Core Viewpoint - Fujian Zitian Media Technology Co., Ltd. (*ST Zitian*) is facing delisting due to significant financial misreporting, with the Shenzhen Stock Exchange planning to terminate its stock trading by July 23, 2025 [1][3]. Group 1: Financial Misconduct - The company has been found to have false records in its financial reports for 2022 and 2023, with a total misreported revenue of approximately 2.5 billion yuan, accounting for 63.53% of the total reported revenue for those years [3]. - The company received an administrative penalty notice from the Fujian Securities Regulatory Bureau, indicating that it violated the Shenzhen Stock Exchange's listing rules due to continuous false reporting of revenue exceeding 500 million yuan over two years [3]. Group 2: Company History and Transformation - Originally established as Nantong Forging Equipment Co., Ltd. in March 2002, the company was a leading manufacturer of hydraulic machines before its transition to the media sector [4]. - After going public in December 2011, the company faced declining sales and significant losses, with a net profit drop of 59.35% in its second year of listing [4]. - The company shifted its focus to acquisitions for business transformation, acquiring multiple companies in the advertising sector from 2017 to 2020, ultimately divesting its original forging equipment business [5][6]. Group 3: Recent Developments - In June 2022, the company announced plans to acquire 100% of Pea Pod, a leading digital service company, for 1.4 billion yuan, with a premium rate of 835.93%, but the deal was ultimately unsuccessful due to unfavorable market conditions [6].

Core Viewpoint - The company *ST Zitian (300280.SZ) is facing delisting due to significant financial misreporting, with a total of 2,499,275,347.89 yuan in false revenue reported for 2022 and 2023, accounting for 63.53% of the total disclosed revenue for those years [3]. Group 1: Company Background and History - *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 [5]. - The company went public on the ChiNext board in December 2011 but faced declining sales and profitability due to economic downturns and industry overcapacity, resulting in a 59.35% year-on-year decline in net profit in its second year of listing [6]. Group 2: Business Transformation and Acquisitions - In response to declining performance, the company pursued a strategy of acquisitions to transform its business, acquiring 100% of Shenzhen Olive Leaf Technology in 2017 and 70% of Yijia Jingshi in 2018, among others [7]. - By 2021, the company had completely divested its forging equipment business and rebranded as Zitian Technology, focusing solely on modern advertising services, including internet advertising and cloud services [7][8]. Group 3: Financial Misconduct and Consequences - The company received an administrative penalty notice from the Fujian Securities Regulatory Bureau due to false financial reporting for two consecutive years, which could lead to mandatory delisting under the Shenzhen Stock Exchange rules [3]. - As of July 19, 2025, the company had not disclosed corrected financial reports, prompting the Shenzhen Stock Exchange to issue a notice of intent to terminate its stock listing [3].

Core Viewpoint - Jiangsu Wuzhong is facing a significant setback due to the unilateral termination of its exclusive agency rights for the AestheFill product by Regen Biotech, which the company claims is an act of "malicious breach of contract" by its partner Aimeike [2][8]. Group 1: Agency Dispute - Jiangsu Wuzhong's subsidiary, Datuo Medical, received a termination notice from Regen Biotech regarding the exclusive distribution agreement for AestheFill [2][4]. - Regen Biotech alleges that Datuo Medical violated the agreement by transferring the agency rights to its parent company, Jiangsu Wuzhong Meisheng Biotechnology [4]. - The termination has led to Regen Biotech refunding payments for undelivered orders, further complicating Jiangsu Wuzhong's financial situation [2]. Group 2: Financial Impact - AestheFill, known as the "童颜针" (youthful needle), was a key product for Jiangsu Wuzhong, contributing significantly to its revenue and profit [13]. - In 2024, Jiangsu Wuzhong reported a revenue of 1.599 billion, with AestheFill sales accounting for 326 million, representing 20.42% of total revenue [13]. - The loss of exclusive agency rights could drastically reduce Jiangsu Wuzhong's income and profit, as AestheFill was a major driver of its financial recovery [13]. Group 3: Company Performance and Challenges - Jiangsu Wuzhong has struggled with poor financial performance, reporting losses in multiple years since 2018 [11]. - The company is also facing potential delisting due to significant financial irregularities, including inflated revenues and profits from 2020 to 2023 [14]. - The stock price of Jiangsu Wuzhong has declined by 4.71%, closing at 1.62 yuan, reflecting investor concerns over its financial stability [14].

