Group 1 - The ST sector has shown strong performance with 23 stocks hitting the daily limit up on May 13, following a significant market downturn in April, indicating a recovery trend [1] - Notably, *ST Yushun has seen a nearly 150% increase in the past month, while ST Jiajia has recorded 8 limit-up days in 9 trading sessions, with a total increase of approximately 65% since April 7 [1][2] - In the past month, 205 ST stocks have shown significant gains, with 8 stocks rising over 50%, 52 stocks over 20%, and 102 stocks over 10%, while the ST index has increased by over 12% [2] Group 2 - The recent strength in the ST sector is attributed to the implementation of new delisting regulations, which have prompted companies to initiate capital operations earlier than usual [3] - Several ST companies have announced mergers and acquisitions, such as *ST Modern planning to acquire 100% of Shenpeng Power for 142 million yuan and *ST Yushun planning a cash acquisition of a data center project [3] - The restructuring process for ST companies has accelerated, with several companies already completing restructuring, while others are in various stages of the process [3]

Core Viewpoint - Multiple *ST companies are facing delisting risks as they have received pre-delisting notices from the exchange due to various financial and trading indicators [2][5][6] Group 1: Financial Indicators and Delisting Notices - As of May 11, six *ST companies have received pre-delisting notices, with five touching financial delisting indicators and one touching trading delisting indicators [2] - The new delisting regulations have introduced stricter conditions for *ST companies to remove delisting risk warnings, requiring internal control audit reports to be unqualified; otherwise, delisting will occur [2][3] - *ST Zhongcheng, *ST Renle, and *ST Gongzhi received negative internal control audit opinions for their 2024 financial reports, indicating significant financial distress [3][5] Group 2: Specific Company Cases - *ST Zhongcheng announced on May 7 that it received a pre-delisting notice due to a negative net asset value for 2023 and a negative internal control audit opinion for 2024 [3][4] - *ST Renle received a pre-delisting notice on May 6, with a reported net asset of -387 million yuan for 2023 and -404 million yuan for 2024, along with negative audit opinions [5] - *ST Gongzhi also received a pre-delisting notice due to negative audit opinions for its financial reports [5] Group 3: Additional Delisting Factors - *ST Longjin is set to exit the A-share market due to negative profit and revenue figures, having received a pre-delisting notice on April 25 [6] - *ST Hengli faced delisting risks for failing to disclose its 2024 annual report on time, with a reported negative net profit and revenue below 100 million yuan [7] - *ST Jiyuan triggered the delisting indicator by having its stock price below 1 yuan for 20 consecutive trading days, leading to a pre-delisting notice [9]

Core Viewpoint - The implementation of strict delisting regulations in the A-share market aims to eliminate "zombie" companies and improve the overall quality of listed firms, leading to a healthier market environment [1][2]. Group 1: Delisting Regulations - Companies such as *ST Zhongcheng, *ST Renle, and *ST Hengli have received advance notice of delisting, indicating a significant increase in the number of delisted stocks [1]. - The new delisting rules feature stringent standards and efficient execution, targeting financial, trading, regulatory, and major violation indicators to ensure non-compliant companies exit the market [1][2]. - The zero-tolerance regulatory approach is expected to accelerate the removal of low-quality firms, thereby freeing up market space for high-quality companies [1]. Group 2: Market Quality Improvement - The increase in delisted stocks reflects a faster market metabolism and optimized resource allocation, which will enhance the overall quality of listed companies in the A-share market [2]. - Investors will benefit from a cleaner and more transparent investment environment, allowing them to focus on identifying high-potential companies, thus reducing investment risks and improving returns [2]. - The strict delisting system serves as a protective measure for investors, addressing the previous prevalence of speculative trading in low-quality stocks [2]. Group 3: Investor Protection and Education - The new regulations enhance transparency and fairness in the A-share market by strengthening information disclosure requirements and increasing penalties for violations [2]. - Investors will have better access to accurate information about listed companies, enabling more rational investment decisions [2]. - There is a need for ongoing improvement of the delisting system and investor education to raise awareness of risks and self-protection capabilities [3].

