Core Viewpoint - *ST Suwu has received an administrative penalty notice from the China Securities Regulatory Commission (CSRC), indicating that the company may face major illegal delisting due to inflated revenue, costs, and profits in its annual reports from 2020 to 2023 [2][5][7]. Summary by Relevant Sections Administrative Penalty Notice - The notice states that *ST Suwu's subsidiaries engaged in non-commercial trade activities with related companies, leading to inflated financial figures [5][7]. - The company is at risk of being delisted under the Shanghai Stock Exchange's rules due to these violations [2][10]. Financial Impact - The inflated revenue figures from 2020 to 2023 were reported as follows: - 2020: 495 million yuan (26.46%) - 2021: 469 million yuan (26.39%) - 2022: 431 million yuan (21.26%) - 2023: 377 million yuan (16.82%) [7]. - The inflated costs were: - 2020: 481 million yuan (37.08%) - 2021: 448 million yuan (35.47%) - 2022: 411 million yuan (28.40%) - 2023: 355 million yuan (20.95%) [7]. - The inflated profit figures were: - 2020: 14.58 million yuan (2.89%) - 2021: 20.27 million yuan (51.65%) - 2022: 19.92 million yuan (26.42%) - 2023: 21.22 million yuan (29.81%) [7]. Company Response and Future Actions - *ST Suwu has issued its first risk warning regarding the potential for major illegal delisting [8]. - If the company receives a formal penalty decision confirming the violations, it will apply for a trading suspension and disclose relevant information [10]. - The Shanghai Stock Exchange will issue a notice regarding the potential termination of *ST Suwu's stock listing within five trading days of the suspension [10]. Recent Financial Performance - For the year 2024, *ST Suwu reported: - Revenue of 1.599 billion yuan, a decrease of 28.64% year-on-year - Net profit attributable to shareholders of 70.48 million yuan, compared to a loss of 71.95 million yuan in 2023 [10][11].

Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. faces the risk of being delisted due to major illegal activities, as the China Securities Regulatory Commission (CSRC) has initiated an investigation into the company for suspected violations of information disclosure laws [1][3]. Group 1: Investigation and Allegations - 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 [1][3]. - The inflated figures from 2020 to 2023 include a revenue increase of 26.46%, 26.39%, 21.26%, and 16.82% for each respective year, with inflated costs amounting 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 costs [1][3]. Group 2: Potential Consequences - If the formal administrative penalty confirms that the company has engaged in major illegal activities, its stock will be terminated from listing [2][3]. - The company will apply for a trading suspension and disclose relevant information promptly if it receives an administrative penalty decision indicating that it has triggered the conditions for major illegal delisting [2][3]. Group 3: Compliance and Future Actions - The company commits to fully cooperating with the CSRC and will exercise its rights to hearings or statements to protect the interests of the company and its investors [3]. - Investors are advised to pay attention to subsequent announcements regarding the investigation and potential risks associated with their investments [2][3].

Core Viewpoint - *ST Suwu has received an administrative penalty notice from the China Securities Regulatory Commission (CSRC), indicating that the company has inflated its operating income, operating costs, and profits from 2020 to 2023, which may lead to a forced delisting due to significant violations [2][10]. Summary by Sections Administrative Penalty Notice - On July 13, *ST Suwu announced it received an administrative penalty notice from the CSRC, which identified false records in its annual reports from 2020 to 2023 [2][10]. - The notice states that *ST Suwu's subsidiaries engaged in non-commercial trade activities with related companies, resulting in inflated financial figures [7]. Financial Impact - The inflated operating income for the years 2020 to 2023 was reported as follows: 4.95 billion, 4.69 billion, 4.31 billion, and 3.77 billion, representing 26.46%, 26.39%, 21.26%, and 16.82% of the reported operating income for those years, respectively [9]. - The inflated operating costs for the same years were 4.81 billion, 4.48 billion, 4.11 billion, and 3.55 billion, accounting for 37.08%, 35.47%, 28.40%, and 20.95% of the reported operating costs [9]. - The inflated total profits were 14.58 million, 20.27 million, 19.92 million, and 21.22 million, which constituted 2.89%, 51.65%, 26.42%, and 29.81% of the reported total profits for those years [10]. Regulatory Actions - The CSRC plans to impose a fine of 10 million yuan on *ST Suwu and a total of 20.5 million yuan in fines on its executives [10]. - The company has issued its first risk warning announcement regarding the potential for forced delisting due to significant violations [11][12]. Future Implications - If *ST Suwu receives a formal administrative penalty decision indicating significant violations, it will apply for a trading suspension and disclose relevant information promptly [14]. - The Shanghai Stock Exchange will issue a notice regarding the potential termination of *ST Suwu's listing within five trading days of the suspension [14]. Recent Financial Performance - In 2024, *ST Suwu reported an operating income of 1.599 billion, a year-on-year decrease of 28.64%, with a net profit attributable to shareholders of 70.48 million, compared to a net loss of 71.95 million in 2023 [15].

