Core Viewpoint - *ST Dongtong's stock has experienced significant declines due to allegations of financial misconduct, leading to regulatory scrutiny and potential delisting risks [1][3]. Trading Information Summary - On September 18, *ST Dongtong (300379) closed at 2.7 yuan, down 19.88%, with a trading volume of 112,868 shares and a turnover of 30.47 million yuan [1][3]. - The stock has fallen for four consecutive days, with four out of the last five trading days showing declines exceeding 5%, resulting in a year-to-date drop of 80.96% [1][3]. - In the first ten trading days, the net outflow of main funds totaled 46.66 million yuan, with a cumulative stock price drop of 54.04% [1]. Fund Flow Summary - On September 18, main funds saw a net outflow of 7.35 million yuan, while retail investors experienced a net inflow of 6.50 million yuan, indicating a trend of main funds exiting and retail investors buying in [1][3]. 龙虎榜 Summary - *ST Dongtong was listed on the trading alert board on September 18 due to a daily drop of 15% and a cumulative deviation of over 30% in the last three trading days, marking the fourth time in five days it has appeared on this list [1][3]. Company Announcement Summary - The company announced that its stock price had deviated significantly over two consecutive trading days, leading to an investigation by the China Securities Regulatory Commission (CSRC) for alleged false financial reporting from 2019 to 2022 and fraudulent issuance of shares in 2022 [1][3]. - The stock has been under a delisting risk warning since September 15, pending the CSRC's final decision on penalties [1][3].

【导读】*ST创兴实控人刑事立案后，董事长也被抓 中国基金报记者 南深 9月18日，创兴资源 （ 即*ST创兴 ） 发布公告称， 收到 公司 董事长刘鹏家属通知， 刘鹏已 收到杭州市公安局上城区分局的拘留通知， 正在公安机关配合调查 。 创兴资源强调，刘鹏 接受调查事项与公司无关。 鉴于以上情况， *ST创兴 董事会推举公司董事兼总经理杨喆代行董事长及公司法定代表人职责，代行职责的期限自推举之日起至刘鹏恢复 履行职责或选举产生新任相关职务人员之日止。 "华侨系"债务危机影响蔓延 资料显示， 刘鹏2023年5月至今任浙江华侨实业有限公司总裁 及*ST创兴 董事长。 在他之前，"华侨系"的实控人同时也是*ST创兴的前 任实控人 余增云 已被刑事立案。 2023年3月，余增云通过浙江华侨实业间接控制了创兴资源，成为其实际控制人，控制权比例为 23.9%，其中大部分（6700万股，占其持 股的65.9%）被质押 用于融资 。 但很快， 其控制的"华侨系"企业（如华侨控股集团）陷入了严重的理财兑付危机，部分相关公司的办公 场所已被查封。 余增云 也 自2024年9月起失联，并于2024年11月因涉嫌集资诈骗，被杭州市公 ...

【导读】*ST创兴实控人刑事立案后，董事长也被抓 9月18日，创兴资源（即*ST创兴）发布公告称，收到公司董事长刘鹏家属通知，刘鹏已收到杭州市公安局上城区分局的拘留通知，正在公安机关配合调 查。创兴资源强调，刘鹏接受调查事项与公司无关。 "华侨系"债务危机影响蔓延 资料显示，刘鹏2023年5月至今任浙江华侨实业有限公司总裁及*ST创兴董事长。在他之前，"华侨系"的实控人同时也是*ST创兴的前任实控人余增云已被 刑事立案。 2023年3月，余增云通过浙江华侨实业间接控制了创兴资源，成为其实际控制人，控制权比例为23.9%，其中大部分（6700万股，占其持股的65.9%）被质 押用于融资。但很快，其控制的"华侨系"企业（如华侨控股集团）陷入了严重的理财兑付危机，部分相关公司的办公场所已被查封。 余增云也自2024年9月起失联，并于2024年11月因涉嫌集资诈骗，被杭州市公安局上城区分局立案调查。 鉴于以上情况，*ST创兴董事会推举公司董事兼总经理杨喆代行董事长及公司法定代表人职责，代行职责的期限自推举之日起至刘鹏恢复履行职责或选举 产生新任相关职务人员之日止。 警惕触发退市条款 虽然王相荣通过缔结一致行动协议的方 ...

【导读】*ST创兴实控人刑事立案后，董事长也被抓 中国基金报记者 南深 9月18日，创兴资源（即*ST创兴）发布公告称，收到公司董事长刘鹏家属通知，刘鹏已收到杭州市公安局上城区分局的拘留通知，正在公安机关配合调 查。创兴资源强调，刘鹏接受调查事项与公司无关。 鉴于以上情况，*ST创兴董事会推举公司董事兼总经理杨喆代行董事长及公司法定代表人职责，代行职责的期限自推举之日起至刘鹏恢复履行职责或选举 产生新任相关职务人员之日止。 "华侨系"债务危机影响蔓延 资料显示，刘鹏2023年5月至今任浙江华侨实业有限公司总裁及*ST创兴董事长。在他之前，"华侨系"的实控人同时也是*ST创兴的前任实控人余增云已被 刑事立案。 2023年3月，余增云通过浙江华侨实业间接控制了创兴资源，成为其实际控制人，控制权比例为23.9%，其中大部分（6700万股，占其持股的65.9%）被质 押用于融资。但很快，其控制的"华侨系"企业（如华侨控股集团）陷入了严重的理财兑付危机，部分相关公司的办公场所已被查封。 余增云也自2024年9月起失联，并于2024年11月因涉嫌集资诈骗，被杭州市公安局上城区分局立案调查。 在"华侨系"陷入危机后，其质押 ...

