603388，锁定退市！

Core Viewpoint - *ST Yuancheng (603388) is facing imminent delisting risks due to multiple factors, including a market capitalization below 500 million yuan and a stock price consistently below 1 yuan [2][6][7]. Group 1: Delisting Risks - On November 8, *ST Yuancheng announced two risk warnings regarding potential delisting, indicating that the company has triggered multiple delisting criteria [2][6]. - As of November 7, the company's total market capitalization was 199 million yuan, having been below 500 million yuan for 19 consecutive trading days, which will lead to a forced delisting after 20 trading days [3][6]. - The stock price closed at 0.61 yuan on November 7, remaining below 1 yuan for 10 consecutive trading days, which also contributes to the delisting risk [3][6]. Group 2: Regulatory Actions - The company received an administrative penalty notice from the China Securities Regulatory Commission on October 10, 2025, citing false records in annual reports from 2020 to 2022, which inflated revenue and profit figures [7]. - The company is also at risk of being delisted for major violations, as the identified issues fall under the criteria for significant illegal delisting as per stock listing rules [7]. Group 3: Financial Performance - For the third quarter of 2025, the company reported revenues of 102.48 million yuan and a net loss attributable to shareholders of 143.14 million yuan [7]. - If the company fails to meet the delisting criteria after the 2025 annual report is disclosed, it will face termination of its listing [7]. Group 4: Operational Challenges - The company is experiencing uncertainties regarding its ability to continue operations, with overdue fundraising, stock pledges, freezes, liquidations, and judicial auctions contributing to liquidity risks [8].