ST新华锦资金占用整改期限将至，退市风险升级

Group 1 - The company ST Xinhua Jin (600735) is facing multiple pressures including a deadline for rectification due to fund occupation issues and an increased risk of delisting [1][2] - The indirect controlling shareholder, Xinhua Jin Group, and its related parties have a non-operational fund occupation balance of 406 million yuan, with a cumulative repayment amount of 0 yuan as of February 4, 2026 [1] - The rectification deadline is set to expire on February 25, 2026, and if not completed, the company's stock is expected to be suspended from trading starting February 26, 2026 [1][2] Group 2 - According to the Shanghai Stock Exchange rules, if the company fails to rectify within two months after suspension, it will face a delisting risk warning (ST), and if it remains unrectified for another two months, it may terminate its listing [2] - On February 4, 2026, the company announced a transfer of 40 million shares of Huajin Shanghang Fund at a price of 0 yuan, reducing its holding ratio to 19.996%, and stated that this move aims to focus on its main business [3] - The company expects a net profit attributable to shareholders of -142 million to -95 million yuan for 2025, indicating a loss primarily due to asset impairment testing [4] Group 3 - The indirect controlling shareholder, Xinhua Jin Group, has been ruled by the court to undergo bankruptcy reorganization, which may affect the stability of the company's control and the resolution of fund occupation issues, posing a risk of low recovery rates for fund recovery [5] - Due to issues related to the disclosure of fund occupation information, lawyers have indicated that investors who bought and held or sold stocks between May 8 and August 26, 2025, may have the right to claim compensation, with related recruitment still ongoing [5]