Core Viewpoint - The stock price of Xinhua Jin has shown abnormal fluctuations despite the lack of significant positive news and the presence of risks such as fund occupation by its actual controller, Zhang Jianhua, and declining performance [1][2]. Group 1: Stock Price and Market Reaction - On September 17, Xinhua Jin announced that its stock price had deviated by over 20% in three consecutive trading days, indicating abnormal trading behavior [1]. - The company confirmed that there were no undisclosed major events such as asset restructuring or debt restructuring that could significantly impact the stock price [2]. Group 2: Financial and Operational Risks - Xinhua Jin is facing a significant issue with non-operating fund occupation amounting to 406 million yuan, which has not been repaid as of the latest announcement [2][3]. - The company reported a net profit of -134 million yuan for 2024, a drastic decline of 354.59% year-on-year, and a 39.45% decrease in net profit for the first half of 2025 compared to the previous year [3]. Group 3: Regulatory and Compliance Issues - According to regulatory requirements, if the occupied funds are not recovered within one month, the stock will face risk warnings; failure to rectify within six months could lead to suspension and potential delisting [3]. - Xinhua Jin is actively communicating with Qingdao Beer regarding the sale of its subsidiary, Jimo Huangjiu, to raise funds for repaying the occupied amounts [4].

Core Viewpoint - The recent temporary shareholders' meeting of *ST Jintai (300225) revealed internal conflicts regarding board control and concerns over potential delisting risks, leading to changes in board composition and management's commitment to improve communication with shareholders [1][5][7]. Group 1: Shareholder Meeting and Board Changes - The temporary shareholders' meeting was convened at the request of Hainan Dahe Enterprise Management Co., which previously aimed to dismiss and replace certain directors [1]. - On September 10, *ST Jintai announced the cancellation of the proposal by Hainan Dahe and the resignation of director Liu Ruiming [1]. - Liu Ruiming had voted against several proposals since his election on July 22, indicating ongoing disagreements within the board [3]. Group 2: Internal Conflicts and Communication - The independent directors noted that the internal conflicts regarding control were not as severe as perceived, with previous voting issues leading to the need for re-elections [2]. - The company acknowledged the importance of communication with shareholders, especially in light of Liu Ruiming's dissenting votes [3][4]. Group 3: Delisting Risks and Financial Concerns - Hainan Dahe withdrew its director nominations due to concerns over *ST Jintai's potential delisting risks, stemming from the late disclosure of the 2024 annual report and an audit report with "unable to express an opinion" [5]. - The Shanghai Securities Regulatory Bureau issued an inquiry regarding significant financial transactions and irregularities in equity investments [5]. - The company has implemented stronger internal controls since the new chairman took office, aiming to address financial risks and improve cash flow from suppliers [5][7]. Group 4: Future Outlook and Strategic Goals - The new management team is focused on elevating *ST Jintai to new heights, with ongoing discussions about strategic plans and increased R&D investments [7]. - Despite leadership changes, the company's core business remains stable, with high production levels and ongoing product development efforts [7].

Core Points - Starting from September 19, 2025, *ST Zhongzhuang (stock code: 002822) will no longer grant conversion rights for "Zhongzhuang Zhuan 2" (bond code: 127033) holders, with the last conversion date being September 18 [1] - The company was placed under delisting risk warning on August 20, and to protect bondholders' rights, the conversion period has been extended until the 30th natural day after the restructuring is accepted [1] - After the market closes on September 18, bondholders who have not converted can declare unsecured ordinary claims, which will be settled alongside other ordinary claims, with the immediate repayment ratio likely to be low and the actual payment time uncertain [1] - If the restructuring fails, the company may face bankruptcy, and the repayment situation for "Zhongzhuang Zhuan 2" remains unclear [1] - The company has set up a consultation hotline to remind investors to be aware of risks and to invest rationally [1]

