9家退市风险企业破产重整

Core Viewpoint - A number of companies that were on the brink of delisting are attempting to escape their predicament through bankruptcy restructuring, with *ST Dongyi being the latest to remove its delisting risk warning after completing its restructuring plan [1][4]. Group 1: Companies Successfully Restructured - As of January 26, *ST Dongyi is the ninth company since 2026 to complete its restructuring and remove the delisting risk warning [4]. - The companies that have successfully removed the delisting risk warning include *ST Dongyi, *ST Jiaotou, *ST Meigu, *ST Xinyan, *ST Yatai, *ST Sansheng, ST Zhongzhuang, ST Mingjiahui, and ST Ningke [4][6]. - Only three companies, ST Zhongzhuang, ST Mingjiahui, and ST Ningke, have fully removed the delisting risk warning, but they still face other risk warnings [6]. Group 2: Remaining Risks and Challenges - The majority of the nine companies still carry ST or *ST labels, indicating ongoing risks, with only three having temporarily escaped the delisting risk [6]. - ST Ningke faces multiple risk warnings, including uncertainties regarding its subsidiary's production status and a qualified audit report for 2024 [6][7]. - ST Zhongzhuang has issues such as frozen bank accounts and a history of financial misreporting, while ST Mingjiahui's risks are relatively simpler, primarily linked to its audit report [6][7]. Group 3: Path to Recovery - The path to recovery from delisting is complex, with companies needing to address multiple issues, including financial, internal control, and historical problems [8][9]. - Successful examples, such as Zhongli Group, demonstrate that with proactive restructuring and compliance efforts, companies can return to normal operations and remove delisting risks [11][12]. - In 2025, over 50 companies managed to remove risk warnings through strategic adjustments and operational improvements, showcasing a trend of recovery in the A-share market [13][14]. Group 4: Factors Influencing "Hat Removal" - Companies with stable fundamentals and effective restructuring are more likely to succeed in removing delisting risks [1][15]. - Three categories of companies are identified as having a higher probability of "hat removal": those with good fundamentals affected by short-term factors, those that can quickly rectify business issues, and those that strengthen governance and internal controls [15].