Changyao Group(SZ:300391) Zhong Guo Ji Jin Bao·2026-01-21 07:23Core Viewpoint - *ST Changyao (300391) is facing multiple risks of being delisted, including trading-related, financial-related, and major violation-related delisting risks, as its stock price has been below 1 yuan for 15 consecutive trading days [2][5]. Group 1: Stock Performance - On January 21, *ST Changyao's stock opened at 0.64 yuan per share, reaching a daily limit increase for the second consecutive trading day [2]. - The stock has experienced a 20.75% increase, with a trading volume of 517,000 shares and a total transaction amount of 31.99 million yuan [3]. - The stock price has been below 1 yuan for 15 consecutive trading days, and if it remains below this threshold for the next 5 trading days, it will be suspended from trading [2][4]. Group 2: Delisting Risks - The company is at risk of trading-related delisting due to its stock price being below 1 yuan and market capitalization below 300 million yuan for consecutive trading days [4]. - Financial-related delisting risks arise from the expectation that the company's audited net assets will be negative by the end of 2025, along with potential adverse audit opinions on financial reports [5]. - Major violation-related delisting risks are present as the company is under investigation by the China Securities Regulatory Commission (CSRC) for suspected false reporting of financial data [5][6]. Group 3: Financial Irregularities - From 2021 to 2023, *ST Changyao's annual reports contained false records, inflating revenue by 215 million yuan, 284 million yuan, and 234 million yuan, which accounted for 9.12%, 17.57%, and 19.51% of the disclosed revenue respectively [6]. - The company also inflated total profit by 56.4 million yuan, 63.4 million yuan, and 43.7 million yuan during the same period, representing 35.62%, 88.23%, and 6.42% of the disclosed profit [6]. - Due to these financial discrepancies, the company may face major violation-related delisting if formal penalties are imposed [6].