1月30日，证监会通报退市风险公司左江科技股份有限公司（简称"*ST左江"）财务造假案阶段性调查 进展情况。 2023年11月24日，证监会对*ST左江立案调查。证监会表示，现已初步查明，*ST左江2023年披露的财 务信息严重不实，涉嫌重大财务造假。该案目前正在调查过程中，证监会将尽快查明违法事实，依法严 肃处理。 因公司2022年年度经审计后的净利润(扣除非经常性损益前后孰低)为负值且营业收入低于1亿元，2023 年5月4日，公司被实施退市风险警示，股票简称由"左江科技"变更为"*ST左江"。在公司披星戴帽后， 股价不跌反涨，一路走高，最高达299.8元/股，成为史上最贵ST股。 【纠错】 【责任编辑:黄海荣 】 2023年12月1日，*ST左江公告称，因涉嫌信息披露违法违规，公司被证监会立案调查。此后，公司股 价大幅下跌。近日，*ST左江被游资炒作，股价再度翻倍上涨。1月23日晚间，公司发布公告称，公司 股票自2024年1月12日至1月22日连续六个交易日涨幅累计偏离110.78%，公司将对股票交易异常波动情 况进行核查，自1月24日开市起停牌，停牌时间不超5个交易日。 此次证监会的通报，再度向市场传递 ...

证券代码：000627 证券简称：*ST天茂 公告编号：2025-038 天茂实业集团股份有限公司 股票可能被终止上市的第五次风险提示公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 特别提示： 票交易被实施退市风险警示暨停复牌安排的公告》（公告编号：2025-022），公司无法在法定 期限内披露 2024 年年度报告和 2025 年第一季度报告，公司股票已自 2025 年 5 月 6 日开市起 停牌，公司在股票停牌的两个月内仍未能披露 2024 年年度报告和 2025 年第一季度报告，公司 股票于 2025 年 7 月 8 日复牌并被实施退市风险警示。 市风险警示之日起的两个月内仍未披露过半数董事保证真实、准确、完整的 2024 年年度报告， 深圳证券交易所将决定终止公司股票上市交易。 险警示期间，公司应当至少每五个交易日披露一次公司股票可能被终止上市的风险提示公告。 敬请广大投资者理性投资，注意风险。 告》（公告编号：2025-015），公司收到中国证券监督管理委员会下发的《立案告知书》（证 监立案字 00502025004 号），因涉嫌未按期披露定期报 ...

Core Viewpoint - Company *ST Gao Hong (000851) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may lead to significant penalties including forced delisting [1] Summary by Relevant Sections - **Investigation and Allegations** - The company received a notice of administrative penalty from the CSRC on August 8, 2025, indicating that its non-public stock issuance in 2020 constituted fraudulent issuance [1] - The annual reports from 2015 to 2023 are found to contain false records, which may trigger major violations under the Shenzhen Stock Exchange listing rules [1] - **Potential Consequences** - The company may face forced delisting due to the serious violations identified, which are in accordance with the Shenzhen Stock Exchange's regulations [1] - Following the risk warning, the company's stock will continue to be labeled as "*ST Gao Hong" with the same security code "000851" [1] - The daily price fluctuation limit for the stock remains at 5% even after the addition of the delisting risk warning [1]

Group 1 - The core issue revolves around ST Dongtong (300379.SZ) and its actual controller Huang Yongjun facing regulatory scrutiny due to suspected violations of information disclosure laws, with the China Securities Regulatory Commission (CSRC) formally initiating an investigation [1] - This marks the second regulatory action against ST Dongtong within a short period, following an earlier investigation in April for suspected false financial data reporting, highlighting significant governance and disclosure system vulnerabilities within the company [1][2] - The company is at risk of delisting, having received a "warning of delisting risk" from the Shenzhen Stock Exchange due to a "disclaimer of opinion" from its auditing firm regarding its 2024 annual report, alongside a reported loss of 576 million yuan in 2024 and an additional loss of 30.54 million yuan in Q1 2025 [2] Group 2 - Huang Yongjun's involvement in the investigation underscores a shift in regulatory focus from penalizing companies to holding key individuals accountable, aligning with the new Securities Law's principle of targeting the "principal offenders" [3] - The company’s reported revenue growth juxtaposed with significant losses and non-standard audit opinions raises suspicions of potential revenue manipulation or cost control issues, which are central to the ongoing investigations [3] - Investors who purchased shares between April 2023 and April 2025 and incurred losses are now eligible to seek legal compensation, indicating a growing avenue for investor rights protection [3]