文｜新财域 *ST东方的退市不仅是一家企业的资本败局，更是市场生态与监管体系的一次压力测试。当161亿元财务造假与流动性危机形成双重绞杀，多么光鲜的身 份，也无法阻止企业的快速崩塌。 这不仅是张宏伟个人的滑铁卢，更是中国民营企业野蛮生长后暴露的病灶缩影。 失控的资本游戏 回望**ST东方的资本历程，实际控制人张宏伟的扩张手段堪称"刀尖上的舞蹈"。 这位15岁辍学做泥瓦匠的东北商人，自2017年将主业转向农产品国际贸易后，逐渐陷入"做大规模-质押融资-继续扩张"的致命循环。 从"东北首家"到资本弃子 2025年4月30日。*ST东方这家曾头顶"东北首家民营上市公司"光环的企业，最后以0.36元/股的价格定格退市。没有退市整理期的缓冲，没有投资者说明 会的解答，近13万股东账户里的股票，直接变成了三板市场的"休眠资产"，成为资本市场"退市新规时代"的标志性事件。 若将时间拨回五年前，*ST东方的故事曾是资本市场的"模范样本"。2018年借壳上市时，其"农业+高铁"的双主业模式被券商誉为"穿越周期的黄金组合"， 股价三年暴涨420%。实际控制人张宏伟从泥瓦匠的出身到身价300亿的"东北首富"的故事，更成为经典的"草 ...

【环球网财经综合报道】5月7日晚，*ST中程、*ST人乐、*ST恒立三家上市公司同时宣布收到深交所下 发的《终止上市事先告知书》，意味着它们将有可能告别A股市场。 这一消息引发市场关注。业内人士认为，这是退市新规加大风险公司出清力度的体现，A股"不死鸟"时 代正加速终结。 财务造假， ST 中程难逃一劫 *ST中程的退市，与其长期以来的财务造假行为密不可分。经证监会调查，*ST中程在2017年至2022年 期间，多次虚增或虚减营业收入和利润，甚至未按规定披露重大诉讼事项。其中，2017年虚增营业收入 高达14.03亿元，占当期披露营业收入的92.18%。 最终，*ST中程不仅收到了证监会的《行政处罚事先告知书》，更因触及财务类强制退市指标，被深交 所拟终止上市。 新实控人 " 救场 " 失败， ST 恒立濒临退市 ST恒立的退市之路则更为戏剧性。2024年8月，新实控人石圣平入主ST恒立，原本寄希望于其能带领公 司走出困境。然而，不到一年后，*ST恒立便因连续两年净利润为负且营业收入低于1亿元，被实施退 市风险警示。 *ST恒立未能按期披露2024年年度报告，最终也收到了深交所的《终止上市事先告知书》。 年报 ...

令人震惊的是，锦州港在2024年11月首次被证监会立案调查并处罚后，仍持续造假。值得注意的是，公 司18年至23年年报审计机构均为大华会计事务所，但造假似乎被其无视，多年出具无保留的审计意见类 型。 曾系统性财务造假被立案，虚增利润超1.7亿元 锦州港的财务造假行为最早可追溯至2018年。根据中国证监会2024年6月披露的《行政处罚及市场禁入 事先知书》，公司为"做大收入和利润、满足银行贷款需求"，通过无商业实质的虚假贸易业务，系统性 虚增营业收入、营业成本和利润总额。具体来看： 造假规模：2018年至2021年累计虚增营业收入86.24亿元，虚增利润总额1.79亿元。其中，2018年虚增利 润2070.9万元，2019年3899.9万元，2020年4415.7万元，2021年7511.4万元。 造假手段：通过子公司锦国投（大连）发展有限公司控制上下游供应商及客户的资金流转，形成闭环资 金池。例如，采购资金经大连和境等五家供应商流入锦国投资金池，再通过上海盛辙、舟山丰聚益尚等 公司回流至锦州港，制造虚假贸易流水。 责任认定：时任董事长徐健、副董事长兼总经理刘辉被认定为直接负责的主管人员，财务总监李挺等高 管为 ...

【环球网财经综合报道】退市新规实施后的首个年报季接近尾声。一批净利润亏损且营业收入不足3亿元的主板公司被实施退市风险警示（*ST），更有公 司直接面临退市。 数据显示，截至4月29日晚间，触及组合类财务退市指标的主板公司共有48家，涉及行业以社会服务、机械设备、纺织服饰等为主。这些公司普遍存在亏损 年份较长、主营业务转型未见成效的问题，个别公司甚至面临财务类、规范类及重大违法强制类等多重退市风险。 有业内人士表示，退市新规通过组合指标精准识别"壳公司"，加速市场"劣币"出清，推动资金流向盈利稳定、基本面良好的优质企业，同时倒逼上市公司提 升经营质量与可持续竞争力。 4月29日，艾艾精工发布的2024年年报显示，公司扣非前后的净利润均为负值，且扣除非核心业务收入后，营业收入低于3亿元，触及退市风险警示线。根据 新规，公司股票自4月30日起被实施退市风险警示，证券简称变更为"*ST艾艾"。 除艾艾精工外，威尔泰、星光股份（现"*ST星光"）、四通股份、原尚股份等公司同样因"净利润亏损+营收不足3亿元"被实施退市风险警示。 退市新规将主板亏损公司的营收指标从1亿元提升至3亿元，加大"空壳僵尸"公司淘汰力度。*ST龙 ...

