Core Viewpoint - Jiangsu Wuzhong (600200.SH) is facing imminent delisting risks due to multiple violations, including significant financial losses and operational stagnation, as highlighted in recent announcements and financial reports [1][2][4]. Group 1: Delisting Risks - Jiangsu Wuzhong has issued a risk warning regarding potential delisting due to a face value breach, with a stock price currently at 0.99 yuan, down 89% year-to-date [1][2]. - The company is under investigation by the China Securities Regulatory Commission (CSRC) for major violations, including failure to disclose the actual controller and inflating financial figures from 2018 to 2023 [2][3]. - The company has been identified as having significant non-operational fund occupation by related parties, with amounts soaring from 127 million yuan in 2020 to 1.693 billion yuan in 2023, representing 96.09% of net assets [3]. Group 2: Financial Performance - Jiangsu Wuzhong reported a net loss of 87.468 million yuan for the first three quarters, with revenue dropping by 38.85% to 784 million yuan [1][4]. - The company's pharmaceutical business saw a 55.79% decline in revenue, while the medical beauty segment, previously seen as a growth area, is now under threat due to the termination of exclusive distribution rights for a key product [5][6]. - The third quarter alone showed a staggering revenue drop of 63.93% compared to the previous quarter, with a net loss of 43.0502 million yuan, marking a significant operational downturn [5][6].

Core Viewpoint - *ST Gao Hong is facing imminent delisting due to its stock price being below the par value of 1 yuan for 16 consecutive trading days, with a current price of 0.46 yuan per share [1] Company Summary - The main business of *ST Gao Hong includes enterprise information services, IT sales to 3C markets and SMEs, and information services for individual consumers [1] - For the first half of 2025, the company reported an earnings per share of -0.12 yuan and a net profit attributable to shareholders of -140.34 million yuan, with a year-on-year net profit growth rate of -3166.01% [1] - As of August 20, 2025, the number of shareholders stood at 53,000 [1] Regulatory Actions - On August 8, 2025, *ST Gao Hong received a notice from the China Securities Regulatory Commission (CSRC) regarding administrative penalties for severe financial fraud over multiple years [1] - The CSRC found that from 2015 to 2023, *ST Gao Hong inflated its revenue and profits through false trade activities, with a total inflated revenue of approximately 19.8 billion yuan and inflated profits exceeding 76.2 million yuan [2] - The CSRC plans to impose fines exceeding 160 million yuan on *ST Gao Hong and related parties, along with market bans for key individuals involved [2] Market Context - Since August 11, 2025, *ST Gao Hong's stock has experienced continuous trading halts, with 28 trading days of price drops by September 22, 2025 [2] - In 2023, 22 A-share companies have completed delisting procedures, with 6 more currently in the delisting process, indicating a trend of increasing major illegal delistings compared to par value delistings [2] - As of September 21, 2023, over 10 A-share companies have faced administrative penalties from the CSRC for financial fraud, triggering major illegal delisting standards [2]

Core Viewpoint - The company *ST Gao Hong (000851) is at risk of being delisted due to its stock price falling below the par value of 1 yuan for 15 consecutive trading days, with potential for major illegal delisting due to fraudulent activities in its financial reporting [1][2]. Summary by Sections Stock Price and Delisting Risk - As of September 19, 2025, *ST Gao Hong's stock price closed at 0.48 yuan per share, indicating that even with five consecutive trading days of limit-up, it cannot return to the par value of 1 yuan [5]. - The company has been warned that if its stock price remains below 1 yuan for 20 consecutive trading days, it will face delisting according to the Shenzhen Stock Exchange rules [1]. Regulatory Actions and Violations - On August 8, 2025, the company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC), indicating that its non-public stock issuance in 2020 constituted fraudulent issuance and that its annual reports from 2015 to 2023 contained false records [2][3]. - The fraudulent activities include inflated revenue and profit figures, with reported inflated revenues ranging from 6.94 million yuan to 56.34 million yuan across various years, significantly impacting the reported financial performance [3]. Financial Misrepresentation - The company’s annual reports from 2015 to 2023 showed inflated operating income and costs, with the inflated profits totaling up to 2,190.52 million yuan in 2020, representing 64.88% of the reported profit for that year [3]. - The CSRC's notice also highlighted that the documents related to the 2020 non-public stock issuance included false data from 2018 to 2020, further complicating the company's legal standing [4]. Company Background - *ST Gao Hong, established in 2003 and initiated by the China Academy of Telecommunications Technology, has developed a business structure focusing on digital applications, information services, and IT sales over the past two decades [7].

