Core Viewpoint - *ST Zitian is on the brink of delisting due to financial fraud, neglecting inquiries from the stock exchange, and high-level executives evading regulatory oversight [1][4]. Group 1: Company Background - *ST Zitian, originally known as Nantong Forging Equipment Co., Ltd., was established in March 2002 and was once a leading manufacturer of hydraulic machines in China [12]. - The company went public on the Shenzhen Stock Exchange in December 2011 and became controlled by Anchang Investment through a merger in early 2016 [13]. Group 2: Financial Issues - From 2013 to 2022, *ST Zitian's cumulative net profit attributable to shareholders was less than 1.1 billion [19]. - In 2023, the company reported a net loss of 1.21 billion, marking a significant downturn in performance [19]. - The 2024 earnings forecast indicates a projected loss of 150 million to 220 million, attributed to reduced client budgets in its internet advertising business and intensified market competition [20]. Group 3: Regulatory Challenges - The company has faced severe regulatory scrutiny, including a notice from the Fujian Securities Regulatory Bureau regarding false financial reporting and a lack of cooperation during investigations [7][21]. - As of July 20, 2023, *ST Zitian announced that its stock would be suspended from trading due to the impending delisting process [21]. - The company has not engaged in any corrective actions or hired a qualified accounting firm to address the regulatory issues [9][10]. Group 4: Legal Consequences - Following the regulatory actions, investors have begun filing civil compensation lawsuits against *ST Zitian [22].

Core Viewpoint - *ST Zitian is facing potential delisting due to financial misconduct, including false accounting reports and non-compliance with regulatory requirements [2][5][11] Group 1: Company Background - *ST Zitian, originally known as Nantong Forging Equipment Co., Ltd., was established in March 2002 and was once a leading manufacturer of hydraulic machines in China [6] - The company went public in December 2011 and has undergone ownership changes, with Anchang Investment becoming the controlling shareholder in early 2016 [6][8] Group 2: Financial Performance - From 2013 to 2022, *ST Zitian reported a total net profit of less than 1.1 billion yuan, but in 2023, it recorded a net loss of 1.21 billion yuan [10] - The company anticipates a further loss of 150 million to 220 million yuan for the year 2024, attributed to reduced client budgets in its internet advertising business and increased market competition [10] Group 3: Regulatory Issues - The company has been under investigation by the Fujian Securities Regulatory Bureau for financial misconduct, leading to administrative penalties against the company and its executives [4][11] - As of July 20, 2025, *ST Zitian announced that its stock would be suspended from trading due to the impending delisting process, following a lack of corrective actions [11][12] Group 4: Management and Control - The actual controllers of *ST Zitian are Yao Haiyan and Zheng Lan, both of whom are over 70 years old and have a history of involvement in various investment projects [8][9] - The management team, including the chairman and other executives, has been accused of evading regulatory inquiries and failing to cooperate with investigations [3][4]

Core Viewpoint - *ST Zitian (300280) is facing potential delisting due to failure to rectify issues identified in its annual reports, which contained significant false records of revenue totaling 2.499 billion yuan, accounting for 63.53% of the reported revenue for 2022 and 2023 [6][3]. Group 1: Company Announcements - On July 20, *ST Zitian announced that its stock may be delisted and will be suspended from trading starting July 21 [3]. - The company has not completed the required rectification within the mandated timeframe, leading to a suspension of its stock from March 17, 2025 [6]. - The company received an administrative penalty notice from the Fujian Securities Regulatory Bureau on June 27, indicating serious violations in its financial reporting [6]. Group 2: Stock Performance - From July 11 to July 18, *ST Zitian's stock price fell by a cumulative 50%, indicating severe abnormal trading activity [7]. - On July 18, the stock price dropped over 13%, closing at 2.74 yuan per share, with a total market capitalization of 444 million yuan [7]. - Since the beginning of the year, the stock has experienced a total decline of 87.01% [7]. Group 3: Investor Activity - During the period of significant stock price fluctuation (July 11-18), retail investors dominated trading, accounting for 99.62% of total buy transactions and 97.06% of total sell transactions [8]. - Retail investors made a net purchase of 39.53 million yuan during this period, with total buy and sell amounts reaching 989 million yuan and 963 million yuan, respectively [8].

