Core Viewpoint - *ST Jiyao has been decided to be delisted from the Shenzhen Stock Exchange due to triggering mandatory delisting rules after its stock price fell below 1 yuan for 20 consecutive trading days, with delisting scheduled for May 29, 2025 [1][3]. Group 1: Company Background and Transition - The company, originally known as Tonghua Shuanglong Chemical Co., Ltd., transitioned to the pharmaceutical sector in 2014 through the acquisition of Jinbao Pharmaceutical, establishing a dual business model of "chemicals + pharmaceuticals" [3]. - In 2017, the company was renamed Jiyao Holdings and began an aggressive acquisition strategy, acquiring over ten companies within three years, covering eight major sectors including pharmaceutical manufacturing, commerce, and research [3]. Group 2: Financial Performance and Risks - The company has faced significant goodwill risks due to its cross-industry expansions, leading to a cumulative goodwill impairment of over 1.5 billion yuan from 2019 to 2024, which directly contributed to net profit losses [3]. - Since 2019, *ST Jiyao has reported losses for six consecutive years, with a total net profit loss exceeding 3.2 billion yuan from 2019 to 2023 [3]. - In 2024, the company's revenue declined by 3.69%, and losses expanded to 439 million yuan [3]. Group 3: Market Context - As of 2025, a total of 11 companies have been delisted from the A-share market, with *ST Jiyao being one of them, reflecting a similar number of delistings compared to the same period last year [4].

Core Viewpoint - The article discusses the peculiar case of *ST Hengli, which is facing delisting due to failure to disclose its annual report on time, and highlights the company's attempts to blame its auditing firm for the situation [3][5][14]. Group 1: Company Background and Financial Issues - *ST Hengli received a delisting notice from the Shenzhen Stock Exchange due to not disclosing over half of its board's assurances regarding the accuracy of its 2024 annual report by the legal deadline [5][6]. - The company has been under "ST" and "*ST" designations due to continuous financial losses, with a cumulative loss of 670 million yuan since 2003 [31][34]. - In 2024, *ST Hengli projected a revenue of 300 million to 350 million yuan, a significant increase from 111.47 million yuan in the previous year, but still expected a net loss of 33 million to 43 million yuan [8][30]. Group 2: Auditing and Reporting Issues - The company changed its auditing firm to Xutai CPA shortly before the annual report deadline, which raised concerns about the adequacy of the audit process [10][20]. - There were significant discrepancies between the company's performance forecasts and the audit results, leading to a failure to submit the annual report on time [11][12]. - After receiving the delisting notice, *ST Hengli filed a lawsuit against Xutai CPA, claiming damages of 38.27 million yuan, which corresponds to the market value loss on the day of the notice [14][38]. Group 3: Market Reaction and Implications - Following the delisting notice, *ST Hengli's stock price dropped by 4.81%, leading to three consecutive trading halts [38][42]. - The article suggests that retail investors, who are often the last to bear the financial consequences, are the biggest losers in this situation [38][42].

Core Viewpoint - China Aviation Industry Fund (中航产融) is selling assets to recover funds as it is in the process of delisting from the stock market due to significant operational uncertainties and expected financial losses [1][2][7]. Group 1: Asset Sale Details - The company plans to transfer 160 million shares of AVIC Xi'an Aircraft Industry Group (中航西飞) and 22.68 million shares of AVIC Aircraft (中航机载) to its controlling shareholder, AVIC (中国航空工业集团), for a total price of approximately 4.067 billion yuan [1][4]. - The share transfer represents 5.76% of AVIC Xi'an's total shares and 0.47% of AVIC Aircraft's total shares [4]. - The transfer price is based on the average weighted price of the shares over the previous 30 trading days, with AVIC Xi'an priced at 23.81 yuan per share and AVIC Aircraft at 11.19 yuan per share [4]. Group 2: Financial Performance and Future Plans - As of September 2024, the company's total assets amounted to 442.393 billion yuan, with a debt-to-asset ratio of 85.13% [3][6]. - The company anticipates a net loss of approximately 48 million yuan for 2024, marking its first loss since 2006, with a projected net loss of 189 million yuan after excluding non-recurring items [2][5]. - The company is actively pursuing a voluntary delisting from the A-share market, with the Shanghai Stock Exchange having accepted its application for termination of listing [2][7][8]. Group 3: Legal Issues - The company is facing a lawsuit from China Life Insurance (中国人寿) regarding a share buyback dispute, with the total claim amounting to approximately 2.71 billion yuan [9][10].

Core Viewpoint - The article discusses the downfall of Dongfang Group, highlighting financial fraud, lawsuits, and the impending delisting of its stock due to continuous losses and regulatory scrutiny [4][5][10]. Group 1: Financial Fraud and Legal Issues - Dongfang Group's financial statements were found to have inflated revenue by 161.3 billion and costs by 160.73 billion from 2020 to 2023, leading to severe penalties and legal actions [15][30]. - Minsheng Bank has initiated a lawsuit against Dongfang Group and its former vice chairman Zhang Hongwei, with the claim amounting to 10.3 billion [4][6]. - As of April 9, 2023, Dongfang Group reported a total of 19.52 billion in lawsuits involving multiple banks, indicating a widespread financial crisis [10]. Group 2: Stock Market Impact and Delisting - Dongfang Group's stock was suspended from trading on April 15, 2023, after failing to maintain a closing price above 1 yuan for 20 consecutive trading days, triggering delisting conditions [10][16]. - The stock price plummeted from 0.92 yuan on March 14, 2023, to a low of 0.59 yuan, reflecting a significant loss of investor confidence [16][30]. Group 3: Historical Context and Expansion - Zhang Hongwei, the controlling figure of Dongfang Group, became a major shareholder of Minsheng Bank in 1999, leveraging this position for financial expansion [23][24]. - At its peak, Dongfang Group was valued at 410 billion, with Zhang Hongwei being recognized as one of the wealthiest individuals in Northeast China [27][28]. Group 4: Broader Industry Implications - The financial troubles of Dongfang Group have adversely affected Minsheng Bank, which has seen a decline in revenue and net profit over the past three years, dropping from 549 million in 2019 to around 350 million [30]. - The article suggests that the financial mismanagement and fraud within Dongfang Group could serve as a cautionary tale for the broader market, similar to the Enron scandal [16][30].