4家公司明日将正式告别A股。 4月29日晚间，*ST旭蓝（000040）发布公告称，公司于2025年4月28日收到深交所下发的《关于东旭蓝天新能源股份 有限公司股票终止上市的决定》，公司股票将于4月30日摘牌。 同日，*ST嘉寓（300117）发布公告称，公司于2025年4月25日收到深交所下发的《关于嘉寓控股股份公司股票终止 上市的决定》，公司股票将于4月30日摘牌。 此外，*ST东方（600811）、*ST富润（600070）也在昨日公告，收到交易所终止上市决定，将于4月30日摘牌。 *ST旭蓝收到终止上市决定 明日摘牌 4月29日，深交所发布了《关于东旭蓝天新能源股份有限公司股票终止上市的公告》，决定*ST旭蓝股票终止上市。 *ST旭蓝（000040）当日晚间亦发布了相关公告。 根据公司公告，公司股票在2024年12月31日至2025年3月31日期间，通过交易系统连续20个交易日的每日收盘价均低 于1元，触及深交所《股票上市规则（2024年修订）》第9.2.1条第一款第四项规定的股票终止上市情形，深交所公司 股票终止上市。 由于公司股票交易因触及交易类强制退市情形而被终止上市，公司股票不进入退市整理期。 ...

Core Viewpoint - *ST Dongfang (600811) has received a termination of listing decision from the Shanghai Stock Exchange, with its stock set to be delisted on April 30, 2025, due to a continuous closing price below 1 yuan for 20 trading days [1][2]. Company Summary - *ST Dongfang, officially known as Dongfang Group Co., Ltd., was established in 1992 and is recognized as the first private enterprise in Heilongjiang Province to publicly issue and list stocks. It is also one of the earliest private enterprises in China to undergo shareholding reform and obtain a listing [3]. - The company operates in four major sectors: modern agriculture and health food, finance, port transportation, and new urbanization development [3]. Industry Context - Recently, several companies in the A-share market have faced delisting due to their stock prices falling below 1 yuan. This includes *ST Xulan, *ST Jiayu, *ST Dongfang, *ST Furun, and *ST Jiyao, all of which have triggered the delisting conditions by having closing prices below 1 yuan for 20 consecutive trading days [3]. - Prior to *ST Dongfang, *ST Jiayu received a termination of listing decision from the Shenzhen Stock Exchange on April 25, 2025, for similar reasons [3]. - Other companies, such as *ST Pengbo, have also seen their stock prices drop below 1 yuan, with the latest price reported at 0.65 yuan per share after 9 consecutive trading days below the threshold [3].

Core Viewpoint - The company *ST Jiyao is facing delisting due to its stock price falling below 1 yuan for 20 consecutive trading days, triggering the Shenzhen Stock Exchange's delisting rules [1] Financial Performance - *ST Jiyao has reported continuous losses for five years, with a cumulative net profit loss exceeding 3.2 billion yuan from 2019 to 2023, and an additional loss of 231 million yuan in the first three quarters of 2024 [3] - By the end of 2024, the company's net assets are projected to be between -1.18 billion yuan and -830 million yuan, indicating financial delisting risks [3] - As of September 30, 2024, the company's debt ratio has risen to 161.77%, with a current ratio of only 0.16 [3] Company Background - The company was originally known as Tonghua Shuanglong Chemical Co., Ltd., primarily producing white carbon black for defense chemicals. It transitioned to the pharmaceutical sector in 2014 through the acquisition of Jinbao Pharmaceutical, forming a dual business model of "chemicals + pharmaceuticals" [6] - After rebranding to Jiyao Holdings in 2017, the company aggressively pursued acquisitions, acquiring over ten companies within three years, covering eight major sectors including pharmaceutical manufacturing, commerce, and research [6] Goodwill and Impairment Issues - The company's aggressive cross-industry expansion has led to significant goodwill risks, with cumulative goodwill impairment exceeding 1.5 billion yuan from 2019 to 2024, directly contributing to net profit losses [7] - In 2019, the company reported revenue of 1.066 billion yuan but incurred a net profit loss of 1.772 billion yuan, with asset impairment accounting for over 70% of the total net profit loss [7] Failed Restructuring Attempts - *ST Jiyao has made multiple unsuccessful attempts at self-rescue through capital operations, including a failed transfer of control to the Jilin Provincial State-owned Assets Management Company in 2019 due to unresolved terms [8] - The company attempted to acquire Xiu Zheng Pharmaceutical, but the deal was terminated due to the significant revenue disparity, leading to a regulatory investigation and a fine of 600,000 yuan [8] - In November 2020, a proposed transfer of control to Bencao Hui Pharmaceutical fell through due to disputes, and a restructuring application in June 2023 was ultimately rejected by the court [9] Recent Developments - On March 19, 2025, *ST Jiyao's stock price first fell below 1 yuan, leading to a continued decline, culminating in the announcement of its delisting on April 23, 2025 [10] - Since the beginning of 2025, at least four other listed companies have also faced similar delisting conditions [10]

