图片系AI生成 年末退市大考临近，A股"保壳"战场硝烟弥漫。一批ST及濒临退市公司密集祭出非常规手段，试图在监管红线前"踩刹车"，掀起新一轮财务与资本操作潮。 从股东兜底代偿、债务豁免，到1元甩卖资产、跨界并购重整，保壳路径花样翻新，背后是大股东对控制权、融资平台和财富安全的奋力一搏，也折射出产 业转型升级背景下地方维稳与上市公司平台价值再发现的复杂博弈。 在注册制深化与"应退尽退"监管基调下，突击财技正面临前所未有的穿透式审查。审计换所难掩瑕疵，立案调查冻结重组，"技术性保壳"的裸泳者终将在退 潮中现形。 从兜底代偿到1元甩卖，花式保壳层出不穷 年末保壳冲刺进入白热化，一些"戴帽"公司以及游走在保壳边缘的公司密集推出非常规操作，试图在退市红线前"踩刹车"。 兜底代偿成为修复历史污点的快捷方式。12月29日，ST路通公告第一大股东吴世春代偿原实控人资金占用本息合计1022.54万元。这笔款项覆盖了此前未入 账的869万元本金及利息，直接清除公司申请撤销其他风险警示（ST）的核心障碍。 回溯历史，2021年9月至2022年7月，公司实际控制人及其关联方累计发生资金占用1.55亿元。最终，因未能在一个月内解决资金 ...

今日关注 全国财政工作会议召开，锚定明年六大任务； 上交所发布商业火箭企业IPO指引; 6.12月27日起，银行业监督管理法修订草案(下称"修订草案")向社会公开征求意见，为期30日。在此之前，修订草案于12月22日提请十四届全国人大常委 会第十九次会议首次审议。修订草案以强化机构监管、行为监管、功能监管、穿透式监管、持续监管为主线，以消除监管空白、弥补监管短板、明确监管 授权为着力点，切实提高监管的前瞻性、精准性、有效性和协同性，更好发挥法治固根本、稳预期、利长远的保障作用，切实提高金融治理体系和治理能 力现代化水平。 7.国投白银LOF发布公告，为保护基金份额持有人利益，国投瑞银白银期货证券投资基金(LOF)C类基金份额将从2025年12月29日开始暂停申购。本基金取 消或调整2025年12月29日起的暂停C类基金份额申购(含定期定额投资)业务的具体时间将另行公告。 白银史诗级暴涨； 国投瑞银白银基金C类份额周一(12月29日)开始暂停申购。 重要的消息有哪些 1.12月27日至28日，全国财政工作会议在北京召开。会议总结2025年财政工作，布置2026年重点任务。财政部党组书记、部长蓝佛安作工作报告。会 ...

ST路通公告称，2021年9月至2022年7月，公司实控人及其关联方累计占用资金1.56亿元，公司股票于 2023年2月1日起被实施其他风险警示。2025年12月24日，持股10.46%的股东吴世春承诺代资金占用方 偿还本金869.36万元及利息。27日，公司收到吴世春代偿的本金及利息总计1022.54万元，至此占用资金 已全部归还。公司将委托会计师核实情况，取得专项审核报告后申请撤销其他风险警示，结果尚不确 定。 ...

从二级市场来看，11月14日，ST中珠开盘即涨停，报2.29元/股。而在此次涨停之前，ST中珠就已经连 收两个涨停板，近四个交易日内涨幅超18%。并且，ST中珠还在11月13日登上龙虎榜，买入前五席位 均为券商营业部。 据了解，梅花投资是今年7月新成立的合伙企业，执行事务合伙人为知名投资大佬吴世春。吴世春2014 年创立梅花创投基金，投资风格以 "快稳准" 著称，在科技、消费、医疗等多个领域都有涉猎，已投资 超过600家创新企业，包括理想汽车、小牛电动、趣店等知名标的。 值得一提的是，吴世春今年在二级市场动作频频。年初，通过旗下青云数科收购梦洁股份 10.65% 股 权，并持续增持ST路通，目前已成为后者第一大股东。 11月13日晚间，ST中珠披露公告，公司持股5%以上股东云鹰资本和郑子贤分别与梅花投资签署股份转 让协议。其中，云鹰资本拟转让1.07亿股，郑子贤拟转让1亿股，占公司总股本的10.38%。转让价格定 为1.95元/股，总价款为4.03亿元。 权益变动后，ST中珠第一大股东深圳朗地科技持股19.08%保持不变，梅花投资将以10.38%持股跃升为 第二大股东，原股东云鹰资本和郑子贤完全退出。 吴世春 ...