Core Viewpoint - *ST Suwu (600200) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may lead to significant penalties and potential delisting of its shares [1] Summary by Relevant Sections - **Investigation Details** - The company received a notice of administrative penalty on July 13, 2025, indicating that its annual reports from 2020 to 2023 contained false records, including inflated revenue, costs, and profits [1] - **Potential Consequences** - If the formal penalty decision confirms the findings, the company may face mandatory delisting due to serious violations of laws [1] - **Company's Response** - The company has stated it will fully cooperate with the investigation and actively exercise its legal rights [1]

Group 1 - The company, Fujian Zitian Media Technology Co., Ltd., is facing a risk of delisting due to financial reporting issues, specifically false records in its annual reports for 2022 and 2023 [1][3] - The company has been ordered by the Fujian Securities Regulatory Bureau to correct its financial reports and undergo a comprehensive audit by a qualified accounting firm within 30 days of receiving the decision [2][3] - As of now, the company has not hired a qualified accounting firm nor submitted a rectification report to the regulatory authority, leading to a risk warning on its stock since May 20, 2025 [2][3] Group 2 - The company's stock experienced abnormal trading fluctuations, with a cumulative price drop of 30% over two consecutive trading days on July 7 and July 8, 2025 [2] - The total amount of false revenue reported for the years 2022 and 2023 is approximately 2.5 billion yuan, which constitutes 63.53% of the total reported revenue for those years [3] - If the company fails to complete the required rectification by July 19, 2025, its stock will be terminated from listing [2][3]

Core Viewpoint - *ST Yuancheng is facing severe challenges due to allegations of false financial disclosures, which may lead to significant penalties and potential delisting from the stock exchange [1][3][6] Group 1: Regulatory Actions - On July 1, *ST Yuancheng received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into suspected false disclosures in its annual reports [1][3] - The company and its actual controller, Zhu Changren, are under investigation, and if found guilty, the company may face mandatory delisting due to serious violations [1][3][6] Group 2: Financial Performance - The company reported a significant loss of 325 million yuan in 2024, continuing a trend of losses since 2022 [8] - In the fourth quarter of 2024, the company initially reported revenue of 1.01 billion yuan, which was later corrected to represent 29.8% of the total annual revenue, indicating no substantial increase in revenue recognition [6][8] Group 3: Shareholder Actions - The actual controller's shares have been subject to judicial auctions four times this year, indicating financial distress [10][11] - The most recent auction involved 4.5 million shares sold for approximately 15.06 million yuan, translating to about 3.35 yuan per share [10][11] Group 4: Company Background - *ST Yuancheng, listed in March 2017, is an environmental service provider focusing on ecological landscape, green environmental protection, and leisure tourism [7][10] - The company has been adversely affected by macroeconomic conditions and a slowdown in municipal project investments, leading to declining performance [7][10]

