Core Viewpoint - *ST Yuancheng announced that its stock price experienced a significant decline, indicating potential risks related to forced delisting and financial instability [1] Group 1: Stock Performance - The company's stock price fell over 12% in total over three consecutive trading days from October 29 to 31, indicating abnormal volatility [1] - As of October 31, the total market value was 254 million yuan, which has been below 500 million yuan for 14 consecutive days [1] - The closing price was 0.78 yuan, remaining below 1 yuan for five consecutive days [1] Group 2: Delisting Risks - The company faces multiple risks related to forced delisting, including trading-related and major legal violations [1] - There were false records in the annual reports from 2020 to 2022, and fabricated content in the 2022 non-public issuance documents [1] Group 3: Financial Performance - For the first half of 2025, the company reported revenue of 82.34 million yuan and a net loss of 126.80 million yuan [1] - Additional risks include concerns over ongoing operations, fundraising, and stock pledges [1]

Core Viewpoint - The arrest of *ST Chuangxing's chairman Liu Peng highlights deeper issues within the company, including business stagnation, governance chaos, and deteriorating financial conditions, leading to a potential delisting crisis [1][4]. Financial Performance - In the first three quarters of 2025, *ST Chuangxing reported revenue of only 18.73 million yuan, a year-on-year decline of 59.10%, with a net loss of 14.49 million yuan [1][3]. - The company's revenue for the first half of 2025 was merely 374,000 yuan, a staggering 99% decrease compared to the previous year [3]. - Although there was a quarterly revenue increase in Q3 2025 to 18.35 million yuan, this still left the total revenue for the first three quarters below 20 million yuan, far from the 300 million yuan delisting threshold [3]. Business Operations - The main business operations of *ST Chuangxing are nearing a standstill, with no new contracts signed in the construction engineering sector during the first half of 2025 [2]. - The company's wholly-owned subsidiary, Jiao Ti Technology, failed to repay bank loans of approximately 3.79 million yuan due to financial pressure, which the company must guarantee [2]. Governance and Management - Following Liu Peng's arrest, the responsibilities of chairman and legal representative were temporarily assumed by Yang Zhe, who previously faced opposition from the board due to concerns over his lack of experience in listed company management [1][2]. - The new actual controller, Wang Xiangrong, faces significant challenges in reversing the company's business situation, which is deemed nearly impossible given the current circumstances [4]. Market Sentiment - The company's announcement that Liu Peng's issues are unrelated to the company has been met with skepticism from the market [2]. - The company has acknowledged the risk of delisting, explicitly stating that if the 2025 annual report reveals negative profits or revenue below 300 million yuan, the stock will be terminated from listing [3].

Core Viewpoint - The company, Sichuan Tianwei Electronics Co., Ltd., is facing significant financial and operational challenges, particularly related to its military product pricing and potential delisting risks due to financial performance issues [6][7]. Financial Data - The financial report for the third quarter indicates that the financial data has not been audited, and the company has provided key financial metrics in RMB [3][9]. - The company has recognized a total revenue of 53,562,000.00 RMB from sales to a specific client since 2020, with accounts receivable amounting to 13,571,616.00 RMB as of December 31, 2024 [5]. Shareholder Information - The report does not provide any updates on the number of shareholders or changes in major shareholders' holdings [4]. Operational Risks - The company is at risk of delisting due to not meeting the financial performance criteria set by the Shanghai Stock Exchange, specifically if the net profit or total profit is negative and revenue is below 100 million RMB [6]. - There is a risk associated with the pricing of military products, as the company has not completed the pricing review for its main products, which could lead to significant revenue adjustments if the final prices differ from the provisional prices [7][8]. Other Important Information - The company has entered into negotiations regarding the pricing of certain military products, which may lead to a revenue adjustment of 424.46 million RMB, impacting the financial results for the third quarter of 2025 [5]. - The company has received bank acceptance bills totaling 443.28 million RMB, which will be accounted for in the financial statements, affecting the credit impairment losses [5].

