Core Viewpoint - *ST Hengli is facing mandatory delisting after multiple warnings and failed financial disclosures, marking the end of its long struggle to avoid such a fate [1][2][4]. Group 1: Company History and Performance - *ST Hengli was listed on the Shenzhen Stock Exchange in 1996, initially focusing on air conditioning equipment production, but faced performance issues leading to its first *ST designation in 2005 [5]. - The company was suspended from trading for seven years from 2006 to 2013, during which it undertook various self-rescue measures, including asset sales and debt restructuring, to regain compliance [5]. - After a brief recovery, *ST Hengli reported losses of 0.37 billion yuan in 2014 and 0.47 billion yuan in 2015, resulting in a second *ST designation in 2016 [5]. - From 2021 onwards, the company's main business significantly declined, with revenues dropping from 3.46 billion yuan in 2021 to 1.11 billion yuan in 2023, and losses exceeding 1 billion yuan in both 2022 and 2023 [5][6]. Group 2: Delisting Process - In 2023, *ST Hengli was placed under delisting risk warning due to poor performance and failed to disclose its 2024 annual report, leading to a third *ST designation in April 2024 [1][6][7]. - The company attempted to recover by acquiring a new business but faced discrepancies in revenue reporting, which were not accepted by its auditing firm, resulting in delayed financial disclosures [6][7]. - The failure to disclose the annual report by the deadline triggered mandatory delisting procedures, with the last trading day expected to be July 15, 2025 [1][3][7]. Group 3: Legal and Regulatory Issues - Following the failure to disclose the annual report, *ST Hengli was investigated by the China Securities Regulatory Commission (CSRC) for potential false financial disclosures [1][9][15]. - The company filed a lawsuit against its auditing firm, claiming damages of 38.27 million yuan, alleging that the firm failed to provide timely audit reports, which contributed to its financial troubles [9][12]. - The CSRC's preliminary findings indicated that the issues primarily stemmed from *ST Hengli's own financial reporting practices, particularly regarding revenue recognition methods [10][12][14].

Core Viewpoint - *ST Hengli is facing mandatory delisting after multiple warnings and failed financial disclosures, culminating in a termination notice from the Shenzhen Stock Exchange and an administrative penalty from the China Securities Regulatory Commission [1][2][15] Group 1: Company Background and History - *ST Hengli was listed on the Shenzhen Stock Exchange in 1996, initially focusing on air conditioning equipment production, but faced financial difficulties leading to its first *ST designation in 2005 [5] - The company underwent a seven-year suspension from 2006 to 2013, during which it implemented various self-rescue measures, including asset sales and debt restructuring, to regain compliance [5] - After briefly recovering, *ST Hengli reported losses in 2014 and 2015, resulting in a second *ST designation in 2016, but managed to recover again [5] Group 2: Recent Financial Performance - Since 2021, *ST Hengli's main business has significantly declined, with a net profit of only 171.96 thousand in 2021, followed by losses exceeding 1 million in 2022 and 2023 [5] - The company's revenue has also decreased from 346 million in 2021 to 111 million in 2023, with a further drop to 70 million in the first three quarters of 2024 [5] Group 3: Delisting Process and Legal Issues - Starting June 25, 2025, *ST Hengli will enter a 15-day delisting preparation period, with the final trading day expected to be July 15, 2025 [2] - The company was placed under delisting risk in 2023 due to performance issues and failed to disclose its 2024 annual report, leading to a lawsuit against its auditing firm, Xutai [2][9] - The dispute with Xutai centered on revenue recognition, with *ST Hengli claiming projected revenues of 300 to 350 million for 2024, while the auditor reported only 196 million, leading to a "disclaimer of opinion" [11][12] Group 4: Regulatory Actions and Penalties - Due to the failure to disclose the 2024 annual report, *ST Hengli has been subjected to administrative penalties, including a fine of 3.5 million and warnings for responsible individuals [15] - The company is also under investigation for potential false disclosures in its financial data, which could lead to more severe penalties, including criminal charges [15]

Core Viewpoint - Shandong Yulong Gold Co., Ltd. has announced the termination of its stock listing on the Shanghai Stock Exchange, effective May 27, 2025, without entering a delisting transition period [1][5]. Group 1: Delisting Process - The entire delisting process took only two months, starting from the company's announcement of its intention to voluntarily delist on March 21, 2025, due to poor operating conditions and deteriorating cash flow [3]. - On April 8, 2025, the company announced that the decision to voluntarily terminate its stock listing had been approved by the shareholders' meeting, and it would apply for the stock to enter the National SME Share Transfer System for continued trading [3][5]. - The company set up a dissenting shareholder protection mechanism, offering a cash option at a price of 13.20 yuan per share during the declaration period from April 17 to April 23, 2025 [3]. Group 2: Cash Option Declaration - During the cash option declaration period, a total of 31,439 securities accounts submitted declarations, with a total of 449,108,810 shares declared [4]. - After filtering out invalid declarations, 31,404 securities accounts had valid declarations, amounting to 448,882,715 shares [4]. Group 3: Market Context - In 2025, a total of 9 companies have completed the delisting process in the A-share market, which is comparable to the same period last year [6][7]. - Other companies, such as AVIC Industrial Capital Holdings Co., Ltd., have also initiated voluntary delisting applications [7].