Group 1 - The company faces a significant risk of being forcibly delisted due to major legal violations, as indicated by the investigation initiated by the China Securities Regulatory Commission (CSRC) on December 4, 2024 [1][2] - On June 13, 2025, the company received a notice from the CSRC, which stated that it may have committed major violations as per the Beijing Stock Exchange listing rules, potentially leading to forced delisting [2] - The company has not yet received a formal penalty decision regarding the investigation and is committed to cooperating fully with the CSRC while adhering to disclosure obligations [2] Group 2 - The company announced the possibility of being forcibly delisted for the first time on June 13, 2025, following the receipt of the CSRC notice [2] - If the company receives a formal penalty decision that triggers major violation circumstances, it must apply for a trading suspension and disclose relevant information promptly [2] - The Beijing Stock Exchange will make a decision on whether to terminate the company's stock listing in accordance with laws and regulations [2]

Core Viewpoint - The Shanghai Stock Exchange has announced the termination of the listing of Jinzhou Port Co., Ltd. due to significant violations related to false financial reporting and inflated profits over multiple years [1][2]. Group 1: Company Violations - Jinzhou Port Co., Ltd. was found to have inflated profits through false trade activities and premature recognition of port service fees from 2022 to 2024, leading to false records in its annual reports for 2022, 2023, and the first quarter of 2024 [1]. - The company also received an administrative penalty from the China Securities Regulatory Commission (CSRC) for false records in its annual reports from 2018 to 2021, indicating a pattern of misconduct over four consecutive years from 2020 to 2023 [1]. Group 2: Listing Termination Process - Following the violations, the Shanghai Stock Exchange decided to terminate the listing of Jinzhou Port Co., Ltd. based on specific provisions in the revised listing rules [1][2]. - The stock will enter a delisting preparation period of 15 trading days, with the first day having no price limits and subsequent days limited to a 10% fluctuation [2]. - The company is required to arrange for its shares to be transferred to the National Equities Exchange and Quotations system within 45 trading days after delisting [2].

星标 ★ IPO日报 精彩文章第一时间推送 6月20日晚间，锦州港股份有限公司(600190.SH，下称"*ST锦港")公告称，公司于2025年6月20 日收到上海证券交易所出具的自律监管决定书，决定终止公司股票上市。终止上市的证券种类包括 人民币普通股（A股）和境内上市外资股（B股），证券简称为*ST锦港、*ST锦港B，证券代码为 600190、900952。 AI制图 为了满足银行贷款需求，公司做大了收入和利润。2018年—2021年，公司分别虚增收入约21.2亿 元、39.47亿元、24.82亿元、0.75亿元，虚增利润0.21亿元、0.39亿元、0.44亿元、0.75亿元。 上述四年间，公司累计虚增收入约86.24亿元，累计虚增利润约1.79亿元。 整体来看，2018年—2024年，*ST锦港连续7年均在财务造假。 据IPO日报不完全统计发现，2025年以来，A股市场已有13家公司完成退市。其中，五家公司触及 面值退市、三家公司为触及市值退市、两家公司为主动申请退市、两家公司是触及重大违法强制退 市、一家公司则是被吸收合并而退市。 END 公司股票进入退市整理期的起始日为2025年6月30日，预计最后 ...

证券代码：600190/900952 证券简称：*ST 锦港/*ST 锦港 B 公告编号：2025-071 锦州港股份有限公司 关于收到上海证券交易所《关于对公司实施重大违法 强制退市相关事项的监管工作函》的公告 （〔2025〕 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 锦州港股份有限公司（以下简称"公司"）于 2025 年 5 月 29 日收到上海证 券交易所下发的《关于对公司实施重大违法强制退市相关事项的监管工作函》 $$(\bot\vdash\bot$$ 证公函【2025】0702 号），具体内容如下： "锦州港股份有限公司 定书》（〔2025〕3号），认定公司《2022年年度报告》《2023年年度报告》《2024 年第一季度报告》存在虚假记载。此外，2024年11月1日，公司公告收到中国证 监会《行政处罚决定书》(〔2024〕96 号)，认定公司2018年至2021年年度报告 虚假记载。根据《行政处罚决定书》(〔2024〕96 号)、 《行政处罚决定书》 特此公告。 锦州港股份有限公司董事会 及《上海证券交易所股 ...