11月25日晚，*ST苏吴（600200）（600200）、*ST东通（300379）（300379）分别公告称，收到中国 证监会《行政处罚决定书》，因涉嫌财务造假双双触及重大违法强制退市情形。 根据相关规定，*ST苏吴、*ST东通股票自11月26日开市起停牌。截至11月25日收盘，*ST苏吴涨停，报 1.24元/股，总市值8.81亿元。*ST东通上涨7.86%，报3.02元，总市值16.85亿元。 今年以来，沪深交易所已有13家公司因为财务造假被证监会行政处罚（或行政处罚事先告知）触及（或 涉嫌触及）重大违法强制退市，创历年新高。分别是*ST卓朗、*ST普利、*ST东方（600811）、*ST中 程、*ST苏吴、*ST恒立、*ST龙宇、*ST元成（603388）、*ST高鸿（000851）、*ST锦港、*ST东通、 *ST紫天、*ST九有。 据*ST苏吴公告，经查明，公司及相关人员存在以下违法事实：未如实披露实际控制人，2018年至2023 年年度报告存在虚假记载；虚增营业收入、营业成本和利润，2020年至2023年年度报告存在虚假记载； 未按规定披露关联方非经营性占用资金情况，2020年至2023年年度报 ...

11月25日，*ST苏吴及相关当事人收到中国证监会出具的《行政处罚决定书》，经查明，*ST苏吴及相 关人员存在以下违法事实： 11月25日，*ST苏吴（600200）与*ST东通（300379）两家A股上市公司收到监管部门下发的《行政处 罚决定书》，因多年财务造假双双触及重大违法强制退市红线。 一日之内两家公司因财务造假被依法从重处罚，既彰显监管"零容忍"执法决心，也标志着资本市场"出 清"机制正在加速净化市场生态。 今年以来，沪深交易所已有13家公司因为财务造假被证监会行政处罚（或行政处罚事先告知）触及（或 涉嫌触及）重大违法强制退市，创历年新高。分别是*ST卓朗、*ST普利、*ST东方（600811）、*ST中 程、*ST苏吴、*ST恒立、*ST龙宇、*ST元成（603388）、*ST高鸿（000851）、*ST锦港、*ST东通、 *ST紫天、*ST九有。 *ST苏吴股票将被实施重大违法强制退市 未如实披露实际控制人，2018年至2023年年度报告存在虚假记载；虚增营业收入、营业成本和利润， 2020年至2023年年度报告存在虚假记载；未按规定披露关联方非经营性占用资金情况，2020年至2023年 年度报 ...

Group 1 - The company *ST Zhongcheng will enter a delisting period starting June 30, 2025, lasting for 15 trading days, with the last trading day expected to be July 18, 2025 [2] - The company reported significant asset impairment in its overseas photovoltaic projects, leading to a negative net asset position and the issuance of a "*ST" warning [3] - A debt waiver of 850 million yuan from three state-owned enterprises was granted to the company, but an audit revealed that a substantial portion of the assets related to the Philippine photovoltaic project was impaired and lacked recoverable evidence [3] Group 2 - The company has been implicated in financial misconduct, with the China Securities Regulatory Commission revealing false financial data related to its Philippine projects from 2017 to 2022, resulting in inflated revenues and profits [4] - The company failed to disclose significant litigation involving its Indonesian subsidiary in 2023, indicating serious information disclosure violations [4]

摘要 / A股震荡下跌原因大揭秘 周末热点之一，美国打击伊朗核设施，还真是下场了！明天油气是不是又有得炒 了！ 据TankerTrackers.com的数据显示，从6月13日袭击开始后的5天内，伊朗原油 日均出口量达到了233万桶，比6月14日之前的年均水平高出44%。 东吴证券指出，前期量化资金抱团微盘股已显现出一定的瓦解迹象，若存量博弈 格局延续，量化资金仍将占据主导地位，但其配置策略上会减少市值暴露，需警 惕小微盘的短期回调风险。 配置上，东吴证券指出，创新药、新消费等热门主题短期可能已经到达阶段性顶 部。后续配置方面，建议关注业绩预期明朗，筹码、位置更具优势的泛科技方 向。 主要聊下A股周四、周五为什么下跌吧！ 看了好多策略周报，除了外围压制风险偏好外，内部宏观叙事走弱、资金止盈新 消费、微盘股等，导致赚钱效应变差，资金进一步流出。 国泰海通直接说，看似是中东，更合理的解释在于前期创新药、新消费等主题交 易已较为拥挤，市场借利空调整优化交易结构。 我再贴下申万宏源的全面分析： 1. 市场担心国内经济主要矛盾切换，可能有支撑力空窗期：6月港口数据率先回 落，"抢出口"提前走弱(市场基准预期是持续到7月) ...

