300391，终止上市！

Core Viewpoint - The announcement from the Shenzhen Stock Exchange indicates that Changjiang Pharmaceutical Holdings Co., Ltd. will have its stock delisted due to false disclosures in its annual reports from 2021 to 2023 [2][4]. Summary by Sections Announcement of Delisting - On March 12, the Shenzhen Stock Exchange announced the termination of the stock listing for Changjiang Pharmaceutical Holdings Co., Ltd. [1] - The stock will enter a delisting preparation period starting March 20, 2026, lasting for fifteen trading days, with the final trading day expected to be April 10, 2026 [5]. Regulatory Actions - The company received an administrative penalty decision from the China Securities Regulatory Commission on January 23, 2026, citing false disclosures in its annual reports [2][7]. - The company violated specific rules outlined in the Shenzhen Stock Exchange's listing regulations, leading to the decision for delisting [4]. Financial Misconduct - From 2021 to 2023, the company inflated its reported revenues and profits through false documentation, including fake inventory and sales records, resulting in significant discrepancies in financial reporting [8]. - The inflated figures included an increase in reported revenue of 215.32 million yuan, 283.74 million yuan, and 233.63 million yuan for the respective years, representing 9.12%, 17.57%, and 19.51% of the disclosed revenue [8]. - The inflated profit totals were 56.40 million yuan, 63.38 million yuan, and 43.71 million yuan, accounting for 35.62%, 88.23%, and 6.42% of the disclosed profit for the respective years [8]. Post-Delisting Procedures - After delisting, the company's stock will be managed by the National Equities Exchange and Quotations (NEEQ) for transfer in the delisting sector [6]. - The company is required to hire a securities firm to assist with the delisting process and related transactions [6].