证券时报·2026-01-15 14:20Core Viewpoint - The A-share market is experiencing significant divergence, with some stocks continuously rising to new highs while others are plummeting, with several stocks falling below the 1 yuan face value, indicating potential delisting risks [1][2]. Group 1: Stock Performance - *ST Aowei (002231) recently announced a risk of delisting due to its stock price falling below the face value, closing at 0.99 yuan per share, marking its first drop below 1 yuan [1][7]. - *ST Changyao (300391) has seen its stock price drop to 0.68 yuan, having fallen over 60% in the past month, and has closed below 1 yuan for 11 consecutive trading days [3]. - *ST Lifang (300344) has experienced a dramatic decline from over 5 yuan to 0.83 yuan, with an 80% drop in less than two months, and has closed below 1 yuan for 3 consecutive trading days [5]. Group 2: Market Context - In contrast to the decline of certain stocks, over 200 stocks in the A-share market have reached historical highs in the past month, with more than 160 stocks achieving new highs in less than 10 trading days since 2026 began [9]. - The disparity in stock performance highlights a shift from the previous trend where most stocks moved in tandem, indicating that not all stocks benefit from a bullish market environment [12]. Group 3: Underlying Issues - Many companies that have fallen into the low-price stock category face various issues, including potential delisting risks due to operational irregularities or poor performance [11]. - *ST Changyao has received a notice from the China Securities Regulatory Commission regarding false disclosures in its annual reports for 2021, 2022, and 2023, which could lead to forced delisting [11]. - *ST Lifang is also facing similar risks due to false disclosures, while *ST Aowei's market capitalization has fallen below 5 billion yuan, putting it at risk of delisting if it remains below this threshold for 20 consecutive trading days [11].