Core Viewpoint - The newly revised financial delisting indicators have effectively identified a number of main board companies with net profit losses and revenue below 300 million yuan, highlighting their weak operational sustainability and leading to delisting risk warnings for some companies [1][4]. Group 1: Financial Delisting Indicators - A total of 48 main board companies have triggered the new financial delisting indicators as of April 29, with industries such as social services, machinery, and textiles being the most affected [1]. - The new rules have raised the revenue threshold for delisting from 100 million yuan to 300 million yuan, directly impacting companies like Aiai Precision Engineering, which has struggled with revenue below the new threshold [2][4]. Group 2: Company Performance and Risks - Aiai Precision Engineering has reported continuous revenue below 300 million yuan since its listing in 2017, with a net profit loss of 8.8461 million yuan in 2024 due to poor operational performance and asset impairment [2]. - Other companies such as Weitai, Xingguang Co., and Sitong Co. have also faced delisting warnings due to similar financial issues, indicating a broader trend among underperforming firms [2][4]. Group 3: Regulatory Impact - The new delisting regulations are expected to accelerate the elimination of "shell" companies, thereby improving the overall quality of listed companies on the main board [1][4]. - Companies like *ST Longjin have been warned of delisting due to continuous losses and revenue below 100 million yuan, reflecting the stringent enforcement of the new rules [4]. Group 4: Broader Market Implications - The tightening of delisting criteria is seen as a mechanism to redirect capital towards more stable and profitable companies, enhancing the overall market quality [5][6]. - The regulatory framework aims to create a balanced and orderly exit for underperforming companies, facilitating a shift of resources towards high-quality enterprises [5][6].

近日，吉药控股因股价连续20个交易日低于1元，成为2025年第四家触发退市机制的A股药企。从"化工 +医药"双主业光环到六年累亏超40亿，吉药控股的坠落轨迹，映射出医药行业在政策、治理与市场三 重压力下的生存危机。 吉药控股：从跨界神话到退市样本 吉药控股的退市之路堪称"教科书式"风险暴露案例。2014年，公司通过收购金宝药业切入医药赛道， 但"化工+医药"的协同效应始终未能兑现。公司营收从2018年峰值9.4亿元骤降至2024年不足3.6亿元，六 年累计亏损超40亿元。 2022年，原董事长孙军因涉嫌职务侵占被捕，涉案金额达3.3亿元。管理层动荡直接导致融资渠道断 裂，2024年负债率飙升至161.77%，短期债务与可用资金缺口高达21亿元对480万元。伴随业绩连年暴 雷，公司市值从2015年巅峰期的80亿元缩水至退市前不足5亿元，投资者用脚投票最终触发"1元退市"红 线。 2025退市新规显威，医药板块成重灾区 吉药控股并非孤例。2025年退市新规实施后，医药行业已现四例退市/拟退市案例，包括大理药业、龙 津药业、普利制药、吉药控股。医药企业退市潮背后，直指三大结构性矛盾。首先是政策冲击未出清， 带量采购 ...

Core Viewpoint - Five A-share companies will be subject to delisting risk warnings starting April 29, indicating a potential increase in companies facing performance-related risks as financial reports are disclosed [1][2]. Group 1: Delisting Risk Warnings - Five companies, including Lihang Technology and Gengxing Co., announced their stocks will be suspended for one day on April 28 and will receive delisting risk warnings from April 29 [1][2]. - The upcoming busy period for annual and quarterly report disclosures may lead to more companies reporting underperformance or losses, raising the likelihood of delisting risk warnings [2][4]. Group 2: Regulatory Changes - The "new delisting regulations" introduced stricter standards for mandatory delisting, including raising the revenue threshold for loss-making companies on the main board from 100 million to 300 million [2][3]. - The market capitalization delisting threshold has been increased from below 300 million to below 500 million, and the criteria for significant violations leading to delisting have been lowered [2][3]. Group 3: Impact on Market Dynamics - The introduction of dividend risk warnings aims to improve the dividend behavior of listed companies, which is expected to enhance investor returns and promote a positive investment cycle [4]. - The ongoing emphasis by the China Securities Regulatory Commission on solidifying the delisting mechanism is crucial for the healthy development of the capital market [4].