Core Viewpoint - *ST Gaohong faces the risk of being delisted due to its stock price falling below par value, with a closing price of 0.48 yuan as of September 19, 2025, and has been below 1 yuan for 15 consecutive trading days [1][5]. Group 1: Delisting Risks - The company announced that its stock may be terminated from listing if it continues to trade below 1 yuan for 20 consecutive trading days, as per the Shenzhen Stock Exchange regulations [1]. - The company is also at risk of being subject to mandatory delisting due to significant legal violations, as indicated by a notice from the China Securities Regulatory Commission (CSRC) regarding fraudulent issuance of shares and false financial reporting from 2015 to 2023 [2]. Group 2: Financial Misreporting - The CSRC's notice revealed that the company inflated its reported revenue and costs significantly over several years, with inflated revenues ranging from 6.94 million yuan to 56.34 million yuan, constituting up to 49.38% of reported revenues in certain years [3]. - The inflated profits reported by the company also showed substantial discrepancies, with inflated profit totals reaching as high as 2,190.52 million yuan, representing 64.88% of the reported profit in one year [3]. Group 3: Recent Developments - The company’s non-public stock issuance in 2020 was found to contain false data, leading to accusations of fraudulent issuance, with a total fundraising amount of 1.25 billion yuan approved by the CSRC [4]. - The stock has experienced significant volatility, with a cumulative price drop exceeding 12% over three consecutive trading days in September 2025 [4].

Core Viewpoint - The company, 大唐高鸿网络股份有限公司, has issued a risk warning regarding the potential termination of its stock listing due to its share price falling below the par value of 1 yuan per share, which was recorded at 0.98 yuan per share for the first time [1][2]. Group 1: Reasons for Potential Termination of Listing - The company’s stock may be delisted if it trades below 1 yuan for 20 consecutive trading days, as per the Shenzhen Stock Exchange listing rules [2]. - The company has been identified in an administrative penalty notice for fraudulent issuance of shares in 2020 and for false records in annual reports from 2015 to 2023, which may lead to mandatory delisting [4][5]. Group 2: Disclosure of Termination Risk - The company is required to disclose the risk of potential delisting on the next trading day after its stock price first falls below 1 yuan, and must continue to disclose this risk if the price remains below 1 yuan for 10 consecutive trading days [2][3]. Group 3: Additional Information - The company’s stock has been under risk warning since August 11, 2025, due to the aforementioned issues, and it has received an audit opinion indicating an inability to express a view on its financial statements [5].

Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. faces significant risks of forced delisting due to major violations and financial issues, including false reporting of revenue and profits from 2020 to 2023 [4]. Group 1: Major Violation Delisting Risk - The company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) for falsely inflating operating income, costs, and profits, which may lead to forced delisting [4]. - The company’s stock has been under risk warning since July 14, 2025, due to the potential for major violations leading to termination of listing [1][4]. Group 2: Financial Delisting Risk - The 2024 financial report received a disclaimer of opinion from the auditing firm, triggering financial delisting risks under the Shanghai Stock Exchange rules [1][2]. - The company is currently under risk warning due to financial issues, including the inability to express an opinion on internal controls [2]. Group 3: Other Risk Warnings - The company is facing additional risk warnings due to non-operational fund occupation by related parties, which violates stock exchange regulations [2]. - The company has also encountered operational risks, including a contract termination with a medical product distributor, affecting sales [2]. Group 4: Investor Advisory - The company urges investors to be cautious and rational in their investment decisions, especially given the recent abnormal stock price fluctuations that do not align with deteriorating fundamentals [4].

Core Points - *ST Suwu's stock closed at 0.99 CNY per share on August 14, which is below the 1 CNY threshold [1] - According to the Shanghai Stock Exchange rules, if a company's stock price remains below 1 CNY for 20 consecutive trading days, it may face delisting [1] - The company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) on July 13, leading to a risk warning being implemented from July 14 [1] - If the CSRC's final decision confirms significant violations, the company's stock will be subject to mandatory delisting [1]

