Core Viewpoint - The extreme trading behavior of *ST Guandao highlights the speculative nature of the stock market, particularly in the context of companies facing delisting risks, with significant price fluctuations driven by retail investors and speculative funds [1][2][4]. Group 1: Stock Performance - On July 31, *ST Guandao opened at a limit-down price of 6.60 yuan, but within a minute, a large volume of buy orders pushed the stock price up by 20%, eventually closing at a limit-up price of 12.24 yuan, marking a daily increase of 29.94% with a trading volume of 2.31 billion yuan and a turnover rate of 51.63% [1]. - Since June 25, *ST Guandao has experienced six instances of 30% limit-up within seven trading days, resulting in a cumulative increase of 356.72% [1]. Group 2: Trading Dynamics - The stock's price surge occurred after the company underwent its third suspension for verification, with previous suspensions failing to dampen speculative interest, instead reinforcing the expectation that scrutiny would lead to further price increases [1][2]. - Following regulatory actions against two individual investors for market manipulation, the stock continued to rise, with a 29.93% increase on July 16, indicating persistent speculative buying despite regulatory scrutiny [2]. - Data from the trading board revealed a rapid rotation of over 20 different trading seats, indicating a shift from institutional to retail investor participation in the stock's trading activity [2]. Group 3: Regulatory Context - *ST Guandao has issued seven warnings regarding delisting risks, with the China Securities Regulatory Commission indicating that the company had inflated revenue by 1.465 billion yuan from 2018 to mid-2024, which constitutes a serious violation of listing rules [3]. - Market experts suggest that the unique trading rules of the Beijing Stock Exchange, particularly the 30% price fluctuation limit, have been exploited for speculative trading, prompting calls for stricter regulations on stocks at risk of delisting [4].

2025年7月25日，深圳市广道数字技术股份有限公司（*ST广道，证券代码：839680）发布关于公司股 票可能被实施重大违法强制退市的第七次风险提示公告。公司存在重大违法强制退市风险*ST广道于 2024年12月4日被中国证券监督管理委员会（以下简称中国证监会）立案调查。公司于2025年6月13日收 到中国证监会《行政处罚事先告知书》（【2025】12号），根据《告知书》认定情况，公司可能被实施 重大违法强制退市。目前公司未筹划债务重组、业务重组、资产剥离、资产注入、股份回购、股权激 励、破产重整、重大业务合作、引进战略投资者等重大事项，敬请投资者注意股价炒作风险。 记者 金音 审计报告专项说明指出了出具无法表示意见的三大原因：一是公司以前年度通过伪造合同等手段虚构业 务，虚增收入和利润，导致财务报表严重失真，内部控制全面失效；二是因涉嫌信息披露违法违规，公 司于2024年12月4日被证监会立案调查，目前调查仍在进行中；三是公司经营状况堪忧，原主营业务停 滞，新业务收入不足，关键岗位员工大量流失，还有3221万元银行贷款未还清，持续经营能力存在重大 不确定性。 目前，*ST广道的索赔正在征集中。广大受损股民 ...