星标 ★ IPO日报 精彩文章第一时间推送 又一家公司锁定面值退市。 4月23日晚间，吉药控股集团股份有限公司（300108.SZ，下称"*ST吉药"）发布公告，称截至2025年4月23日，公司因股票连续20个交易日收盘价低于1 元，触发深交所终止上市规则，公司股票将被终止上市。 同时，公司股票将于4月24日开市起停牌，因触及交易类强制退市情形，而被深圳证券交易所作出终止上市决定的股票，不进入退市整理期。 五年亏损超32亿 就业绩层面来看，*ST吉药自2019年起连续5年亏损，2019年至2023年，公司归母净利润累计亏损超32亿元，2024年前三季度再亏2.31亿元。 截至2024年年末，净资产预计为-11.8亿至-8.3亿元，同时存在财务类退市风险。并且截至2024年9月30日，公司负债率攀升至161.77%，流动比率仅0.16。 制图：李昕 根据东方财富Choice数据，公司前身为通化双龙化工股份有限公司，主营国防化工用白炭黑生产。2014年通过收购金宝药业转型医药领域，形成"化工+医 药"双主业模式。 2017年更名为吉药控股后，公司便开启了激进并购的模式，三年内收购普华制药、亚利大胶丸等十余家企业， ...

Group 1 - *ST Jiyao has triggered the delisting condition due to its stock price closing below 1 yuan for 20 consecutive trading days, with the latest price at 0.21 yuan per share, reflecting an 83.59% decline year-to-date [2][5][6] - The stock will be suspended from trading starting April 24, 2025, and will not enter a delisting transition period [5][7] - The company has been experiencing continuous losses, with a projected net loss of 500 million to 850 million yuan for the fiscal year 2024, and an estimated net asset deficit of 1.18 billion to 830 million yuan [8] Group 2 - There has been a noticeable increase in cases of delisting due to stock prices falling below 1 yuan in the A-share market, with companies like *ST Xulan, *ST Jiayu, *ST Dongfang, and *ST Furun also receiving notices for potential delisting [3][10] - Other companies are also approaching the 1 yuan threshold, with *ST Pengbo's stock price at 0.76 yuan, *ST Jiu You at 1.18 yuan, and *ST Longjin fluctuating between 1.1 and 1.3 yuan [11][12]