Core Viewpoint - The company, Lingnan Ecological Culture and Tourism Co., Ltd., is facing significant financial difficulties, including the inability to repay its convertible bonds on time, which may lead to further legal and operational challenges [2][3][4]. Financial Performance - In 2024, the company's operating revenue was 861.84 million yuan, a decline of 59.55% compared to 2023 [3]. - The net profit attributable to shareholders for 2024 was -984.33 million yuan, indicating a reduction in the scale of losses compared to 2023 [3]. - For the first quarter of 2025, the net profit attributable to shareholders was -66.40 million yuan, a decrease of 26.36% compared to the same period in 2024 [3]. Debt and Credit Risks - The credit rating of the "Lingnan Convertible Bond" has been downgraded to C, indicating a high risk of default [2]. - The company is experiencing liquidity pressure due to delayed project payments and high asset-liability ratios, which may further weaken its financing capabilities [2][4]. Legal and Regulatory Issues - As of December 31, 2024, the company had 251 pending lawsuits with a total amount involved of 2.95 billion yuan, which is 13.02% of the latest audited net assets [7]. - The company is facing increased litigation risks due to payment delays to suppliers, which may further complicate its financial situation [6][7]. Asset Pledge and Collateral Risks - The company has pledged assets to secure the "Lingnan Convertible Bond," but the realizable value of these assets is uncertain due to the nature of the receivables and the need for cooperation from various parties [5][6]. - There is a risk that if the company files for bankruptcy within a year of the pledge, the collateral may be revoked [5]. Stock Market Risks - The company's stock is at risk of being delisted if the closing price remains below 1 yuan for 20 consecutive trading days, as per Shenzhen Stock Exchange regulations [6]. Management and Oversight - GF Securities has been appointed as the trustee for the "Lingnan Convertible Bond" and is monitoring the situation closely to protect the interests of bondholders [10].

即便成为了交易所的重点监控对象，*ST亚振的股价走势依旧强势。 21世纪经济报道 记者董鹏 本周前三个交易日，该公司连续涨停、收盘价格涨幅偏离值累计达到12%，触发股票交易异常波动标 准。 为此，8月7日*ST亚振进行第四次停牌核查，而此前该公司已经分别于今年6月、7月因为股票交易异常 波动进行过三次停牌核查。 密集停牌核查，对应着公司可观的股价涨幅。如果从今年4月的4.45元的年内低点算起，*ST亚振在短短 四个月时间里股价已经升至27.41元，区间涨幅达到515.96%。 然而，*ST亚振股价上涨的基础却不牢靠。 一方面公司的退市风险尚未解除。 另一方面，公司计划收购的广西锆业科技有限公司（下称"广西锆业"）只是一家选矿企业，这对于年均 亏损1亿元的上市公司帮助较为有限。 而在经过多次停牌，市场仍不见降温的背景下，*ST亚振的停牌核查时间由此前最长的不超过5个交易 日，进一步延长至不超过10个交易日。 "可能存在市场情绪过热，非理性炒作情形。"*ST亚振称，公司郑重提醒广大投资者，公司股价可能存 在短期涨幅较大后下跌的风险，请投资者务必充分了解二级市场交易风险，切实提高风险意识，理性决 策、审慎投资。 难 ...

Core Viewpoint - *ST Tianmao is likely planning to voluntarily delist due to ongoing financial difficulties and regulatory pressures, following a series of failures to disclose financial reports on time [1][4]. Group 1: Company Background - *ST Tianmao, originally named Baike Pharmaceutical, was established in 1993 and is controlled by Liu Yiqian through New Liyi Group [3]. - The company primarily engages in life insurance and insurance intermediary services through its subsidiaries, Guohua Life and Huarui Insurance [3]. - As of the end of Q3 2024, *ST Tianmao's total assets were approximately 285.2 billion yuan, with Liu Yiqian and his spouse holding a combined 66.28% of the shares [3]. Group 2: Financial Performance - The company projected a revenue of 40 billion to 43 billion yuan for 2024, with expected losses ranging from 500 million to 750 million yuan [3]. - The losses are attributed to a declining interest rate environment, which has led to increased reserve provisions for Guohua Life, resulting in consecutive years of losses [3]. Group 3: Regulatory Issues - The company has faced regulatory scrutiny, including an investigation by the China Securities Regulatory Commission for failing to disclose financial reports on time [2][4]. - Following the failure to disclose the 2024 annual report and the 2025 Q1 report, *ST Tianmao's stock was subject to a delisting risk warning [2][4]. Group 4: Market Reaction and Strategic Considerations - Since the implementation of the delisting risk warning, *ST Tianmao's stock price has dropped over 47%, closing at 1.45 yuan per share, with a total market capitalization of 7.111 billion yuan as of August 6 [4]. - The potential voluntary delisting may be a strategic move to mitigate further losses and legal liabilities, as the company faces increasing operational challenges and regulatory pressures [4].

