Yuancheng(SH:603388) 证券时报·2025-11-10 12:54Core Viewpoint - *ST Yuancheng (603388) is facing the risk of "market value delisting" due to its stock closing below 500 million yuan for 20 consecutive trading days, triggering mandatory delisting indicators [3][4]. Group 1: Delisting Risk - The company announced that its stock will be suspended from trading starting November 11, 2025, pending a review by the Shanghai Stock Exchange on whether to terminate its listing [4]. - As of October 14, the company's market value was 485 million yuan, marking the first time it fell below the 500 million yuan threshold [5]. - The stock has experienced a continuous decline, with a recent price of 0.58 yuan per share and a market value of 190 million yuan, alongside 11 consecutive trading days below par value [5]. Group 2: Legal and Compliance Issues - In addition to market value delisting, *ST Yuancheng faces risks of mandatory delisting due to significant legal violations, as the China Securities Regulatory Commission issued a notice regarding false records in annual reports from 2020 to 2022 [5]. - If the subsequent administrative penalty confirms these violations, the company's stock will be terminated from listing [5]. Group 3: Financial Performance - The company has been under risk warnings and has reported a continuous decline in revenue, with a 0.1% year-on-year increase in revenue to 102 million yuan for the first three quarters of this year, while net profit remained at a loss of 143 million yuan [7]. - The company has faced three consecutive years of losses, raising concerns about its ability to continue as a going concern [6].