Ge Long Hui A P P·2026-01-23 13:19Core Viewpoint - *ST Changyao (300391.SZ) is facing potential delisting from the Shenzhen Stock Exchange due to false disclosures in its annual reports from 2021 to 2023, as indicated by the administrative penalty decision from the China Securities Regulatory Commission [1] Group 1: Company Actions - The company has received a "Notice of Prior Decision" from the Shenzhen Stock Exchange regarding the termination of its stock listing [1] - The administrative penalty decision states that the company violated disclosure regulations as per the revised 2025 rules of the Growth Enterprise Market [1] Group 2: Regulatory Context - The company is found to have false records in its annual reports, which is a violation of the listing rules [1] - The specific rules violated include Article 10.5.1 and Article 10.5.2 of the Growth Enterprise Market listing rules [1]