Core Viewpoint - *ST Yuancheng (603388.SH) is facing multiple delisting risks, including trading-related, major violation, and financial delisting risks, with a market capitalization that has fallen below the threshold for continued listing [1][2][3] Group 1: Delisting Risks - The company has a total market capitalization of 2.8 billion yuan as of October 29, which has been below 5 billion yuan for 12 consecutive trading days, triggering trading-related delisting risks [1][2] - The stock price closed at 0.86 yuan on October 29, marking three consecutive trading days below 1 yuan, which also contributes to the trading-related delisting risk [2][3] - The company is also at risk of major violation delisting due to administrative penalties for financial misconduct, including inflated revenues and profits over three years [3][4] Group 2: Financial Misconduct - The company has been found to have inflated its revenue by 209 million yuan and profits by 50 million yuan from 2020 to 2022, leading to administrative penalties from the China Securities Regulatory Commission (CSRC) [4][5] - The CSRC has proposed fines totaling 37.45 million yuan against the company and 42 million yuan against five responsible individuals, along with a 10-year market ban for the actual controller [4][5] - The financial misconduct has resulted in the company being subject to risk warnings and potential delisting if it fails to meet the requirements after the 2025 annual report [3][4]

Core Viewpoint - *ST Yuancheng (603388.SH) is facing multiple delisting risks, including trading-related, major violation, and financial delisting risks, with a market capitalization that has fallen below the threshold for mandatory delisting [2][3][4] Group 1: Delisting Risks - The company announced on October 29 that its stock closed with a total market value of 280 million yuan, having been below 500 million yuan for 12 consecutive trading days, which could lead to trading-related mandatory delisting [2][3] - The company is also at risk of major violation delisting and financial delisting, as it has been penalized for inflating revenue and profits for three consecutive years [3][4] - According to the Shanghai Stock Exchange rules, if a company faces two or more delisting risk warnings, it will be subject to risk warnings and delisting based on the first applicable rule [4][6] Group 2: Financial Misconduct - On October 10, the China Securities Regulatory Commission (CSRC) announced that *ST Yuancheng had inflated its revenue and profits for three consecutive years, leading to administrative penalties [4][5] - The company was found to have inflated its revenue by 209 million yuan and profit by 50 million yuan through various fraudulent accounting practices [5][6] - The CSRC plans to impose a fine of 37.45 million yuan on the company and additional fines on responsible individuals, along with a 10-year market ban for the actual controller [5][6] Group 3: Financial Performance - For the first half of 2025, the company reported an unaudited revenue of 82.34 million yuan and a net loss attributable to shareholders of 126.80 million yuan [3][4] - If the company fails to meet the requirements for delisting removal after the 2024 annual report, its stock will be terminated from listing [3][4]

Core Viewpoint - *ST Chuangxing (600193) is facing significant challenges due to the arrest of its chairman Liu Peng, which has raised concerns about the company's governance and operational stability, despite the company stating that its operations remain normal [1][3][4]. Group 1: Company Governance and Management - Liu Peng, the chairman of *ST Chuangxing, has been arrested on criminal charges, although the matters are unrelated to the company [1][4]. - The company's board of directors is functioning normally, with responsibilities being temporarily assumed by Yang Zhe, the general manager [3]. - The company is monitoring the situation closely and has stated that its production and operational activities are normal [3]. Group 2: Financial Performance - In the first half of the year, *ST Chuangxing reported a revenue of 374,000 yuan, a 99% decrease year-on-year, with a net loss of 13.71 million yuan [6]. - For 2024, the company achieved total revenue of 84.01 million yuan, a decline of 35.53% year-on-year, and a net loss of 193 million yuan, representing a staggering 814.99% decrease [7]. - The third quarter report for 2025 indicated a revenue of 18.73 million yuan, down 59.10% year-on-year, with a net loss of 14.49 million yuan [9]. Group 3: Operational Challenges - The company has faced significant operational challenges, particularly in its construction business, which did not generate new revenue during the reporting period [6]. - The company is focusing on improving its project acquisition capabilities and managing credit risks to enhance its operational sustainability [6]. Group 4: Shareholder Changes and Market Position - In July 2023, *ST Chuangxing underwent a change in control, with Liou Co. becoming the largest shareholder by acquiring 9.87% of the company [8]. - The new controlling shareholder, Wang Xiangrong, has raised questions about the motivations behind the investment, especially given the company's precarious financial situation [8][11].

Core Viewpoint - The company, Liuzhou Chemical Co., Ltd., has disclosed its third-quarter financial data for 2025, emphasizing the accuracy and completeness of the information provided by its board and management [10]. Financial Data Summary - The third-quarter financial report has not been audited, and the company has made adjustments to its financial data for the years 2021-2023 due to prior accounting errors, transitioning from a gross to a net revenue recognition method [4][3]. - The company reported that its annual revenue is below 200 million yuan, and it faces a risk of delisting if it incurs losses and fails to meet the revenue threshold of 300 million yuan as per the new delisting rules [7]. Shareholder Information - The company has provided details regarding its major shareholders, including the total number of ordinary shareholders and the status of the top ten shareholders [7]. Operational Data - The company has indicated that it will disclose its main operational data, including production volume, sales, and revenue, in the upcoming reports [11].