Core Viewpoint - *ST Zitian may face delisting due to failure to rectify financial reporting issues and has been suspended from trading starting July 21, 2025 [2][4]. Summary by Sections Financial Reporting Issues - On February 14, *ST Zitian received a notice from the Fujian Securities Regulatory Bureau requiring corrections to its financial reports due to false records [4]. - The company failed to complete the required corrections within the stipulated 30 days, leading to a trading suspension starting March 17 [4]. - As of July 20, *ST Zitian had not engaged a qualified accounting firm or submitted a rectification report, triggering potential delisting under Shenzhen Stock Exchange rules [4]. Regulatory Actions - The company has faced multiple regulatory actions, including a notice of investigation from the China Securities Regulatory Commission (CSRC) for failing to disclose periodic reports on time [6]. - On June 27, *ST Zitian received a prior notice of administrative penalty, with identified false records in its 2022 and 2023 annual reports amounting to CNY 2.499 billion, representing 63.53% of the reported revenue for those years [6][7]. Financial Performance - The company reported a significant decline in net profit for 2023, with a net profit of CNY 0.08 million, down 95.97% year-on-year [9]. - Total revenue for the first three quarters of 2024 was CNY 11.80 million, a decrease of 48.45% compared to the previous year [9]. - The total cost of operations also decreased to CNY 11.69 million, reflecting a similar downward trend in financial performance [9]. Market Position - As of July 18, *ST Zitian's stock price was CNY 2.74 per share, with a total market capitalization of CNY 440 million [10].

Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. faces the risk of being forcibly delisted due to major legal violations, as the China Securities Regulatory Commission (CSRC) has initiated an investigation into the company for suspected information disclosure violations [1][3]. Group 1: Investigation and Legal Proceedings - The company received a notice from the CSRC on February 26, 2025, indicating that it is under investigation for engaging in trade activities with related companies that lacked commercial substance, resulting in inflated revenue, costs, and profits from 2020 to 2023 [1][3]. - The inflated figures include a revenue increase of 26.46%, 26.39%, 21.26%, and 16.82% for the years 2020 to 2023, respectively, along with inflated costs amounting to 480.68 million, 448.24 million, 410.82 million, and 355.44 million yuan, which represented 37.08%, 35.47%, 28.40%, and 20.95% of the reported costs for the same periods [1][3]. Group 2: Potential Consequences - If the formal administrative penalty decision indicates that the company has committed major legal violations, its stock will be terminated from listing [2][3]. - The company will apply for a trading suspension upon receiving the administrative penalty decision and will disclose relevant information promptly [2][3]. Group 3: Compliance and Communication - The company commits to fully cooperating with the CSRC and will exercise its rights to defend itself during the investigation process [3]. - Investors are advised to pay attention to subsequent announcements regarding the investigation and potential risks associated with their investments [2][3].

Core Viewpoint - The company Tuisijingang is set to be delisted from the stock exchange due to serious financial misconduct, including falsifying financial reports and inflating profits over several years [5][6][7]. Group 1: Delisting Announcement - Tuisijingang's stock will be suspended from trading on July 21, 2025, with the last trading day being July 18, 2025, and the delisting date set for July 25, 2025 [1][6]. - After delisting, the company's shares will transition to the National Equities Exchange and Quotations (NEEQ) system for trading [7]. Group 2: Financial Misconduct - The company has been involved in financial fraud, with inflated profits reported for the years 2022 to 2024, including a profit inflation of 36.10 million yuan in 2022 (22.46% of reported profit), 68.08 million yuan in 2023 (65.96%), and 15.38 million yuan in Q1 2024 (62.05%) [5]. - The China Securities Regulatory Commission (CSRC) has imposed a fine of 20 million yuan on Tuisijingang and issued warnings to 11 responsible individuals, including a 10-year market ban for the former Deputy General Manager and CFO [5][6]. Group 3: Company Background - Tuisijingang primarily engages in logistics services for bulk commodities, including oil, chemicals, grains, coal, metals, and steel [5]. - The company was listed on the B-share market in May 1998 and on the A-share market in June 1999 [5].

Core Viewpoint - *ST Guandao has experienced a significant stock price increase of over 250%, leading to a suspension for investigation due to abnormal trading activities [2][6][8]. Group 1: Stock Performance and Suspension - *ST Guandao's stock price rose by 251.49% from June 25, 2025, to July 16, 2025, significantly deviating from the North Securities 50 Index, which increased by 251.64% during the same period [6]. - The company announced a stock suspension starting July 17, 2025, expected to last no more than five trading days, to investigate the recent price volatility [4][8]. Group 2: Regulatory Actions - Two personal accounts involved in the speculative trading of *ST Guandao have been subjected to regulatory measures, including a one-month trading restriction from July 16 to August 15, 2025 [10][13]. - The North Exchange has highlighted abnormal trading behaviors, including maintaining price limits and manipulating stock prices, which could mislead other investors [10][13]. Group 3: Legal and Compliance Issues - *ST Guandao is under investigation by the China Securities Regulatory Commission (CSRC) for significant internal control issues, with potential consequences including mandatory delisting due to major violations [17]. - The company has been found to have fabricated sales and procurement documents to inflate revenue and costs, leading to false disclosures in multiple financial reports from 2018 to 2024 [17]. - The controlling shareholder, Jin Wenming, is implicated in allowing and coordinating financial fraud, facing penalties including a warning and a fine of 15 million yuan [17]. Group 4: Company Overview - *ST Guandao specializes in the research, development, and sales of data collection and analysis software products [18].

