2021, 2022, and 2023 amounting to 215 million yuan, 284 million yuan, and 234 million yuan respectively [4][10]. - The inflated profits for the same years were reported as 56.4 million yuan, 63.4 million yuan, and 43.7 million yuan, representing significant percentages of the total disclosed profits [4][10].