Core Viewpoint - The number of companies facing delisting due to their stock prices falling below par value has significantly increased in the A-share market, with specific cases highlighting the trend [1][8]. Group 1: Company Specifics - *ST Jiyuan (300108.SZ) has seen its stock price drop to 0.30 yuan, marking the 18th consecutive trading day below 1 yuan, indicating a potential early lock on par value delisting [2][4]. - The company has reported continuous losses in recent years, with a projected net loss of 500 million to 850 million yuan for the fiscal year 2024, and an expected negative net asset value of -1.18 billion to -830 million yuan [6][10]. - As of April 21, 2023, *ST Jiyuan's market capitalization was less than 300 million yuan, posing a risk of delisting based on market value as well [7]. Group 2: Industry Trends - Recent statistics indicate a rise in A-share companies that have received notices for potential delisting due to their stock prices remaining below 1 yuan for 20 consecutive trading days, including *ST Xulan, *ST Jiayu, *ST Dongfang, and *ST Furun [9]. - *ST Furun has been flagged for both par value and market value delisting, having received a notice from the Shanghai Stock Exchange on April 10, 2025, due to its stock price and market capitalization falling below the required thresholds [9]. - Companies like *ST Jiayu are facing significant operational challenges, with a reported 59.94% decline in sales revenue to 482 million yuan, and a net loss of 356 million yuan for 2024 [10].

Core Viewpoint - Dongfang Group, once a star enterprise in the capital market, is facing delisting due to continuous stock price decline and regulatory violations, leading to significant investor losses [4][7][12]. Company Overview - Dongfang Group was the first private enterprise in Heilongjiang Province to publicly issue and list stocks, and it was among the earliest to implement shareholding reform in China [4]. - The company has a diverse business portfolio, including modern agriculture, health food, oil and gas, new energy, information security, finance, resource management, port transportation, and new urbanization development [4]. - It ranked 81st, 90th, and 84th in the China Private Enterprises 500 from 2020 to 2022, and 33rd in the China Service Industry Private Enterprises 100 in 2021 [4]. Financial Performance - As of the last trading day, Dongfang Group's market capitalization was 1.317 billion [5][9]. - The company reported a loss of 292 million [5][9]. Regulatory Issues - In June 2024, Dongfang Group was investigated by the China Securities Regulatory Commission (CSRC) for information disclosure violations, leading to a series of penalties [7]. - The company was found to have false records in its annual reports from 2020 to 2023, triggering the delisting process after its stock price fell below 1 yuan per share [7]. Market Behavior - Despite the impending delisting, many investors continued to buy shares, hoping for a rebound, which led to a significant trading volume of 1.2 billion on March 12 [10]. - The stock experienced a series of 20 consecutive trading days below 1 yuan, culminating in its delisting [12]. Investor Sentiment - Many retail investors are still buying shares in hopes of entering the "old third board" market, despite the associated risks of low liquidity and potential further declines in stock value [12]. - The situation has drawn criticism, highlighting a lack of investor education regarding the distinction between good and bad stocks [15].

只看大盘指数的话今天还不错，上证-0.27%跌的不多，深成指、创业板指、科创板指、上证50、沪深300都是涨的。 但事实上今天有4400多只股票下 跌，两市的中位数 - 2.13%， 散户痛感强 烈。 贴一个st板块的月线图，2017年见顶后从1800跌到300点，其中2024年累计跌幅49%，a股最惨，没有之一。 之所以出现这么巨大的反差，是因为新国九条之后出了退市新规，监管层加大了对问题上市公司的查处力度，经常出现一纸问询函就锤爆一只股票 的局面。比如朗源股份午后接到了交易所关于子公司虚假交易的问询，直接一个暴跌20%封死跌停。 现在那些质地有问题的公司现在最怕就是被交易所顶上，问一个死一个。 另一边st板块的行情也进入地狱模式，本来每年的5月份就是特殊窗口期，因为4月底是年报披露底限，那些垃圾公司一般都会拖到最后几天才发财报，发 完5月份被st，然后噼里啪啦连续跌停。 不过往年一般跌到5月下旬也就差不多了，结果今年st杀的特别狠，一直杀到6月初还没停下，结果又引发了面值退市的联动反应，于是就演变成了低价股 股灾。 这背后的 核心原因 还 是过去的四五年a股 ip o发的实在太多，年年全球 市场融资冠军， ...