Core Viewpoint - The company *ST Jiyao is facing delisting due to its stock price falling below 1 yuan for 20 consecutive trading days, triggering the Shenzhen Stock Exchange's delisting rules [1] Financial Performance - *ST Jiyao has reported continuous losses for five years, with a cumulative net profit loss exceeding 3.2 billion yuan from 2019 to 2023, and an additional loss of 231 million yuan in the first three quarters of 2024 [3] - By the end of 2024, the company's net assets are projected to be between -1.18 billion yuan and -830 million yuan, indicating financial delisting risks [3] - As of September 30, 2024, the company's debt ratio has risen to 161.77%, with a current ratio of only 0.16 [3] Company Background - The company was originally known as Tonghua Shuanglong Chemical Co., Ltd., primarily producing white carbon black for defense chemicals. It transitioned to the pharmaceutical sector in 2014 through the acquisition of Jinbao Pharmaceutical, forming a dual business model of "chemicals + pharmaceuticals" [6] - After rebranding to Jiyao Holdings in 2017, the company aggressively pursued acquisitions, acquiring over ten companies within three years, covering eight major sectors including pharmaceutical manufacturing, commerce, and research [6] Goodwill and Impairment Issues - The company's aggressive cross-industry expansion has led to significant goodwill risks, with cumulative goodwill impairment exceeding 1.5 billion yuan from 2019 to 2024, directly contributing to net profit losses [7] - In 2019, the company reported revenue of 1.066 billion yuan but incurred a net profit loss of 1.772 billion yuan, with asset impairment accounting for over 70% of the total net profit loss [7] Failed Restructuring Attempts - *ST Jiyao has made multiple unsuccessful attempts at self-rescue through capital operations, including a failed transfer of control to the Jilin Provincial State-owned Assets Management Company in 2019 due to unresolved terms [8] - The company attempted to acquire Xiu Zheng Pharmaceutical, but the deal was terminated due to the significant revenue disparity, leading to a regulatory investigation and a fine of 600,000 yuan [8] - In November 2020, a proposed transfer of control to Bencao Hui Pharmaceutical fell through due to disputes, and a restructuring application in June 2023 was ultimately rejected by the court [9] Recent Developments - On March 19, 2025, *ST Jiyao's stock price first fell below 1 yuan, leading to a continued decline, culminating in the announcement of its delisting on April 23, 2025 [10] - Since the beginning of 2025, at least four other listed companies have also faced similar delisting conditions [10]

多家公司与之情况类似，在经营受困或者重大违法违规的情况下，率先因触及面值退市情形而将告别A 股。今年以来已有*ST东方（600811.SH）、*ST富润（600070.SH）、*ST嘉寓（300117.SZ）、*ST旭 蓝（000040.SZ）收到股票终止上市事先告知书。此外，*ST鹏博（600804.SH）股价已连续7个交易日 低于1元/股。 *ST吉药多次卖壳自救未遂，锁定退市结局 自今年3月26日每股股价低于1元之后，*ST吉药的股价便一路震荡下行，到4月16日之后每日股价跌幅 均超过10%，甚至跌停。最后一个交易日4月23日，该公司股价大跌12.50%。 上市近15年的*ST吉药（300108.SZ）宣告将退市，于4月24日开市起停牌，直至摘牌告别A股。 截至4月23日，*ST吉药股价连续20个交易日股票收盘价均低于1元，触及面值退市情形。这类触及交易 类强制退市情形的股票不进入退市整理期，在被交易所判定退市后，在15个交易日内摘牌。 *ST吉药难逃退市命运，即便不被投资者用脚投票投出市场，也可能因为净资产为负值而被终止上市。 该公司自2019年开始业绩连年亏损，经营承压，多次谋划易主，甚至计划破产重 ...

按最新收盘价计算，A股均价为11.18元，不足2元的个股共有66只，股价最低的是*ST吉药，最新收盘 价为0.21元。 （文章来源：证券时报网） 证券时报·数据宝统计显示，截至4月24日收盘，沪指报收3297.29点，A股平均股价为11.18元，从个股股 价分布看，高价股及低价股数量在A股市场总体占比相对较少。 低价股中，股价低于2元的共有66只，最低的是*ST吉药，最新收盘价为0.21元，其次是*ST东方、*ST 富润，最新收盘价分别为0.36元、0.42元。特征来看，股价低于2元个股中，共有23只ST股上榜，占比 为34.85%。 市场表现方面，上述低价股中，今日上涨的有7只，涨幅居前的有ST德豪、新华联、*ST阳光，分别上 涨5.20%、1.68%、1.36%。下跌的有48只，跌幅居前的有*ST中程、宝鹰股份、*ST鹏博，跌幅分别为 10.64%、10.19%、5.26%。（数据宝） 低价股排名 | 代码 | 简称 | 最新收盘价（元） | 日涨跌幅（%） | 日换手率（%） | 市净率（倍） | 行业 | | --- | --- | --- | --- | --- | --- | --- | | 30 ...