Core Viewpoint - *ST Dongtong's chairman Huang Yongjun is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which raises concerns about the company's governance and financial integrity [2][4][6]. Group 1: Investigation and Regulatory Actions - On August 6, *ST Dongtong announced that its actual controller and chairman Huang Yongjun received a notice of investigation from the CSRC due to suspected violations of information disclosure laws [4][6]. - The company stated that its production and operations remain normal and that the investigation will not affect its business activities [6][7]. - The CSRC had previously initiated an investigation on April 14 for suspected false records in periodic reports and financial data [6]. Group 2: Internal Control Issues - *ST Dongtong has significant internal control issues, as indicated by a negative internal control audit report issued by Beijing Dehao International Accounting Firm [9]. - Following the audit report, the company's stock was placed under risk warnings starting May 6, and its stock name was changed from "Dongfang Tong" to "*ST Dongtong" [9]. Group 3: Financial Performance - Since 2022, *ST Dongtong has been experiencing continuous losses, with total revenue for the first quarter of 2025 reported at 1.34 billion, a year-on-year increase of 77.41% [10]. - The total operating costs for the same period were 1.85 billion, leading to an operating profit of 0.11 million, which reflects a significant improvement compared to previous periods [10]. - The net profit for the first quarter of 2025 was reported at -0.31 million, showing a year-on-year improvement of 58.12% [10]. Group 4: Company Overview - *ST Dongtong is a provider of security and industry information solutions, offering advanced middleware, network information security, and industry digital products and services [12]. - As of August 6, the company's stock price was 5.68 yuan per share, with a total market capitalization of 3.2 billion [12].

Core Viewpoint - *ST Dongtong's actual controller and chairman, Huang Yongjun, has been investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may lead to significant legal consequences for the company [2][4]. Company Operations - The company has stated that its production and operations are currently normal and that the investigation will not affect its regular business activities [4]. - *ST Dongtong has committed to strictly adhering to regulatory requirements for information disclosure during the ongoing investigation [4]. Regulatory Issues - On April 14, *ST Dongtong was already under investigation by the CSRC for suspected false reporting of financial data in regular reports, which could lead to mandatory delisting if significant violations are confirmed [4]. - The company received a negative internal control audit report from Beijing Dehao International Accounting Firm, indicating serious internal control issues [5]. Financial Performance - Since 2022, *ST Dongtong has been continuously reporting losses, with a net profit of -0.31 billion for the latest reporting period, reflecting a year-on-year increase in losses of 58.12% [6][7]. - The total revenue for the latest period was 1.34 billion, showing a year-on-year increase of 77.41% [7]. Market Position - As of August 6, *ST Dongtong's stock price was 5.68 yuan per share, with a total market capitalization of 3.2 billion [8][9].

Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. has experienced significant stock price fluctuations, with a cumulative decline exceeding 12% over three consecutive trading days, leading to abnormal trading conditions [4]. Group 1: Stock Trading Abnormalities - The company's stock price fell by more than 12% cumulatively over three trading days (August 1, August 4, and August 5, 2025), indicating abnormal trading conditions [4]. - The company has received a notice from the China Securities Regulatory Commission (CSRC) regarding administrative penalties due to inflated revenue and profit figures in its annual reports from 2020 to 2023 [10]. Group 2: Financial Reporting Issues - The company's 2024 annual financial report received a disclaimer of opinion from the auditing firm, which may lead to delisting risks under the Shanghai Stock Exchange rules [2][3]. - There are issues related to non-operating fund occupation by related parties of the controlling shareholder, with a reported balance of 169.26 million yuan as of the end of 2023 [11]. Group 3: Operational Status - The company has confirmed that, aside from disclosed matters, there have been no significant changes in its daily operations or external environment [5]. - No undisclosed major events, such as asset restructuring or significant business cooperation, have been identified [6]. Group 4: Risks and Future Considerations - The company is under a delisting risk warning due to the CSRC's findings, which could lead to mandatory delisting if further penalties are imposed [10]. - The company’s subsidiary may lose exclusive rights to sell a product, which could significantly impact revenue and profits in the second half of the year [12].