Core Viewpoint - *ST Yanshi (Shanghai Gui Jiu) is expected to face forced delisting due to projected revenue below 300 million yuan and negative net profit for the fiscal year 2025 [1][4]. Financial Performance - For the first three quarters of 2025, *ST Yanshi reported revenue of 34.76 million yuan and a net profit of approximately -112 million yuan, indicating a low likelihood of reversing the situation in the final quarter [7]. - The company is projected to experience an 80% year-on-year revenue decline in 2024, with losses exceeding 200 million yuan, and further significant revenue shrinkage in 2025 [8]. Market Reaction - Following the announcement of the delisting risk, *ST Yanshi's stock price dropped to 3.04 yuan per share, representing a more than 80% decline from its historical high of 51.66 yuan [4]. - Despite the delisting risk, some investors continue to speculate on the stock, with a cumulative price fluctuation of 12% over three trading days [9]. Company Background - The actual controller of Shanghai Gui Jiu, Han Xiao, is linked to Haiyin Wealth, which faced a financial crisis due to illegal fundraising activities [8]. - The company has been under scrutiny for false reporting in its annual reports from 2017 to 2020, leading to public condemnation and legal actions against its actual controller [8]. Sales Strategy - Shanghai Gui Jiu has initiated a discount sales strategy through live streaming, offering products that were once priced at 1,819 yuan for as low as a few hundred yuan [9].

Group 1 - The company *ST Rock has announced a preliminary estimate indicating a projected revenue of less than 300 million yuan for the fiscal year 2025, with total profit, net profit, or net profit after deducting non-recurring gains and losses expected to be negative [1] - According to the Shanghai Stock Exchange listing rules, if the audited revenue for 2025 is below 300 million yuan and the lowest of total profit, net profit, or net profit after deducting non-recurring gains and losses is negative, the company's stock may be delisted due to financial criteria [1] - Additionally, Shanghai Guijiu has recently launched a clearance live broadcast with a significant discount, selling its 2023 53-degree 500ml product at 67 yuan per bottle [1]

Core Viewpoint - The company *ST Dongtong will have its stock delisted from the Shenzhen Stock Exchange on December 22, 2025, following a decision made by the exchange [1] Group 1 - The company's stock will resume trading on December 30, 2025, and enter a delisting preparation period lasting fifteen trading days [1] - The expected last trading day for the stock is January 21, 2026 [1] - During the delisting preparation period, the stock will continue to trade on the risk warning board [1] Group 2 - The stock will be officially delisted and cease to be listed on the exchange the day after the delisting preparation period ends [1]

Group 1 - The company Guangdao Digital Technology Co., Ltd. has received a decision from the Beijing Stock Exchange to terminate its stock listing, effective November 12, 2025, with the last trading day expected to be December 31, 2025 [2] - The stock will enter a delisting arrangement period starting December 11, 2025, during which there will be no price fluctuation limits on the first day, followed by a daily limit of 30% thereafter [2] - After the delisting period, the company's stock will be transferred to the national equity transfer system for trading [2] Group 2 - The company is currently facing claims from investors due to violations of information disclosure regulations [3] - Investors who purchased the stock between April 11, 2019, and December 4, 2024, and still held it at the close on December 4, 2024, are eligible to participate in a compensation claim [3] - The compensation process is free of charge for the affected investors [3]

Group 1 - "*ST Suwu" (600200) has received a decision from the Shanghai Stock Exchange to terminate its stock listing, effective December 1, 2025, with a trading period for delisting starting on December 9, 2025, lasting for 15 trading days [1] - The Shanghai Stock Exchange will implement strict measures against abnormal trading behaviors related to the aforementioned stocks, which may include monitoring accounts, suspending trading, and restricting account activities [2] - "HeFu China" (603122) has experienced significant stock price fluctuations, with its stock price deviating sharply from its fundamentals, indicating potential risks of market overreaction and irrational speculation [1][2] Group 2 - "Haiwang Biological" (000078) has shown signs of impulsive trading behavior, prompting the Shenzhen Stock Exchange to take notice [2]

Core Viewpoint - The company *ST Suwu announced that its stock will enter a delisting preparation period starting December 9, 2025, with the last trading day expected to be December 29, 2025 [1] Group 1 - The delisting preparation period will last for 15 trading days, during which the stock has not yet traded, leaving 15 trading days remaining [1] - After the delisting preparation period ends, the Shanghai Stock Exchange will delist the company's stock within five trading days [1] - The company will not plan or implement any major asset restructuring during the delisting preparation period [1]

Core Points - The company Zitian Tui (300280) has announced that its stock will be delisted from the Shenzhen Stock Exchange [1] - The stock will enter a delisting preparation period starting from September 15, 2025, lasting for 15 trading days [1] - The last trading date for the stock is set for October 13, 2025, with the official delisting occurring on October 14, 2025 [1]

Core Points - Tianmao Group will officially delist after 29 years of being listed, with the stock set to be delisted on September 30, 2025 [1] - The company has faced poor performance in recent years, with a significant loss reported in 2023 and continued losses expected in 2024 [1][2] - The company has initiated a voluntary delisting process and will transfer to the National Equities Exchange and Quotations system for trading after delisting [3][4] Financial Performance - In 2023, Tianmao Group achieved a revenue of 49.699 billion yuan, a slight increase of 0.17% year-on-year, but reported a net loss of 0.652 billion yuan, a decline from a profit of 0.274 billion yuan in 2022 [1] - For 2024, the company forecasts a revenue of 40 billion to 43 billion yuan, down from 49.699 billion yuan in 2023, with an expected net loss of 0.5 billion to 0.75 billion yuan [1][2] Business Adjustments - The company has cited a challenging interest rate environment and increased reserve requirements as factors contributing to its losses [2] - Tianmao Group plans to undergo business restructuring, which introduces significant uncertainties that may impact the company [3] Shareholder Actions - The company has signed an agreement with Changcheng Guorui Securities to manage the share transfer process post-delist [4] - A cash option has been provided to shareholders, with 1.442 billion cash options effectively declared during the option period [6] - The cash option exercise price is set at 1.60 yuan per share, with a 1:1 exercise ratio for shareholders [6]

Group 1 - The company Tianmao Industrial Group Co., Ltd. (ST Tianmao, 000627) has voluntarily terminated its stock listing through a shareholder resolution, completing the cash option distribution [1] - As of August 13, the closing price was 1.58 CNY per share, while the cash option exercise price is set at 1.60 CNY per share [1] - The declaration period for eligible A-share shareholders to apply for the cash option is from September 15 to September 19, during specific trading hours [1] Group 2 - The provider of the cash option is Jingmen Weituo Hongcheng Management Partnership, which has the capability to fulfill its obligations [1] - Shareholders who do not apply or fail to apply effectively will not be able to receive the cash compensation, and the announcement advises investors to be aware of the risks [1]

Core Viewpoint - *ST Zitian (300280.SZ) announced that its stock will resume trading on September 15, 2025, and enter a delisting arrangement period lasting 15 trading days, with the expected last trading date on October 13, 2025 [1] Summary by Relevant Sections - **Delisting Arrangement** - The company will enter a delisting arrangement period for 15 trading days starting from September 15, 2025 [1] - The expected last trading date is October 13, 2025 [1] - **No Major Asset Restructuring** - During the delisting arrangement period, the company will not plan or implement any major asset restructuring [1] - **Investor Advisory** - Investors and securities firms are advised to settle related business before the stock is delisted [1]