一、证监会保护"投资者"！证监会必须严惩东方集团爆雷，只有严刑峻法才能更好的保护"投资者"，维护健康的A股市场。证监会一查才发现，东方集团从 2020年到2023年，整整四年都在搞财务造假，这可真是胆大包天！要是情况属实，那可就触碰到重大违法强制退市的红线了。 基本上本周是最后一周时间，而现在小盘股的补涨就是诱多的情绪亢奋期，因为它涨的盘面情绪高涨了，还放量了，所以我们说这里下半周要小心点。 特别是上证指数如果能回补缺口后，也可能差一点没有回补，后面跌几天，再做一个顶背离的双头，也是可以的，你别说卡在最后时间跑，我们说逃顶要早 几天，抄底要晚几天，都是对你有好处的。 且不说量化的问题了，说到最让人揪心的强制退市问题，关键还得看证监会的调查结果。今年村里的决心可不是盖的，东方集团退市的可能性相当大。换个 角度看，这出闹剧说不定正是A股"良币驱逐劣币"机制成熟的标志。这对广大股民来说可是个好消息，说明咱们大A的监管越来越规范，环境也越来越好 了！给证监会点个大大的赞！ 二、盘面受到周末利好刺激，略微低开后，直接高走，一路不回头。 这走势相当强势，从成交量来看，也是量价齐升，配合得相当默契。分时图显示，短线情绪也不 ...

Core Viewpoint - The number of companies facing delisting due to stock prices falling below par value has significantly increased in the A-share market, with *ST Jiyao being a notable example [1][5]. Group 1: Company Specifics - *ST Jiyao (300108.SZ) has seen its stock price drop to 0.30 yuan, marking the 18th consecutive trading day below 1 yuan, which may lead to early delisting [2][4]. - The company is primarily engaged in the pharmaceutical industry, including production, wholesale, retail, and healthcare services [4]. - Financially, *ST Jiyao has reported continuous losses, projecting a net loss of 500 million to 850 million yuan for 2024, with an expected negative net asset value of -1.18 billion to -830 million yuan [4]. Group 2: Market Trends - Recent statistics indicate a rise in A-share companies that have received notices for potential delisting due to stock prices consistently falling below 1 yuan, including *ST Xulan, *ST Jiayu, *ST Dongfang, and *ST Furun [5]. - *ST Dongfang received a notice on April 14, 2025, regarding the termination of its stock listing after 20 consecutive trading days below 1 yuan [5]. - *ST Furun has faced both par value and market value delisting risks, having received a notice on April 10, 2025, for similar reasons [5]. Group 3: Operational Challenges - Companies like *ST Jiayu are under significant operational pressure, with a reported 59.94% decline in sales revenue to 482 million yuan, and a net loss of 356 million yuan for 2024 [6]. - The focus for many of these companies is on risk management and debt resolution, with efforts to stabilize operations amid financial difficulties [6].

Core Viewpoint - The number of companies facing delisting due to their stock prices falling below par value has significantly increased in the A-share market, with specific cases highlighting the trend [1][8]. Group 1: Company Specifics - *ST Jiyuan (300108.SZ) has seen its stock price drop to 0.30 yuan, marking the 18th consecutive trading day below 1 yuan, indicating a potential early lock on par value delisting [2][4]. - The company has reported continuous losses in recent years, with a projected net loss of 500 million to 850 million yuan for the fiscal year 2024, and an expected negative net asset value of -1.18 billion to -830 million yuan [6][10]. - As of April 21, 2023, *ST Jiyuan's market capitalization was less than 300 million yuan, posing a risk of delisting based on market value as well [7]. Group 2: Industry Trends - Recent statistics indicate a rise in A-share companies that have received notices for potential delisting due to their stock prices remaining below 1 yuan for 20 consecutive trading days, including *ST Xulan, *ST Jiayu, *ST Dongfang, and *ST Furun [9]. - *ST Furun has been flagged for both par value and market value delisting, having received a notice from the Shanghai Stock Exchange on April 10, 2025, due to its stock price and market capitalization falling below the required thresholds [9]. - Companies like *ST Jiayu are facing significant operational challenges, with a reported 59.94% decline in sales revenue to 482 million yuan, and a net loss of 356 million yuan for 2024 [10].

Core Viewpoint - The new delisting regulations in A-shares are intensifying, leading to an accelerated "survival of the fittest" process in the market, with a recent surge in delisting risk warnings from multiple companies [1] Group 1: Companies at Risk - ST Xintong is facing delisting risk due to 368 million yuan in non-operating fund occupation, with a two-month deadline for rectification [2] - ST Ningke is projected to incur a loss of 580 to 650 million yuan in 2024, with non-deductible revenue below 300 million yuan, risking delisting if the annual report receives an "unable to express opinion" audit [5][6] - ST Dayao has seen its market value drop below 500 million yuan, making it the first trading delisting stock of 2025, with a stock price plummeting to 1.18 yuan [7][8] - ST Modern has not completed regulatory rectification on time and risks delisting if it fails to submit an audit proof within two months [9][10] Group 2: Regulatory Background - The 2025 delisting regulations have tightened financial indicators, including continuous losses, revenue below 300 million yuan with negative net assets, and excessively low market value [11] - Regulatory scrutiny on information disclosure violations and financial fraud has intensified, exemplified by the case of Dongfang Group, which inflated revenue by 16.1 billion yuan over four years [11] Group 3: Investor Guidance - Investors are advised to avoid high-risk stocks, particularly ST and *ST stocks, companies with continuous losses, and those with abnormal stock price fluctuations [12] - Caution is advised against "doomsday speculation," as some ST stocks may experience short-term surges followed by sharp declines due to major shareholders offloading [13] - Investors should focus on the quality of financial reports, particularly looking for non-standard audit opinions and issues related to major shareholder fund occupation [14] - A rational perspective on "shell protection" expectations is necessary, as the accelerated delisting process under new regulations poses high risks for speculative bottom-fishing [15]