Group 1 - The core point of the article is that Jiyuan Holdings Group Co., Ltd. (*ST Jiyuan) will be delisted from the Shenzhen Stock Exchange on May 29, 2025, due to triggering mandatory delisting rules after its stock price remained below 1 yuan for 20 consecutive trading days [1][3] - The company has experienced continuous losses since 2019, with a cumulative net profit loss exceeding 3.2 billion yuan from 2019 to 2023 [3] - Jiyuan Holdings has faced significant goodwill impairment risks, totaling over 1.5 billion yuan from 2019 to 2024, which has directly contributed to its net profit losses [3] Group 2 - The company was originally known as Tonghua Shuanglong Chemical Co., Ltd. and transitioned to the pharmaceutical sector in 2014 through the acquisition of Jinbao Pharmaceutical [3] - Since its rebranding in 2017, the company has aggressively pursued mergers and acquisitions, acquiring over ten companies within three years, leading to a dual business model of "chemicals + pharmaceuticals" [3] - In 2024, the company's revenue declined by 3.69%, and its losses expanded to 439 million yuan [3] Group 3 - As of 2025, a total of 11 companies have been delisted from the A-share market, with *ST Jiyuan being one of them, alongside others like *ST Meixun and *ST Bo Xin [4] - The reasons for delisting include breaches of face value, market value, voluntary delisting applications, and forced delisting due to major violations [4]

Core Viewpoint - *ST Jiyao (300108) has been decided to be delisted by the Shenzhen Stock Exchange due to triggering mandatory delisting conditions, with the delisting date set for May 29, 2025 [1][2]. Summary by Sections Company Announcement - On May 28, 2025, *ST Jiyao announced that its stock would be terminated from listing by the Shenzhen Stock Exchange, effective May 29, 2025, without entering a delisting adjustment period [1]. - The company received the termination notice on May 26, 2025, and is required to ensure its shares can enter the National Equities Exchange and Quotations (NEEQ) within 45 trading days after delisting [1]. Shareholder Information - As of March 31, 2025, *ST Jiyao had 28,056 shareholders [2]. Stock Trading Activity - Prior to its suspension on April 24, 2025, *ST Jiyao's stock price was reported at 0.21 CNY per share. On the last trading day before suspension, the stock opened at a limit-down price of 0.19 CNY, briefly rising to 0.23 CNY with a turnover rate of 29.42%, and a total trading volume of nearly 40 million CNY [4]. - The stock experienced significant price fluctuations, with a cumulative price drop deviation of 30% over two consecutive trading days and 50% over four trading days, indicating severe abnormal trading conditions [4]. Company Background - *ST Jiyao, established in 2000, operates in the pharmaceutical industry, including manufacturing, wholesale, retail, and healthcare services. The company transitioned from a chemical focus to pharmaceuticals through acquisitions starting in 2014 [6]. - The company has faced continuous losses since 2019, with a reported revenue of 333.33 million CNY in 2024, a decrease of 3.69% year-on-year, and a net loss of 439.43 million CNY, worsening from a loss of 349.31 million CNY in the previous year [6][7]. Financial Performance - As of the end of 2024, *ST Jiyao's total assets were approximately 1.44 billion CNY, down 24.52% from the previous year, and the net assets attributable to shareholders were negative 776.52 million CNY, a decline of 176.66% [7]. - In the first quarter of 2025, the company reported a revenue of 63.74 million CNY, a year-on-year decrease of 15.53%, and a net loss of 45.17 million CNY, compared to a loss of 40.85 million CNY in the same period last year [8].

Core Viewpoint - Four companies, *ST Xulan, *ST Jiayu, *ST Dongfang, and *ST Furun, have been delisted from the A-share market due to their stock prices being below 1 RMB for 20 consecutive trading days, indicating severe financial distress and regulatory issues [1][2][3]. Group 1: Company Summaries - *ST Xulan (000040) specializes in photovoltaic power generation technology and equipment. The company faced delisting after its stock price fell to 0.49 RMB, with a market capitalization of 729 million RMB. The actual controller is under investigation for information disclosure violations, worsening the company's operational difficulties [1]. - *ST Jiayu (300117) focuses on energy-efficient building products. The company reported a significant decline in revenue, with a net profit of -5.48 million RMB and a non-recurring net profit of -165 million RMB in Q1 2025. Additionally, it has new enforcement information totaling 50.2 million RMB, highlighting its financial risks [2]. - *ST Dongfang (600811) operates in modern agriculture and health food. The company’s stock price fell below 1 RMB, and it is under investigation for false disclosures in its annual reports from 2020 to 2023. The projected net profit for 2024 is expected to be between -800 million and -1.2 billion RMB [2]. - *ST Furun (600070) is involved in internet services. The company reported a net loss of 361 million RMB for 2024, although this was a 36.45% improvement year-on-year. In Q1 2025, the net loss was 10.1 million RMB, indicating ongoing financial struggles [3]. Group 2: Market Trends - There is a growing concern as other A-share companies, such as *ST Pengbo and *ST Jiu You, have also seen their stock prices drop below 1 RMB, with *ST Pengbo at 0.62 RMB and *ST Jiu You at 0.96 RMB, indicating a potential trend of financial instability among listed companies [3].