Core Viewpoint - *ST Zhongcheng (formerly Qingdao Zhongcheng) has exhibited systematic, persistent, and cross-border characteristics in its financial fraud activities since 2017, involving fabricated projects and inflated asset values across two continents in the renewable energy and mineral resources sectors [1][2]. Group 1: Financial Fraud Details - The company inflated revenue by 1.403 billion yuan (92.18% of revenue) and profit by 553 million yuan (136.17% of profit) through premature recognition of uncompleted engineering income in the Philippines wind power project from 2017 to 2021 [1]. - In 2019, the company manipulated its financials by reducing revenue by 672 million yuan (88.83% of revenue) to adjust profit indicators, showcasing a typical "big bath" accounting strategy [1]. - From 2020 to 2022, despite knowing the revocation of mining rights and expiration of mining licenses, the company falsely listed invalid mining rights as intangible assets, cumulatively inflating asset size by over 1 billion yuan [2]. Group 2: Concealment of Major Litigation - In 2023, the company concealed a significant lawsuit involving 627 million yuan (57.47% of 2022 net assets) for six months, with collective participation from senior management in information suppression, indicating "institutional fraud" [3]. - The regulatory response included a fine of 7.5 million yuan for the company and a 6.5 million yuan fine plus a 10-year market ban for the main responsible person, totaling 19 million yuan in penalties, reflecting a shift towards a comprehensive punitive system [3]. Group 3: Potential Delisting - The delisting path for *ST Zhongcheng is characterized by intersecting regulatory triggers, including a negative net asset warning by the end of 2023 and a qualified audit report in 2024, which could lead to termination of listing [4]. - The company has faced compounded delisting risks due to six consecutive years of fraud, meeting the criteria for "three years of fraud leading to delisting" [4]. - Despite efforts from Qingdao state-owned assets to stabilize the company, including a debt waiver of 850 million yuan, the company still reported a 70.21% year-on-year revenue decline to 137 million yuan and a net loss of 310 million yuan in 2024, highlighting management failures in cross-border resource development [4].

Group 1 - Six *ST companies have received "Notice of Termination of Listing" as of May 11, with five touching on financial delisting indicators and one on trading delisting indicators [1] - The new delisting rules have increased the conditions for *ST companies to remove delisting risk warnings, requiring an unqualified internal control audit report; otherwise, delisting will occur [1] - Three companies, *ST Zhongcheng, *ST Renle, and *ST Gongzhi, received negative audit opinions on their internal controls for the 2024 financial report [1] Group 2 - *ST Hengli attributed its failure to disclose the annual report on time to its auditing firm, Shenzhen Xutai Accounting Firm, and has filed a lawsuit against them for damages [2] - The company claims that the audit firm’s negligence led to a market value loss of over 38 million yuan on April 30, 2025, and seeks compensation for this loss [2] - Discrepancies in major accounting treatments, particularly in revenue recognition, could result in *ST Hengli's main business revenue falling below 300 million yuan, posing a risk of delisting after the 2024 annual report [2] Group 3 - Among the six *ST companies, *ST Jiyuan is the only one that has triggered the delisting indicator based on share price, having traded below 1 yuan for 20 consecutive trading days [3] - *ST Jiyuan's stock will be suspended from trading starting April 24 due to this delisting condition [3]

【环球网财经综合报道】日前，有6家*ST公司发布公告称，收到《终止上市事先告知书》，其中5家触及财务类强制退市指标，1家触及交易类强制退市指 标。 具体来看，*ST中程5月7日公告称，公司收到深交所下发的《终止上市事先告知书》，拟被终止股票上市交易。此前，*ST中程因2023年度经审计的期末净 资产为负值，股票交易已被实施退市风险警示。2024年年度报告显示，公司财务会计报告被出具保留意见的审计报告，财务报告内部控制被出具否定意见的 审计报告，触及深交所《股票上市规则（2025年修订）》相关股票终止上市情形。 *ST人乐于5月6日公告称，公司收到《终止上市事先告知书》，深交所拟决定终止其股票上市交易。因2023年度经审计的净资产为负值，公司股票已被实施 退市风险警示。2024年度，公司经审计的期末净资产为-4.04亿元，财务会计报告被出具无法表示意见的审计报告，财务报告内部控制被出具否定意见的审 计报告，触及深交所相关股票终止上市情形。 *ST工智也因2024年度财务会计报告被出具无法表示意见的审计报告，财务报告内部控制被出具否定意见的审计报告，收到《终止上市事先告知书》。公司 5月9日晚公告称，已在规定期限 ...

