Core Viewpoint - Shenzhen Guangdao Digital Technology Co., Ltd. faces significant risk of being forcibly delisted due to major legal violations, as indicated by the China Securities Regulatory Commission's investigation and subsequent notice [2][3][4]. Group 1: Legal and Regulatory Issues - The company was investigated by the China Securities Regulatory Commission on December 4, 2024, for suspected violations of information disclosure laws [2][3]. - On June 13, 2025, the company received an administrative penalty notice, indicating that it may be subject to major legal violations leading to forced delisting [2][3]. - The company has issued multiple risk warnings regarding the potential for forced delisting, with the first warning issued on June 13, 2025, and subsequent warnings issued on June 23, June 25, July 4, July 11, July 18, July 25, and August 1, 2025 [3][4]. Group 2: Stock Market Implications - If the company receives an administrative penalty decision that triggers major legal violations, its stock will be suspended from trading until the Beijing Stock Exchange makes a decision on whether to terminate its listing [2][3]. - The trading period for the delisting arrangement will last for 15 trading days, during which there will be no price limits on the stock [2][3]. - The company has not planned any major restructuring activities, such as debt restructuring or asset injections, and warns investors about the risks of stock price speculation [3][5].

2024年1至12月份，*ST高鸿的营业收入构成为：电信增值业占比35.31%，3G-IT连锁销售业务占比 33.01%，企业信息化服务业务占比30.98%，其他业务占比0.69%。 2025年8月8日，深交所向*ST高鸿（SZ 000851，收盘价：2.21元）发出关注函：2025年8月8日晚间，你 公司披露公告，称收到中国证监会《行政处罚事先告知书》（处罚字〔2025〕62号）（以下简称《告知 书》）。《告知书》显示，你公司通过参与、组织开展虚假贸易业务的方式虚增收入和利润，2015年至 2023年年度报告存在虚假记载，2020年非公开发行股票相关文件引用了上述2018年至2020年虚假业务收 入和利润的数据，存在虚假记载，构成欺诈发行。你公司的上述行为将触及本所《股票上市规则（2025 年修订）》第9.5.1条第一项、第9.5.2条第一款第（六）项规定的重大违法强制退市情形，可能被实施重 大违法强制退市。你公司及相关当事人涉嫌违反了我所《股票上市规则》的相关规定。根据本所《股票 上市规则》的相关规定，我所将对你公司及相关当事人启动纪律处分程序。 （文章来源：每日经济新闻） ...

8月8日晚间，深圳证券交易所上市公司管理一部向大唐高鸿网络股份有限公司（证券简称：*ST高鸿） 发出关注函。 该公司当晚披露公告，称收到中国证监会《行政处罚事先告知书》。《告知书》显示，公司通过参与、 组织开展虚假贸易业务的方式虚增收入和利润，2015年至2023年年度报告存在虚假记载，2020年非公开 发行股票相关文件引用了上述2018年至2020年虚假业务收入和利润的数据，存在虚假记载，构成欺诈发 行。公司的上述行为将触及深交所《股票上市规则（2025年修订）》第9.5.1条第一项、第9.5.2条第一款 第（六）项规定的重大违法强制退市情形，可能被实施重大违法强制退市。 深交所表示，公司及相关当事人涉嫌违反了深交所《股票上市规则》的相关规定。根据深交所《股票上 市规则》的相关规定，深交所将对该公司及相关当事人启动纪律处分程序。 ...

Core Viewpoint - The company is facing significant risks of forced delisting due to alleged financial data misrepresentation in its annual reports, leading to an investigation by the China Securities Regulatory Commission (CSRC) [2] Group 1: Judicial Auction of Shares - The company's controlling shareholder, Zhu Changren, has had 7,800,000 shares auctioned, representing 17.30% of his holdings and 2.39% of the company's total shares [2][3] - The auction concluded with a total transaction amount of RMB 16,080,000, and the final results depend on the court's ruling [2][6][7] - If the shares are successfully transferred, Zhu's total holdings will decrease from 45,075,520 shares to 37,275,520 shares, reducing his ownership percentage from 13.84% to 11.44% [3][9] Group 2: Company Operations and Contracts - From April 1 to June 30, 2025, the company signed 6 new project contracts with a total value of RMB 2.2185 million, including 4 planning and design contracts [13] - For the year 2025, the company has cumulatively signed 35 contracts worth RMB 39.7555 million, all of which are currently in execution [13]

Core Viewpoint - The company, Yuancheng Environment Co., Ltd., is facing significant risks of forced delisting due to alleged financial data misrepresentation and continuous losses, which have led to abnormal stock price fluctuations and regulatory scrutiny [2][9][25]. Group 1: Stock Trading Abnormalities - The company's stock experienced a cumulative price increase deviation of over 12% over three consecutive trading days on July 25, 28, and 29, 2025, indicating abnormal trading activity [2][4]. - The company has been placed under risk warning due to the abnormal stock price fluctuations as per the Shanghai Stock Exchange trading rules [4]. Group 2: Regulatory Actions and Risks - On July 1, 2025, the company received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into suspected false disclosures in annual reports, which could lead to forced delisting if violations are confirmed [2][9][25]. - The company and its controlling shareholder, Zhu Changren, are under investigation, and if found guilty, the company may face severe penalties including delisting [9][21]. Group 3: Financial Performance and Risks - Preliminary estimates indicate that the company expects a net loss attributable to shareholders of between RMB 147 million and RMB 93 million for the first half of 2025, raising concerns about its financial viability [3][10]. - The company has been warned that if it does not meet the delisting criteria after the 2025 annual report, its stock may be terminated from listing [10]. Group 4: Operational Status - Despite the financial and regulatory challenges, the company's production and operational activities are reported to be normal, with no significant changes in business operations or market conditions [5][6]. Group 5: Shareholder and Management Actions - There have been no undisclosed significant matters that could impact the company's stock price, and management has confirmed that no insider trading occurred during the stock's abnormal fluctuation period [7][8]. - The company is committed to improving compliance and information disclosure practices following the regulatory scrutiny [23].

