财务造假！300391，收终止上市事先告知书！股价刚4连涨停

Core Viewpoint - *ST Changyao has been found guilty of financial misconduct, leading to potential delisting from the Shenzhen Stock Exchange due to false reporting in its financial statements from 2021 to 2023 [2][3][6]. Group 1: Financial Misconduct - In November 2020, *ST Changyao acquired 52.75% of Hubei Changjiang Xing Pharmaceutical Co., Ltd. (Changjiang Xing), which was subsequently consolidated into *ST Changyao's financial statements [2]. - From 2021 to 2023, subsidiaries of Changjiang Xing fabricated inventory and sales documents, resulting in inflated revenues of 215.32 million, 283.74 million, and 233.63 million yuan for the respective years, accounting for 9.12%, 17.57%, and 19.51% of reported revenues [3]. - The inflated profit totals were 56.40 million, 63.38 million, and 43.71 million yuan, representing 35.62%, 88.23%, and 6.42% of the reported profit totals for the same years [3]. Group 2: Regulatory Actions - On January 23, 2023, *ST Changyao received an administrative penalty decision from the China Securities Regulatory Commission (CSRC) due to the aforementioned violations [2][6]. - The Shenzhen Stock Exchange issued a notice indicating the intention to terminate the company's stock listing, with trading suspension set to begin on January 26, 2026 [4][6]. - The company has the right to request a hearing or submit written statements within a specified timeframe; failure to do so will lead to the automatic termination of its listing [6]. Group 3: Market Reaction - Following the announcement, *ST Changyao's stock experienced a 20% increase for four consecutive trading days, with the latest price at 0.92 yuan per share, resulting in a total market capitalization of 322 million yuan [8].