YATAI(SZ:000691) Shang Hai Zheng Quan Bao·2026-02-04 19:33Core Viewpoint - Gansu Asia-Pacific Industrial Development Co., Ltd. is at risk of being delisted due to negative net assets as of the end of 2024, which has triggered a delisting risk warning effective April 30, 2025 [2][3]. Group 1: Delisting Risk Announcement - The company disclosed its first delisting risk warning on April 29, 2025, indicating that its audited net assets for 2024 were negative [2][3]. - According to the Shenzhen Stock Exchange Listing Rules, if the company meets certain financial criteria in 2025, it may face termination of its stock listing [3][4]. - The company is required to issue risk warning announcements every ten trading days until the annual report is disclosed [2][11]. Group 2: Financial Conditions Leading to Delisting - The company may face delisting if its audited profit totals, net profit, or net profit after excluding non-recurring gains and losses are negative, and its revenue is below 300 million yuan [3][5]. - The company’s audited net assets being negative is a direct cause for the delisting risk [4]. Group 3: Recent Financial Developments - On November 26, 2025, the company received a cash donation of 73 million yuan from a restructuring investor to support its operations [9]. - On December 9, 2025, the company signed a debt waiver agreement with its former controlling shareholder, waiving a total of 75 million yuan in debt [9]. - The company completed its restructuring process by December 31, 2025, as confirmed by a court ruling [10]. Group 4: Future Financial Outlook - The company anticipates a positive net asset position for the year 2025, as indicated in its preliminary performance forecast [10].