Zheng Quan Shi Bao Wang·2026-01-23 14:48Group 1 - The core issue is that *ST Changyao has been penalized by the China Securities Regulatory Commission (CSRC) for financial misconduct, including false reporting of revenues and profits from 2021 to 2023, leading to a fine of 10 million yuan [2] - The company inflated its operating income by 215 million yuan, 284 million yuan, and 234 million yuan for the years 2021, 2022, and 2023, respectively, which accounted for 9.12%, 17.57%, and 19.51% of the reported operating income for those years [2] - The inflated total profit amounted to 56.4 million yuan, 63.4 million yuan, and 43.7 million yuan for the same years, representing 35.62%, 88.23%, and 6.42% of the reported total profit [2] Group 2 - The Hubei Securities Regulatory Bureau stated that *ST Changyao's continuous financial fraud is severe and has significantly harmed investors' interests, disrupting the normal order of the capital market [2] - The CSRC demonstrated a strong stance against market irregularities by processing the case from initiation to penalty decision in just over two months, reflecting a "zero tolerance" policy [2] - On January 23, *ST Changyao announced it received a notice from the Shenzhen Stock Exchange regarding the potential termination of its stock listing, with trading suspension set to begin on January 26 [4] Group 3 - As of January 23, *ST Changyao's stock closed at 0.92 yuan per share, with a total market capitalization of 322 million yuan [7] - The stock experienced a speculative surge, with a cumulative price deviation of 41.44% and a total deviation of 107.75% over four consecutive trading days [5] - The Hubei Securities Regulatory Bureau warned that the recent price movements are typical speculative trading, ignoring the reality of the company's impending administrative penalties and potential delisting due to serious violations [7]