Core Viewpoint - The company has officially changed its name from "Zhongrun Resources Investment Co., Ltd." to "Zhaojin International Gold Co., Ltd." and its stock abbreviation from "Zhongrun Resources" to "Zhaojin Gold" after a tenfold increase in stock price within a year [1] Group 1: Name Change and Strategic Shift - The name change is a strategic move following the change of controlling shareholder, aimed at strengthening the focus on the gold business and enhancing brand recognition [2] - The change reflects the transition to a new controlling shareholder, Shandong Zhaojin Ruining Mining Co., Ltd., which is a leading comprehensive gold producer in China [4] - The company aims to fully focus on gold mining and sales, having divested from non-core real estate businesses, which has led to a significant structural improvement in performance [4][6] Group 2: Financial Performance and Business Focus - In Q1 2025, Zhaojin Gold's revenue increased by 95.79% year-on-year, primarily due to strong contributions from new gold concentrate sales and the low base effect from the completed divestment of the real estate business [4] - The real estate business, which accounted for over 50% of revenue in 2021, has been largely divested, with its revenue share dropping to 2.5% in 2022 and nearly completed by 2023 [6] - The company’s core asset, the Vatukoula Gold Mine in Fiji, is strategically significant but has faced production challenges, with gold output declining by 13.8% year-on-year in 2024 [7] Group 3: Debt and Risk Considerations - Zhaojin Group, the controlling shareholder, has a high overall debt level, which poses potential risks to Zhaojin Gold if financial pressures are transmitted [9] - As of Q1 2025, Zhaojin Group's total debt was approximately 55.05 billion yuan, with a significant portion being short-term debt [9] - Despite historical good repayment records, the short-term nature of the debt structure raises concerns about potential risks if market conditions change [9] Group 4: Market Reaction and Valuation - Following the name change and the lifting of the ST (special treatment) status, Zhaojin Gold's stock price has increased significantly, achieving nearly a twelvefold rise from its lowest point in 2024 [11][12] - The company has shown improvement in financial performance, with a revenue increase of 17.17% in 2024, but its profitability remains fragile and highly dependent on gold price fluctuations [12][15] - The current valuation of Zhaojin Gold is significantly above the industry average, raising concerns about the sustainability of its performance improvements [15]

Group 1 - The stock price of ST Lingnan (002717) closed at 1.74 yuan on July 29, 2025, down 2.79% with a turnover rate of 4.82% and a trading volume of 771,100 shares, amounting to a transaction value of 134 million yuan [1] - On July 29, 2025, the net outflow of main funds from ST Lingnan was 33.67 million yuan, while retail investors saw a net inflow of 24.89 million yuan [2][4] - The company announced that it would issue convertible bonds, with the second phase of repayment scheduled for July 31, 2025, based on the remaining bond quantity of 4,107,192 units, with a repayment ratio of 1 bond for every 13 held [2] Group 2 - The company reported a significant decline in revenue for 2024, with total operating income of 861.84 million yuan, down 59.55% year-on-year, and a net loss of 984.33 million yuan, although the loss scale decreased by 9.86% [2] - In Q1 2025, the operating income was 67.60 million yuan, a year-on-year decrease of 77.85%, with a net loss of 66.40 million yuan, representing a reduction in loss scale by 26.36% [2] - Due to the inability to repay the "Lingnan Convertible Bonds," the company's credit rating has been downgraded to C level, indicating ongoing operational risks and potential delisting [2][4]

Core Viewpoint - *ST Wanfang (000638) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, marking the second time the company has faced such scrutiny since July 2025 [1][2][9]. Financial Performance - The company has experienced a significant decline in gross profit margin, dropping from 29.24% in 2021 to 20.94% in 2022, and further plummeting to 3.15% in 2023, before a slight recovery to 5.59% in 2024 [4][5]. - For the first half of 2025, the company anticipates a net loss of between 4.5 million to 6.5 million yuan, indicating a shift from profit to loss year-on-year [4]. Business Structure and Revenue Sources - The company's revenue is heavily reliant on its agricultural processing and sales business, which contributed 323 million yuan in 2024, accounting for over 80% of total revenue. In contrast, the contributions from non-ferrous metals and military products were significantly lower at 35 million yuan and 22 million yuan, respectively [5][6]. - The agricultural processing business has a low gross profit margin of only 2.5% in 2024, while the military business, which has a gross margin close to 40%, represents a small portion of total revenue [6]. Regulatory Issues - The company has faced multiple disciplinary actions for failing to disclose accurate and complete performance forecasts, with the latest incident occurring in April 2025 when it revised its profit expectations downward significantly [10][11]. - The CSRC's investigation could lead to severe consequences, including the potential for mandatory delisting if major violations are confirmed [4].