Core Viewpoint - *ST Zitian (300280) will resume trading on September 15 and enter a delisting arrangement period lasting 15 trading days, with the expected last trading date being October 13, 2025 [1] Summary by Relevant Sections Delisting Arrangement - After entering the delisting arrangement period, the company's stock name will change to "Zitian Tui," while the stock code remains unchanged [4] - On the first trading day of the delisting arrangement period, there will be no price limit on the stock, followed by a 20% price limit on subsequent trading days [4] Reasons for Delisting - The Shenzhen Stock Exchange (SZSE) decided to terminate the company's stock listing due to the company's failure to rectify false financial reporting as mandated by the China Securities Regulatory Commission (CSRC) [4] - The termination decision was based on the company's inability to disclose corrected financial reports within the required timeframe and the triggering of delisting conditions as per the SZSE's listing rules [4] Financial Misconduct - The CSRC issued an administrative penalty against *ST Zitian on August 22, 2025, confirming that the company inflated its revenue by a total of 2.499 billion yuan over two years through various means [5] - In the 2022 annual report, the company inflated revenue by 778 million yuan and profit by 85 million yuan, accounting for 44.59% and 35.99% of total revenue and profit, respectively [5] - The 2023 semi-annual report showed an early recognition of revenue amounting to 207 million yuan, with inflated profit accounting for 51.64% of the total profit for that period [5] - The 2023 annual report revealed that the company misapplied revenue recognition methods, inflating revenue by 1.721 billion yuan, which constituted 78.63% of the total revenue for that period [5] Additional Violations - Besides financial fraud, *ST Zitian has failed to disclose its 2024 annual report on time and has obstructed law enforcement [6] - The CSRC imposed a total fine of 38.4 million yuan on the company and 12 of its management personnel [6] - Prior to the suspension of trading on July 21, the company's stock price was 2.74 yuan per share, with a total market capitalization of 440 million yuan [6]

Core Viewpoint - *ST Zitian (300280) will resume trading on September 15 and enter a delisting transition period lasting 15 trading days, with the expected last trading date being October 13, 2025 [1] Summary by Relevant Sections Delisting Transition Period - Upon entering the delisting transition period, the stock's name will change to "Zitian Tui," while the stock code remains unchanged. The first trading day of the transition period will not have price fluctuation limits, but subsequent days will have a limit of 20% [4] Reasons for Delisting - The Shenzhen Stock Exchange (SZSE) decided to terminate the listing of *ST Zitian's shares due to the company's failure to rectify false financial reporting as mandated by the China Securities Regulatory Commission (CSRC) [4] - The termination decision was based on the company's inability to disclose corrected financial reports within the required timeframe, leading to a delisting risk warning [4] Financial Misconduct - The CSRC issued an administrative penalty on August 22, 2025, confirming that *ST Zitian inflated revenues by a total of 2.499 billion yuan over two years through various means [5] - In the 2022 annual report, the company inflated revenue by 778 million yuan and profit by 85 million yuan, accounting for 44.59% and 35.99% of total revenue and profit, respectively [5] - The 2023 semi-annual report showed an inflated revenue of 207 million yuan and profit of 79 million yuan, with the inflated profit representing 51.64% of total profit [5] - In the 2023 annual report, the company misreported revenue by 1.721 billion yuan, which constituted 78.63% of total revenue, due to improper accounting methods [5] Additional Violations - Besides financial fraud, *ST Zitian failed to disclose the 2024 annual report on time and obstructed law enforcement, leading to a total fine of 38.4 million yuan for the company and 12 management personnel [6] - The company's stock was suspended from trading on July 21, with the last recorded price at 2.74 yuan per share, resulting in a total market capitalization of 440 million yuan [6]

Core Viewpoint - *ST Zitian (300280) is entering a delisting arrangement period due to serious financial misconduct and will be delisted by the Shenzhen Stock Exchange after the arrangement period ends [3][6][8]. Group 1: Delisting Process - On September 15, *ST Zitian will resume trading and enter a delisting arrangement period lasting 15 trading days, with the last trading date expected to be October 13, 2025 [3]. - During the delisting arrangement period, the stock's name will change to "Zitian Tui," while the stock code remains unchanged. The first trading day will not have price limits, but subsequent days will have a 20% price limit [6]. - The Shenzhen Stock Exchange decided to terminate the company's stock listing due to failure to rectify false financial reporting within the required timeframe [6]. Group 2: Financial Misconduct - The China Securities Regulatory Commission (CSRC) found that *ST Zitian inflated its revenue by a total of 2.499 billion yuan over two years (2022-2023) through various means, including falsifying income in three periodic reports [7]. - In the 2022 annual report, the company inflated revenue by 778 million yuan and profit by 85 million yuan, accounting for 44.59% and 35.99% of total revenue and profit, respectively [7]. - The 2023 semi-annual report showed an early recognition of revenue amounting to 207 million yuan and profit of 79 million yuan, with inflated profit accounting for 51.64% of the total profit for that period [7]. - In the 2023 annual report, the company misclassified revenue from its subsidiary, leading to an inflated revenue of 1.721 billion yuan, which constituted 78.63% of the total revenue for that period [7]. Group 3: Regulatory Actions - In addition to financial fraud, *ST Zitian failed to disclose its 2024 annual report on time and obstructed law enforcement, resulting in a total fine of 38.4 million yuan for the company and 12 management personnel [8]. - The company's stock was suspended from trading on July 21, with the last recorded price at 2.74 yuan per share, giving it a total market value of 440 million yuan [8].