第1笔成交价格为11.91元，成交50.00万股，成交金额595.50万元，溢价率为-1.08%，买方营业部为国联 民生证券股份有限公司无锡湖滨路证券营业部，卖方营业部为国联民生证券股份有限公司无锡中山路证 券营业部。 进一步统计，近3个月内该股累计发生1笔大宗交易，合计成交金额为595.5万元。该股近5个交易日累计 上涨1.86%，主力资金合计净流出1964.6万元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月11日，ST路通（维权）收跌1.63%，收盘价为12.04元，发生1笔大宗交易，合计成交量50万股，成 交金额595.5万元。 责任编辑：小浪快报 ...

ST路通11月9日晚间公告，公司关注到有媒体在非官方披露渠道的公众平台发布相关信息，特此澄清如 下：公司认为本次股东大会决议合法有效，会议的召集与召开程序、表决方式及决议内容均符合《中华 人民共和国公司法》等相关法律法规及《公司章程》的规定。公司所有重大事项均以公告披露内容为 准。 ...

Core Viewpoint - ST Luton, established in February 2007 and listed on the Shenzhen Stock Exchange in October 2016, operates in the communication terminal and accessories sector, focusing on network transmission systems, smart IoT applications, and related technical services [1] Financial Performance - For Q3 2025, ST Luton reported revenue of 62.919 million, ranking 29th among 29 companies in the industry. The top company, Yiyuan Communication, achieved revenue of 17.877 billion, while the industry average was 2.195 billion [2] - The company's net profit for the same period was -39.401 million, placing it 22nd in the industry. The leading company, Yilian Network, reported a net profit of 1.958 billion, with the industry average at 163 million [2] Financial Ratios - As of Q3 2025, ST Luton's debt-to-asset ratio was 12.80%, down from 15.26% year-on-year and significantly lower than the industry average of 40.17%, indicating lower debt pressure [3] - The gross profit margin for Q3 2025 was 13.62%, slightly down from 13.99% year-on-year and below the industry average of 26.55%, suggesting a need for improvement in profitability [3] Management - The current general manager, Gu Zhonghui, born in 1981, took office in January 2025. He holds a master's degree in digital communication from Communication University of China and an MBA from Renmin University of China [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 0.92% to 6,156, while the average number of circulating A-shares held per shareholder decreased by 0.91% to 32,200 [5]

Core Points - The control battle between Wu Shichun, the founding partner of Meihua Venture Capital, and the current management of ST Luton has intensified, with Wu's board nominations being repeatedly rejected by the board [2][3] - Wu Shichun pledged 75% of his shares in the company, which accounts for 7.85% of the total share capital, with an unusual pledge expiration date set to 9999-01-01, indicating a strategic move to mitigate risks and maintain influence despite losing board seats [2][8] Group 1: Board Dynamics - Wu Shichun's nominations for two non-independent directors were rejected by the board, while the nominations from the third-largest shareholder, Wu Aijun, were approved unanimously [3][4] - The board's rejection of Wu's nominees was based on concerns regarding their qualifications and past performance, highlighting a significant divide in the board's opinions [4][5] - This marks the second time in 2023 that Wu Shichun has faced setbacks in his board nominations, indicating a growing complexity in the control dynamics of the board [4][5] Group 2: Share Pledge and Financial Strategy - Wu Shichun's pledge of 75% of his shares is seen as a financial maneuver to reduce pressure from margin calls and to potentially fund external investments [2][8] - The pledge is characterized as a "long-term" risk mitigation tool, commonly used by major shareholders to lower financial costs and maintain voting rights [2][8] - The funds from this pledge are explicitly stated not to be used for the company's operational needs, suggesting a strategy focused on external financial maneuvers rather than internal company growth [8] Group 3: Upcoming Shareholder Meeting - The upcoming shareholder meeting is expected to be contentious, with significant discussions around the cancellation of the supervisory board and changes to the company's governance structure [2][7] - The board structure will expand from five to seven members, including three independent directors and one employee representative, reflecting a shift in governance strategy [7]