Core Viewpoint - The control battle for *ST Xinchao (600777.SH) has entered a new phase following the approval of the board and supervisory board restructuring plan at the extraordinary shareholders' meeting on July 24, with the new major shareholder, Yitai B, gaining significant influence over the management [1][2]. Group 1: Shareholder Meeting Outcomes - The extraordinary shareholders' meeting on July 24 approved multiple resolutions, including the early re-election of the board and supervisory board members, with over 90% of votes in favor for non-independent directors and over 80% for independent directors [2][3]. - Yitai B holds 34.07 billion shares, representing 50.1% of *ST Xinchao's total shares, indicating strong support from the majority shareholder for the proposed resolutions [2][3]. Group 2: Management Changes - The restructuring resulted in a new board comprising six members with ties to Yitai, including Zhang Junyu, who has a background in Yitai's management [3][4]. - Yitai B previously acquired 51% of *ST Xinchao's shares for 11.79 billion yuan, completing the purchase at 11.58 billion yuan for a controlling stake [3][4]. Group 3: Challenges Ahead - Despite gaining control, Yitai B faces significant challenges, particularly regarding the management of *ST Xinchao's core assets located in Texas, USA, which have a complex and disputed control structure [5][11]. - The company reported total assets of 35.393 billion yuan, with over 99% of its assets located overseas, primarily in oil fields [5][6]. Group 4: Asset Control Issues - The control structure of *ST Xinchao's overseas assets has been questioned, with allegations that former chairman Liu Ke transferred control to related companies through various shareholding changes [9][10]. - Concerns persist regarding the influence of Seewave Energy Holdings Company, which is controlled by Liu Ke, potentially limiting Yitai B's effective control over the core assets [11][12]. Group 5: Risk of Delisting - *ST Xinchao has faced delisting risks due to consecutive years of receiving "non-standard" audit reports and ongoing internal control issues, which need to be addressed by the new management to prevent further deterioration [12].

Core Viewpoint - ST Dongshi is facing severe financial difficulties, including significant fund occupation issues, debt defaults, and deteriorating performance, leading to heightened delisting risks [1][2][6] Group 1: Financial Issues - As of the announcement date, the non-operational fund occupation by the controlling shareholder and related parties amounts to 387 million yuan, with no repayments made [1] - The company has been subject to a regulatory investigation by the China Securities Regulatory Commission (CSRC) for failing to rectify fund occupation issues within the stipulated timeframe [1][2] - ST Dongshi has entered a "pre-restructuring" phase but has not yet received formal court acceptance, creating uncertainty about its ability to proceed with restructuring [2][6] Group 2: Debt and Legal Challenges - The company is facing a forced execution by the Beijing Second Intermediate People's Court for failing to repay a loan of 115 million yuan to Dalian Bank, which includes principal, interest, and penalties [2][3] - In the past twelve months, ST Dongshi has accumulated 27 new lawsuits involving a total of 77.58 million yuan, indicating a tightening cash flow situation [2][3] - The company has pledged shares of its subsidiaries as collateral for loans, which may be subject to forced sale if debts are not repaid [3] Group 3: Performance Decline - ST Dongshi expects a net loss of between 126 million yuan and 105 million yuan for the first half of 2025, representing a year-on-year increase in losses of 45% to 73% [4] - The decline in performance is attributed to a reduction in training students due to macroeconomic conditions and high fixed costs that do not decrease with revenue [4][5] - The company has not proposed specific measures to improve profitability, raising concerns about its ability to compete in a challenging market [5] Group 4: Broader Implications - The financial and operational challenges faced by ST Dongshi are indicative of broader risks in the industry, particularly for companies with high debt and ongoing losses [6] - The situation serves as a warning for investors regarding companies with significant fund occupation and financial instability, highlighting the need for increased regulatory oversight [6]