Core Viewpoint - The change in the actual controller of *ST Chuangxing due to the auction of shares held by its controlling shareholder, Huqiao Industrial, has significant implications for the company's future direction and financial health [1][2]. Group 1: Shareholder Changes - *ST Chuangxing announced a change in its actual controller to Wang Xiangrong after Huqiao Industrial's 67 million shares were auctioned, resulting in a new ownership structure [1]. - Liou Co., through its subsidiaries, acquired 42 million shares of *ST Chuangxing for a total price of 153 million yuan, representing approximately 9.88% of the company's equity [1]. - Following the auction, Huqiao Industrial's shareholding decreased from 101 million shares to 34.6641 million shares, reducing its stake from 23.90% to 8.15% [1]. Group 2: Financial Performance - In Q1 2025, *ST Chuangxing reported a revenue of only 247,700 yuan, a year-on-year decline of 97.83%, and a net loss of 5.2909 million yuan, a year-on-year increase of 311.83% [3]. - The company anticipates a half-year net loss for 2025 between 12.5 million and 15.5 million yuan, with a non-recurring net loss expected to be between 13 million and 16 million yuan [3]. - The significant drop in revenue is attributed to a large decrease in business scale, despite a reduction in expenses compared to the previous year [3]. Group 3: Business Outlook - The new controller, Wang Xiangrong, is known for his aggressive acquisition strategy, having transformed Liou Co. into a diversified business since 2014, but the core business of *ST Chuangxing differs significantly from Liou Co.'s [2]. - *ST Chuangxing is primarily engaged in building decoration, mobile information services, and emerging computing power services, which are still in the exploratory phase and have not yet generated actual revenue [2]. - The company is at risk of delisting, as it must achieve 300 million yuan in revenue by 2025 to avoid delisting risks triggered by its 2024 audited financial data [2].

Core Viewpoint - ST Guandian (688287.SH) reported a significant decline in revenue and a substantial net loss, revealing serious financial issues and potential delisting risks due to various violations by its actual controller, Gao Ming [1][2]. Financial Performance - The company recorded a revenue of only 89.98 million yuan, a year-on-year decrease of 57.58%, and a net loss of 136 million yuan, an increase of 744.26% year-on-year [1]. - The net assets shrank by 15.86%, pushing the company closer to the edge of delisting [1]. Mismanagement and Violations - Gao Ming engaged in systematic financial misconduct, including the unauthorized occupation of 96.9472 million yuan of company funds, which accounted for 97% of the projected 2024 revenue [2]. - The company was involved in fraudulent financial reporting, inflating revenue by 58.71 million yuan in 2023 and manipulating income recognition practices [3]. Business Decline - The core business saw a drastic decline, with drone system sales dropping by 57.26% and service revenue decreasing by 45.87%, particularly non-drug-related services, which plummeted by 79.69% [3]. - The sales team was reportedly mismanaging costs, leading to a situation where sales expenses exceeded revenue, creating a "losing cycle" [3]. Delisting Risks - For the first three quarters of 2024, the company reported a revenue of only 74.26 million yuan, with a risk of falling below 100 million yuan for the year, which could trigger delisting provisions [4]. - The company has only 21.07 million yuan in confirmed orders and 78.11 million yuan in intended orders without contractual backing, raising concerns about revenue authenticity [4].

来源：环球网 【环球网综合报道】业绩预亏的江苏吴中医药发展股份有限公司（以下简称"江苏吴中"）再遭退市警 报。日前，江苏吴中发布公告，称收到中国证监会《行政处罚事先告知书》。这家成立于1994年、1999 年上市的老牌企业，因2020年至2023年连续四年财务造假，虚增营业收入超17亿元、利润总额近8000万 元，并隐瞒实际控制人身份，被证监会顶格处罚3050万元。董事长钱群山因组织、指使造假行为，被处 以1500万元罚款及10年证券市场禁入，公司股票自当日起被叠加实施退市风险警示，或成为A股又一起 重大违法强制退市案例。 公告截图 根据证监会调查，江苏吴中通过三家子公司——江苏吴中进出口有限公司、中吴贸易发展（杭州）有限 公司、江苏吴中海利国际贸易有限公司，与浙江优诺德贸易有限公司等关联方开展无真实物资交付的贸 易业务，虚增营收与利润。 2020年—2023年，四年分别虚增营收4.95亿元、4.69亿元、4.31亿元、3.77亿元，占当期披露营业收入的 26.46%、26.39%、21.26%、16.82%。此外，分别虚增利润总额1458.27万元、2027.12万元、1992.42万 元、2121.94万 ...

Group 1 - The company has been issued a delisting risk warning due to the inability of the annual audit institution to express an opinion on the 2024 financial report, triggering the delisting risk warning as per the Shanghai Stock Exchange listing rules [1] - The company is also facing additional risk warnings due to non-operational occupation of company funds by related parties of the controlling shareholder, which violates specific provisions of the Shanghai Stock Exchange listing rules [1] - The company’s subsidiaries have been found to engage in non-substantive trade activities with related companies, resulting in inflated revenue, costs, and profits from 2020 to 2023, with revenue inflated by 26.46%, 26.39%, 21.26%, and 16.82% respectively [2] Group 2 - The inflated operating costs amounted to 480.68 million, 448.24 million, 410.82 million, and 355.44 million yuan, representing 37.08%, 35.47%, 28.40%, and 20.95% of the reported operating costs for the respective years [2] - The total profit inflated was 14.58 million yuan for the years in question, leading to potential mandatory delisting due to significant legal violations [2] - The company’s stock will be subject to an additional delisting risk warning starting from July 14, 2025, as per the regulations [2]