Core Viewpoint - *ST Zhengping's stock has experienced a significant increase of 152.42% from September 1 to October 28, 2025, leading to a suspension for verification due to the rapid price rise and disconnection from the company's fundamentals [1][2]. Summary by Sections Stock Performance - The stock has achieved 21 consecutive trading days of price increases, with a total rise of 156.23% during this period, excluding 5 days of suspension [6]. - The stock price reached a peak of 6.79 yuan, with a market capitalization of 4.8 billion yuan [1]. Suspension and Verification - The company announced a suspension starting October 29, 2025, for a period not exceeding 10 trading days to verify the stock's trading activities [1]. - This is the second suspension for verification within a month, following a previous suspension from October 9 to October 16, 2025 [1][2]. Market Risks - The company has warned investors about potential market risks due to the stock's rapid price increase, which may not reflect the underlying fundamentals [3][5]. - There is a significant deviation between the stock's short-term performance and the overall market, particularly the Shanghai Composite Index and the construction industry [2]. Financial and Operational Risks - The company faces risks of delisting due to an audit report for the 2024 annual report that was unable to express an opinion, alongside other risk warnings related to internal controls and operational uncertainties [3][9]. - Additional risks include insufficient mining resource extraction capabilities, unresolved non-operating fund occupation, and ongoing financial losses [5]. Historical Context - Since its listing on September 5, 2016, the stock has seen a maximum cumulative decline of over 95%, with a historical high of 34.39 yuan shortly after its IPO [6]. - The company primarily engages in infrastructure construction, cultural tourism, and non-ferrous metal mining, and is currently exploring new business areas such as renewable energy and intelligent computing services [6].

Core Viewpoint - *ST Zhengping has experienced a significant stock price increase of 152.42% from September 1 to October 28, 2025, leading to a decision to suspend trading for verification due to the stock price severely deviating from the company's fundamentals [2][3]. Group 1: Stock Performance - The stock has recorded 21 consecutive trading days of price increases, with a total increase of 156.23% over 29 trading days, excluding 5 days of suspension [5]. - The stock price reached a peak of 6.79 yuan, with a market capitalization of 4.8 billion yuan [2]. - The stock has shown extreme volatility, with significant deviations from the Shanghai Composite Index and the construction industry during the same period [3]. Group 2: Trading Suspension - The trading suspension will begin on October 29, 2025, and is expected to last no more than 10 trading days [2]. - This is the second trading suspension for *ST Zhengping within a month, following a previous suspension from October 9 to October 16, 2025 [3]. Group 3: Company Risks - The company has issued warnings regarding potential risks of irrational speculation and significant price corrections following rapid price increases [4]. - There are serious risks of delisting due to an audit report for the 2024 annual report that was unable to express an opinion, alongside other risk warnings related to internal controls and operational uncertainties [4][7]. - The company has faced a cumulative decline of over 95% since its peak price of 34.39 yuan in November 2016, with a historical low of 1.59 yuan in February 2024 [5]. Group 4: Business Overview - *ST Zhengping primarily engages in infrastructure construction, cultural tourism, and non-ferrous metal mining, providing various services including investment consulting, design, construction, and management [5][7]. - The company is actively exploring new business opportunities in renewable energy and intelligent computing services to foster new growth points [7].

Core Viewpoint - *ST Aowei is facing significant operational challenges, leading to a sharp decline in stock price and heightened risk of delisting due to severe financial losses and regulatory issues [2] Group 1: Financial Performance - The company reported a massive loss of 89.06 million yuan in the first half of 2025, a year-on-year increase of 1437%, with revenue declining by 88.81% [2] - The core business of metal products, which accounts for 88% of revenue, has ceased operations and is not expected to resume for at least three months [2] - The subsidiary, Wuxi Donghexin, also incurred a loss of 70.83 million yuan in the same period, indicating a severe contraction in overall business [2] Group 2: Regulatory and Compliance Issues - The company is under a delisting risk warning and has engaged in illegal guarantees amounting to 50 million yuan, which represents 18.55% of its net assets [2] - There are also significant non-operational fund usages by related parties totaling 187 million yuan, accounting for 69.04% of net assets, alongside over 30 million yuan in unresolved litigation [2] Group 3: Market Sentiment and Future Outlook - The company's ESG rating has dropped to C+ in Q3 2025, affecting its market image and long-term investment appeal, potentially leading to reduced investment from ESG-focused investors [2] - Concerns are mounting ahead of the Q3 earnings report scheduled for October 31, with fears that poor performance could further pressure the stock price [2] - Despite previous institutional buying, the lack of fundamental support raises doubts about the sustainability of the stock price, which is now vulnerable to technical corrections [2]