Core Viewpoint - *ST Zitian is on the brink of delisting due to financial fraud, neglecting inquiries from the stock exchange, and high-level executives evading regulatory oversight [1][4]. Group 1: Company Background - *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 [12]. - The company went public on the Shenzhen Stock Exchange in December 2011 and became controlled by Anchang Investment through a merger in early 2016 [13]. Group 2: Financial Issues - From 2013 to 2022, *ST Zitian's cumulative net profit attributable to shareholders was less than 1.1 billion [19]. - In 2023, the company reported a net loss of 1.21 billion, marking a significant downturn in performance [19]. - The 2024 earnings forecast indicates a projected loss of 150 million to 220 million, attributed to reduced client budgets in its internet advertising business and intensified market competition [20]. Group 3: Regulatory Challenges - The company has faced severe regulatory scrutiny, including a notice from the Fujian Securities Regulatory Bureau regarding false financial reporting and a lack of cooperation during investigations [7][21]. - As of July 20, 2023, *ST Zitian announced that its stock would be suspended from trading due to the impending delisting process [21]. - The company has not engaged in any corrective actions or hired a qualified accounting firm to address the regulatory issues [9][10]. Group 4: Legal Consequences - Following the regulatory actions, investors have begun filing civil compensation lawsuits against *ST Zitian [22].

Core Viewpoint - *ST Zitian is facing potential delisting due to financial misconduct, including false accounting reports and non-compliance with regulatory requirements [2][5][11] Group 1: Company Background - *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 [6] - The company went public in December 2011 and has undergone ownership changes, with Anchang Investment becoming the controlling shareholder in early 2016 [6][8] Group 2: Financial Performance - From 2013 to 2022, *ST Zitian reported a total net profit of less than 1.1 billion yuan, but in 2023, it recorded a net loss of 1.21 billion yuan [10] - The company anticipates a further loss of 150 million to 220 million yuan for the year 2024, attributed to reduced client budgets in its internet advertising business and increased market competition [10] Group 3: Regulatory Issues - The company has been under investigation by the Fujian Securities Regulatory Bureau for financial misconduct, leading to administrative penalties against the company and its executives [4][11] - As of July 20, 2025, *ST Zitian announced that its stock would be suspended from trading due to the impending delisting process, following a lack of corrective actions [11][12] Group 4: Management and Control - The actual controllers of *ST Zitian are Yao Haiyan and Zheng Lan, both of whom are over 70 years old and have a history of involvement in various investment projects [8][9] - The management team, including the chairman and other executives, has been accused of evading regulatory inquiries and failing to cooperate with investigations [3][4]

Core Viewpoint - *ST Zitian (300280) is facing potential delisting due to failure to rectify issues identified in its annual reports, which contained significant false records of revenue totaling 2.499 billion yuan, accounting for 63.53% of the reported revenue for 2022 and 2023 [6][3]. Group 1: Company Announcements - On July 20, *ST Zitian announced that its stock may be delisted and will be suspended from trading starting July 21 [3]. - The company has not completed the required rectification within the mandated timeframe, leading to a suspension of its stock from March 17, 2025 [6]. - The company received an administrative penalty notice from the Fujian Securities Regulatory Bureau on June 27, indicating serious violations in its financial reporting [6]. Group 2: Stock Performance - From July 11 to July 18, *ST Zitian's stock price fell by a cumulative 50%, indicating severe abnormal trading activity [7]. - On July 18, the stock price dropped over 13%, closing at 2.74 yuan per share, with a total market capitalization of 444 million yuan [7]. - Since the beginning of the year, the stock has experienced a total decline of 87.01% [7]. Group 3: Investor Activity - During the period of significant stock price fluctuation (July 11-18), retail investors dominated trading, accounting for 99.62% of total buy transactions and 97.06% of total sell transactions [8]. - Retail investors made a net purchase of 39.53 million yuan during this period, with total buy and sell amounts reaching 989 million yuan and 963 million yuan, respectively [8].