证券代码：600200 证券简称：*ST 苏吴 公告编号：临 2025-077 江苏吴中医药发展股份有限公司关于公司股票 可能被实施重大违法强制退市的第三次风险提示公告 本公司董事会及董事会全体成员保证公告内容不存在虚假记载、误导性陈 截至本公告披露日，公司尚未收到就上述立案调查事项的正式处罚决定，公 司将全力配合中国证监会的相关工作,并严格按照相关要求履行信息披露义务。 如根据正式的行政处罚决定书结论，公司触及重大违法强制退市情形，公司股票 将被终止上市。 二、其他说明及风险提示 正式处罚决定为准。敬请广大投资者关注后续公告并注意投资风险。 司后续收到行政处罚决定书，显示公司触及重大违法类强制退市情形，公司将申 请停牌，并及时披露有关内容。上海证券交易所将在停牌之日起的 5 个交易日内， 向公司发出拟终止股票上市的事先告知书，后续将根据《上海证券交易所股票上 市规则》的相关规定，作出是否终止公司股票上市的决定。 公司指定信息披露媒体为《中国证券报》《上海证券报》以及上海证券交易 所网站（www.sse.com.cn），有关公司的信息均以上述指定媒体刊登的信息为准。 敬请投资者注意投资风险。 述或者重大遗漏， ...

Performance Disclosure - Tongzhou Electronics reported a revenue of 540 million yuan for the first half of 2025, an increase of 606.52% year-on-year, with a net profit attributable to shareholders of 203 million yuan, up 662.77% year-on-year, and a net profit of 208 million yuan after deducting non-recurring items, an increase of 588.4% year-on-year [1] - Zhejiang Dingli achieved a revenue of 4.336 billion yuan in the first half of 2025, a year-on-year growth of 12.35%, with a net profit attributable to shareholders of 1.051 billion yuan, up 27.49% year-on-year [2] - Rebecca reported a revenue of 598 million yuan for the first half of 2025, a year-on-year increase of 4.2%, with a net profit attributable to shareholders of 9.3759 million yuan, up 15.31% year-on-year, and basic earnings per share of 0.01 yuan [3] Shareholding Changes - Huashu High-Tech announced that its major shareholder, Guotou Technology Achievement Transformation Venture Capital Fund, reduced its shareholding from 7.00% to 5.93%, with a total of approximately 4.4437 million shares sold between July 1 and July 25, 2025 [4] - Zijin Mining's vice president plans to reduce his holdings by no more than 250,300 shares to raise funds for the company's 2025 employee stock ownership plan, with the reduction to occur within three months after the announcement date [5] - New Media Co. announced that its shareholder, Hengqin Hongtu Rongyao Venture Capital Partnership, plans to reduce its holdings by no more than 6.8434 million shares, representing up to 2.99% of the company's total share capital, through centralized bidding or block trading from August 18 to November 17, 2025 [6] Risk Matters - *ST Suwu announced that its stock may face mandatory delisting due to suspected violations of information disclosure, as the China Securities Regulatory Commission has initiated an investigation, identifying false records in its financial reports from 2020 to 2023 [7] - Beihua Co. confirmed that it has no undisclosed significant matters, despite its stock experiencing a cumulative price drop of over 20% in three consecutive trading days, indicating normal operational conditions [8] - Nanmin Group also stated that it has no undisclosed significant matters, following a similar price drop scenario, confirming that its operational conditions remain stable [9][10]

Core Viewpoint - The article highlights the increasing trend of strict regulatory measures against listed companies involved in serious violations, leading to forced delisting and criminal penalties for key offenders [2][10][12]. Group 1: Forced Delisting - On July 25, Jinzhou Port will be delisted due to serious violations, marking it as another company facing forced delisting [2]. - Since early 2025, nine companies have entered the delisting process due to serious violations, including Zhuolang Technology and Puli Pharmaceutical [11]. - The regulatory focus on serious violations for forced delisting has intensified, with the new policies established in April 2024 and July 2025 reinforcing this trend [10][11]. Group 2: Criminal Penalties - The regulatory environment has shifted towards a "three penalties linkage" approach, combining administrative, civil, and criminal penalties for serious violators [5][8]. - Companies like Jintongling and Ruiskanda have faced criminal charges after administrative and civil penalties, indicating a clear escalation in regulatory actions [6][8]. - The number of companies facing criminal penalties has increased significantly, with over ten companies experiencing criminal measures since early 2025 [7][8]. Group 3: Accountability of Third Parties - The regulatory body has begun to impose penalties on third parties involved in financial fraud, as seen in the Yuebo Power case where accomplices were fined [3][15]. - The trend of holding third parties accountable reflects a broader strategy to dismantle the networks that facilitate financial fraud in the capital market [15]. Group 4: Investor Protection - Regulatory measures are being enhanced to protect investors affected by fraudulent activities, including civil compensation initiatives [16]. - The introduction of advance compensation and commitments from administrative enforcement parties aims to provide timely restitution to investors [16].

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].