Core Viewpoint - *ST Suwu has been identified for continuous financial fraud over four years, leading to potential mandatory delisting due to significant violations of regulations [1][3]. Summary by Sections Financial Misconduct - From 2020 to 2023, *ST Suwu reported false financial statements, inflating revenue by 4.95 billion, 4.69 billion, 4.31 billion, and 3.77 billion respectively, which accounted for 26.46%, 26.39%, 21.26%, and 16.82% of the reported revenue for those years [2]. - The company also inflated total profits by 145.83 million, 202.71 million, 199.24 million, and 212.19 million, representing 2.89%, 51.65%, 26.42%, and 29.81% of the total profits for the respective years [2]. - Non-operational fund occupation by related parties was not disclosed, with balances of 127 million, 1.393 billion, 1.543 billion, and 1.693 billion, which constituted 6.88%, 74.20%, 84.60%, and 96.09% of the net assets [2]. Control and Reporting Issues - The actual controller of *ST Suwu was misreported in annual reports from 2018 to 2023, with the company incorrectly identifying Qian Qunying as the actual controller instead of Qian Qunshan [3]. Regulatory Actions and Consequences - Starting July 14, *ST Suwu's stock will be subject to delisting risk warnings due to the serious violations identified [3]. - During the delisting risk warning period, the company must disclose progress every five trading days and provide special risk warnings regarding the potential for mandatory delisting [4]. - The company has a history of warnings about delisting risks, with the China Securities Regulatory Commission (CSRC) issuing a notice of investigation in February 2023 [4]. Future Implications - The CSRC maintains a strict stance on delisting, indicating that even if a company is delisted, it remains accountable for any illegal activities [5]. - Investors may pursue civil compensation for false statements after the final administrative penalty decision is made [5]. - The Supreme People's Court and CSRC have issued guidelines to enhance investor protection and combat fraudulent activities in the capital market [5].

Core Viewpoint - *ST Suwu has been identified for continuous financial fraud over four years, leading to a significant violation that may result in mandatory delisting from the stock market [2][4]. Financial Misconduct - The company has been found to have inflated revenue and profit figures from 2020 to 2023, with inflated revenues of 4.95 billion, 4.69 billion, 4.31 billion, and 3.77 billion respectively, representing 26.46%, 26.39%, 21.26%, and 16.82% of the reported revenues for those years [2][3]. - The inflated profit totals for the same period were 145.83 million, 202.71 million, 199.24 million, and 212.19 million, accounting for 2.89%, 51.65%, 26.42%, and 29.81% of the reported profits [2][3]. Non-Disclosure of Related Party Transactions - The company failed to disclose significant non-operating fund occupations by related parties, with balances of 127 million, 1.393 billion, 1.543 billion, and 1.693 billion from 2020 to 2023, which constituted 6.88%, 74.20%, 84.60%, and 96.09% of the net assets reported [3]. Regulatory Actions and Consequences - Following the identification of these violations, *ST Suwu is subject to a fine of 10 million and faces mandatory delisting as per the stock exchange regulations [2][4]. - The company must disclose updates on its situation every five trading days during the delisting risk warning period, and its stock will be suspended pending the final delisting decision [4]. Investor Protection and Legal Accountability - The China Securities Regulatory Commission (CSRC) emphasizes that companies facing delisting will still be held accountable for their illegal activities, ensuring that investors can pursue civil compensation for false statements [5][6]. - The CSRC's approach includes strict enforcement of repayment obligations for fund occupations and a commitment to investor protection through legal frameworks [6].

财报难产 点燃这根引线的，是迟迟难发的财务报告。 7月11日，*ST天茂继续跌停，已录得复牌后的第四个一字跌停板。7月8日，天茂集团股票简称由"天茂集 团"变更为"*ST天茂"，正式被实施退市风险警示。 今年4月28日晚，天茂集团（*ST天茂，下同）发布风险提示公告，称原定于2025年4月29日披露2024年年度报 告和2025年第一季度报告。因定期报告涉及的部分信息需要进一步补充提供，公司无法在2025年4月29日披露 2024年年度报告和2025年第一季度报告，也可能无法在法定期限内（2025年4月30日）披露上述定期报告。 彼时，公司表示公司正常经营，2024年度报告编制工作仍在进行中，会尽最大努力加强与各方的沟通，组织有 关人员抓紧完成定期报告的编制工作，披露2024年年度报告及2025年第一季度报告。 天茂集团于1996年公开发行股票并上市，是"法人股大王"刘益谦资本布局中的重要一子。叱咤市场近30 年，一夕之间，天茂集团走到了退市边缘。 上述财报至今未能发布。 5月5日晚，天茂集团正式发布"关于无法在法定期限内披露定期报告暨股票停牌的公 告"。5月6日，天茂集团股票开市起停牌。同日，因涉嫌未按期披 ...