Core Viewpoint - Multiple *ST companies are facing delisting risks as they have received pre-delisting notices from the exchange due to various financial and trading indicators [2][5][6] Group 1: Financial Indicators and Delisting Notices - As of May 11, six *ST companies have received pre-delisting notices, with five touching financial delisting indicators and one touching trading delisting indicators [2] - The new delisting regulations have introduced stricter conditions for *ST companies to remove delisting risk warnings, requiring internal control audit reports to be unqualified; otherwise, delisting will occur [2][3] - *ST Zhongcheng, *ST Renle, and *ST Gongzhi received negative internal control audit opinions for their 2024 financial reports, indicating significant financial distress [3][5] Group 2: Specific Company Cases - *ST Zhongcheng announced on May 7 that it received a pre-delisting notice due to a negative net asset value for 2023 and a negative internal control audit opinion for 2024 [3][4] - *ST Renle received a pre-delisting notice on May 6, with a reported net asset of -387 million yuan for 2023 and -404 million yuan for 2024, along with negative audit opinions [5] - *ST Gongzhi also received a pre-delisting notice due to negative audit opinions for its financial reports [5] Group 3: Additional Delisting Factors - *ST Longjin is set to exit the A-share market due to negative profit and revenue figures, having received a pre-delisting notice on April 25 [6] - *ST Hengli faced delisting risks for failing to disclose its 2024 annual report on time, with a reported negative net profit and revenue below 100 million yuan [7] - *ST Jiyuan triggered the delisting indicator by having its stock price below 1 yuan for 20 consecutive trading days, leading to a pre-delisting notice [9]

Core Viewpoint - The increasing prevalence of "non-standard audit opinions" is becoming a significant indicator for delisting in the A-share market, reflecting ongoing improvements in the quality of financial information disclosure among listed companies [1][5]. Group 1: Non-Standard Audit Opinions - As of now, 191 out of 5403 listed companies in the A-share market received "non-standard audit opinions" for their 2024 annual reports, a decrease of 7.3% from 206 companies in 2023 [1][5]. - The breakdown of non-standard opinions includes 20 companies with "unable to express an opinion," 99 with "emphasis of matter" in unqualified opinions, and 72 with qualified opinions [1][2]. - The introduction of internal control audits for the ChiNext and Beijing Stock Exchange has led to 155 internal control non-standard opinions, with 38 companies receiving "negative opinions" [1][2]. Group 2: Audit Firms and Reasons for Non-Standard Opinions - A total of 44 accounting firms issued the 191 non-standard audit opinions, with Zhongxing Caiguanghua leading with 20 opinions, followed by Lixin with 16 [2]. - The primary reasons for non-standard opinions include uncertainties regarding business authenticity, limitations in audit scope, and significant doubts about the company's ability to continue as a going concern [2][3]. - Specific cases, such as *ST Dongtong and *ST Xinyuan, illustrate the challenges faced by companies in providing adequate audit evidence and the impact of ongoing investigations on audit outcomes [2][3]. Group 3: Delisting Risks - Companies receiving "unable to express an opinion" or "negative opinions" face delisting risks under the stock listing rules, with 20 companies already under delisting risk warnings [5][6]. - A total of 98 companies have received non-standard opinions for two consecutive years, with five companies facing potential delisting due to repeated "unable to express an opinion" reports [5][6]. - The new delisting regulations effective from January 1, 2025, may also lead to forced delisting for companies with three consecutive years of internal control non-standard opinions [6][7]. Group 4: Recommendations for Companies - Companies are advised to disclose the specifics and reasons for non-standard audit opinions promptly and to implement corrective measures [7][8]. - Maintaining close communication with audit firms and providing sufficient explanations and evidence for audit concerns can help mitigate the risks of receiving non-standard opinions in the future [7][8].

Group 1 - Three companies, *ST Zhongcheng, *ST Renle, and *ST Hengli, received the "Notice of Termination of Listing" from the Shenzhen Stock Exchange, indicating a potential exit from the A-share market [1][4] - The termination of listings reflects the intensified efforts to clear out risk companies under the new delisting regulations, marking the end of the "zombie" era in the A-share market [1][9] Group 2 - *ST Zhongcheng's delisting is closely linked to its long-term financial fraud, with the company having inflated its revenue by 1.403 billion yuan in 2017, accounting for 92.18% of its reported revenue for that period [2] - *ST Hengli faced a dramatic delisting path, with new controlling shareholder Shi Shengping failing to rescue the company, which reported negative net profits for two consecutive years and revenue below 100 million yuan [3][4] - *ST Renle's operational difficulties are highlighted by a nearly 50% year-on-year decline in revenue for 2024 and a negative net asset of -404 million yuan, leading to an audit report that could not express an opinion [5][6] Group 3 - The experiences of these three companies illustrate the impact of the new delisting regulations, which feature stricter financial delisting indicators and create a balance with the comprehensive registration system, promoting the exit of "bad money" and reallocating resources to quality enterprises [9]