将投中网设为"星标⭐"，第一时间收获最新推送 中国资本市场如何平衡开放创新与风险隔离？ 非常荣幸受邀请到这样一个非常重要的论坛，讲一讲中国资本市场。 最近一个时期，全球的资本市场都处在动荡之中。动荡的原因大家都知道，就是特朗普总统的不确定性的政策，一会儿这样，一会儿那样，对全球的市 场带来了极大的动荡性的影响。中国资本市场也难免受到这样不确定性因素的影响。 整理丨 蒲凡 来源丨 投中网 近几年，全球资本市场进入了漫长的调整期。地缘政治博弈加剧、货币政策分化、贸易规则重构等多重因素交织，不断冲击市场预期与信心。波动与不 确定性成为常态，各国金融体系在适应新变局的过程中，既面临短期风险，也需应对长期结构性挑战。 作为全球经济增长的重要引擎，中国资本市场的稳定与发展备受关注。随着经济转型升级步入关键阶段，越来越多的人开始呼吁，我们的资本市场功能 需要完成从传统的融资驱动向财富管理加速转型。 这一转变不仅是居民财富增长与多元化配置需求的必然结果，更是提升金融资源配置效率、服务实体创新的战略选择。 然而，转型之路并非坦途。市场生态仍存在显著矛盾：部分上市公司竞争力不足，难以匹配产业升级要求；长期资金入市渠道受阻，短期投 ...

记者 黄敏 4月17日，在第19届中国投资年会·年度峰会上，中国人民大学国家金融研究院院长、中国资本市场研究 院院长吴晓求就东方集团退市事件发表了观点。吴晓求对东方集团的行为深恶痛绝，更是直接表 态："别让东方集团跑了，应罚到倾家荡产、牢底坐穿！"吴晓求强调，应将东方集团作为典型案例进行 严惩，参照美国对安然公司的处罚力度，使其为违规行为付出沉重代价。同时要建立健全赔偿机制，保 障因信息不明而受损的投资者的合法权益。吴晓求指出，东方集团退市当日仍有大规模交易，这种情况 值得深思，绝不能让公司一退了之。 吴晓求的呼吁，让投资者们对挽回损失多了一份期待，同时也为资本市场敲响警钟，完善监管与赔偿机 制迫在眉睫，以此维护市场秩序与投资者权益。 东方集团股份有限公司（*ST东方，证券代码：600811）的退市进程已成定局。2025年4月15日，上海 证券交易所因该公司股票连续20个交易日收盘价低于1元，作出终止其股票上市的决定，并发布拟终止 公司股票上市的事先告知书。自当日起，*ST东方股票停牌。截至4月14日收盘，其股价仅为0.36元/ 股，总市值降至13.17亿元，不到半年时间市值缩水过百亿元。由于*ST东方属于交 ...

Core Viewpoint - Dongfang Group, once a star enterprise in the capital market, is facing delisting due to continuous stock price decline and regulatory violations, leading to significant investor losses [4][7][12]. Company Overview - Dongfang Group was the first private enterprise in Heilongjiang Province to publicly issue and list stocks, and it was among the earliest to implement shareholding reform in China [4]. - The company has a diverse business portfolio, including modern agriculture, health food, oil and gas, new energy, information security, finance, resource management, port transportation, and new urbanization development [4]. - It ranked 81st, 90th, and 84th in the China Private Enterprises 500 from 2020 to 2022, and 33rd in the China Service Industry Private Enterprises 100 in 2021 [4]. Financial Performance - As of the last trading day, Dongfang Group's market capitalization was 1.317 billion [5][9]. - The company reported a loss of 292 million [5][9]. Regulatory Issues - In June 2024, Dongfang Group was investigated by the China Securities Regulatory Commission (CSRC) for information disclosure violations, leading to a series of penalties [7]. - The company was found to have false records in its annual reports from 2020 to 2023, triggering the delisting process after its stock price fell below 1 yuan per share [7]. Market Behavior - Despite the impending delisting, many investors continued to buy shares, hoping for a rebound, which led to a significant trading volume of 1.2 billion on March 12 [10]. - The stock experienced a series of 20 consecutive trading days below 1 yuan, culminating in its delisting [12]. Investor Sentiment - Many retail investors are still buying shares in hopes of entering the "old third board" market, despite the associated risks of low liquidity and potential further declines in stock value [12]. - The situation has drawn criticism, highlighting a lack of investor education regarding the distinction between good and bad stocks [15].