7月14日晚间，*ST苏吴（江苏吴中，600200.SH）披露2025年半年度业绩预亏公告显示，报告期内归母 净利润预计亏损4000万元至6000万元，归母扣非净利润预计亏损4460万元至6460万元。而去年同期，公 司尚实现归母净利润2445.46万元、归母扣非净利润1059.29万元，业绩表现反差显著。 21世纪经济报道记者 韩利明 上海报道 就在业绩预亏公告披露的三天前，江苏吴中召开2025年上半年工作总结会。会上，江苏吴中董事长钱群 山坦言上半年遭遇严峻挑战，但团队展现出坚韧担当，核心业务保持稳健，并提出下半年将锚定"聚焦 业务""精兵简政"两大战略方向，同时严控支出、优化结构、提效降本。 然而当前江苏吴中面临的困境远不止业绩滑坡。7月13日晚间，该公司收到《行政处罚事先告知书》 （下称"《告知书》"）显示，江苏吴中存在严重财务造假、隐瞒资金占用和隐瞒实控人变更三大问题， 同时被提示可能因重大违法被实施强制退市。 北京雍文律师事务所合伙人、雍文医疗大健康专业委员会主任刘伟向21世纪经济报道解释，重大违法退 市需由交易所依据证监会行政处罚决定或司法生效判决作出，自交易所公告终止其上市决定之日后5个 交易 ...

Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. (*ST Suwu*) has been found to have false records in its annual reports from 2020 to 2023, leading to a proposed fine of 10 million yuan and potential forced delisting due to major violations [1][4][7]. Group 1: Company Violations - *ST Suwu* has been identified for financial fraud over four consecutive years, with significant false reporting in its annual financial statements [3]. - The company inflated its operating income by 495 million yuan, 469 million yuan, 431 million yuan, and 377 million yuan for the years 2020 to 2023, which accounted for 26.46%, 26.39%, 21.26%, and 16.82% of the reported revenue respectively [4]. - The inflated total profit for the same years was 14.58 million yuan, 20.27 million yuan, 19.92 million yuan, and 21.22 million yuan, representing 2.89%, 51.65%, 26.42%, and 29.81% of the total profit [4]. Group 2: Related Financial Misconduct - The company failed to disclose non-operating fund occupation by related parties, which amounted to 127 million yuan, 1.393 billion yuan, 1.543 billion yuan, and 1.693 billion yuan from 2020 to 2023, constituting 6.88%, 74.20%, 84.60%, and 96.09% of the net assets reported [5]. - There was also a misrepresentation of the actual controller of the company, with false disclosures made from 2018 to 2023 regarding the control of the company [5]. Group 3: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has mandated *ST Suwu* to rectify its reports, issued warnings, and imposed fines on the actual controller and other executives [6]. - The company is among several others facing similar risks of forced delisting due to major violations, with at least five other companies also potentially facing this outcome [2][8].

Core Viewpoint - *ST Suwu has been identified for financial fraud over four consecutive years, leading to potential mandatory delisting due to significant violations of regulations [1][2]. Financial Misconduct - The company has inflated its operating income and profits through non-commercial trade activities with related companies, resulting in a total inflated operating income of 1.772 billion yuan from 2020 to 2023, which accounted for 26.46%, 26.39%, 21.26%, and 16.82% of the reported operating income for each respective year [1]. - The inflated total profits during the same period amounted to approximately 75.9975 million yuan, representing 2.89%, 51.65%, 26.42%, and 29.81% of the reported total profits for each year [1]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) has issued a warning to *ST Suwu, imposed a fine of 10 million yuan, and penalized the chairman, Qian Qunshan, with a total fine of 15 million yuan, including 5 million yuan for direct responsibility and 10 million yuan as the actual controller [4]. - Qian Qunshan is also subject to a 10-year ban from the securities market, prohibiting him from engaging in any securities-related activities during this period [4]. Company Background - Established in June 1994, *ST Suwu was previously known as a school-run enterprise and was listed on the Shanghai Stock Exchange in 1999, once referred to as "China's first stock in public education" [4]. - The company's main business involves drug research, production, and sales [4]. Financial Position - As of July 11, *ST Suwu's stock price was 2.42 yuan per share, with a market capitalization of 1.72 billion yuan [5]. - The company has reported significant non-operating fund occupation by related parties, with balances of 1.27 billion yuan, 1.393 billion yuan, 1.543 billion yuan, and 1.693 billion yuan from the end of 2020 to 2023, which represented 6.88%, 74.20%, 84.60%, and 96.09% of the disclosed net assets for those years [2].