NEWU(SZ:300472) 证券时报·2025-12-27 09:14Core Viewpoint - The company *ST XinYuan (300472) is seeking to mitigate its delisting risk through a combination of cash donations and debt waivers, while facing multiple challenges that could lead to its termination of listing [1][2]. Group 1: Cash Donation and Debt Waiver - The company announced that it will receive up to 330 million yuan in cash assets from its industry investors, which will be a non-repayable donation without any conditions attached [1]. - Additionally, the actual controller, Zhu Yesheng, has committed to waive debts amounting to no more than 50 million yuan, which is also a unilateral and unconditional waiver [2]. Group 2: Delisting Risks - The company is currently under delisting risk warnings due to potential negative audit opinions for the 2024 fiscal year, which could lead to termination of listing if issues are not resolved by the 2025 annual report [2]. - As of the first three quarters of 2025, the company reported revenues of 68.43 million yuan and a negative equity of 55.02 million yuan, which could trigger delisting if certain financial thresholds are not met [3]. - The company faces additional risks of bankruptcy and delisting if its restructuring efforts fail or if a court accepts its restructuring application [4]. Group 3: Business Operations and Future Plans - The company is in urgent need of quality business integration to establish stable revenue sources, as its current business scale and operational support are insufficient [5]. - A restructuring investment plan has been proposed, which includes the injection of core quality businesses from related parties, aimed at improving the company's financial and operational status [5]. Group 4: Market Performance - The latest stock price of *ST XinYuan is reported at 8.3 yuan per share, with a total market capitalization of 2.285 billion yuan [6].