Core Viewpoint - The ongoing legal disputes between ST Lutong and its shareholder Wu Shichun are intensifying, focusing on issues of compliance regarding voting rights and information disclosure related to stock acquisitions [1][2]. Group 1: Legal Proceedings - On October 20, a court hearing was held regarding ST Lutong's claims against Wu Shichun and others for damages related to alleged illegal actions in the shareholder meeting and information disclosure [1]. - ST Lutong is seeking compensation of 2.5 million yuan for losses incurred due to Wu Shichun's actions, which include a 3.87% illegal share increase and a request to change the board of directors [2][3]. Group 2: Compliance Issues - ST Lutong argues that Wu Shichun's acquisition actions violate compliance regulations, as the partnership intended for the acquisition was not established, and the transaction price was allegedly predetermined [3]. - The focus of the dispute includes the legality of the information disclosure regarding the acquisition and the delegation of voting rights, which ST Lutong claims was not properly disclosed [3][4]. Group 3: Shareholding and Voting Rights - As of May 26, Wu Shichun reportedly holds at least 13.86% of ST Lutong's shares, including both disclosed and undisclosed voting rights [4]. - ST Lutong contends that the voting rights associated with the shares transferred to Wu Shichun must be publicly disclosed, as per regulations governing shareholder rights [4][5]. Group 4: Regulatory Actions - Following the court proceedings, ST Lutong received regulatory notices from the Shenzhen Stock Exchange and Jiangsu Securities Regulatory Bureau for failing to timely notify shareholders about the meeting, leading to administrative measures against the company and its chairman [6].

Core Viewpoint - The court hearing regarding the securities dispute between ST Lutong and Wu Shichun, founder of Meihua Venture Capital, has intensified the internal conflict within ST Lutong, focusing on issues of information disclosure and voting rights [1][2]. Group 1: Legal Proceedings - ST Lutong is seeking compensation of 2.5 million yuan for losses incurred due to Wu Shichun's alleged illegal proposal to convene a shareholders' meeting to reorganize the board of directors [3]. - The court session highlighted the compliance issues surrounding the disclosure of information related to the acquisition and voting rights delegation agreements [3][4]. Group 2: Compliance Issues - ST Lutong claims that Wu Shichun's acquisition actions may have violated compliance regulations, as the partnership intended for the acquisition was not yet established, and the transaction price terms appeared to be predetermined [4]. - The company argues that Wu Shichun did not wait for compliance disclosure before proposing to reorganize the board, potentially harming the rights of minority investors [4]. Group 3: Voting Rights Controversy - ST Lutong asserts that Wu Shichun has acquired at least 13.86% of the company's shares through disclosed and undisclosed voting rights delegation [5]. - The focus of the dispute is on the validity of the voting rights delegation agreement, which ST Lutong claims should have been publicly disclosed [7]. Group 4: Regulatory Actions - Following the court hearing, ST Lutong received a regulatory notice from the Shenzhen Stock Exchange for failing to timely notify shareholders about the meeting [9]. - The Jiangsu Securities Regulatory Bureau has also issued corrective measures against ST Lutong and a warning to its chairman, which will be recorded in the market integrity archives [10].