*ST立方公告称，2026年1月19日至1月27日，公司股票连续6个交易日内收盘价格涨幅偏离值累计达 105.52%，属严重异常波动。公司于2025年11月28日收到《行政处罚及市场禁入事先告知书》，可能触 及重大违法强制退市情形。2025年1-9月，公司营收20333.04万元，同比降0.44%；净利润-6220.90万 元，同比降20.59%，2025年全年净利润预计仍为负。截至公告披露日，控股股东和实控人无应披露未 披露重大事项，异常波动期间未买卖公司股票。 ...

Market Overview - During the week from January 19 to January 23, A-shares showed mixed performance with the Shanghai Composite Index closing at 4136.16 points, up 0.83%, the Shenzhen Component Index at 14439.66 points, up 1.11%, and the ChiNext Index at 3349.50 points, down 0.34% [1] - Over 77% of stocks experienced gains during the week, with 237 stocks rising over 15%, while only 14 stocks fell more than 15% [1] - Sectors such as building materials, oil and petrochemicals, steel, and basic chemicals saw increases, while banking, telecommunications, non-bank financials, and food and beverage sectors declined [1] Top Gainers - *ST Lifan (300344.SZ) topped the weekly gainers with a remarkable 95.52% increase, followed by *ST Changyao (300391.SZ) with a 70.37% rise, and Fenglong Co. (002931.SZ) at 61.08% [2] - Other notable gainers included Zhizhi New Materials (300986.SZ) at 49.21%, Jiamei Packaging (002969.SZ) at 48.15%, and Hunan Silver (002716.SZ) at 47.44% [2] Company Profile of *ST Lifan - *ST Lifan is a digital technology cloud service provider focused on new digital infrastructure, with main business segments including intelligent hardware and software, digital intelligent services, and mobile information services [3] - The company's actual controller made unauthorized public statements that led to stock price fluctuations, prompting a clarification announcement from the company [3] Regulatory Concerns - On January 23, the Anhui Securities Regulatory Bureau reported that *ST Lifan faces a significant risk of forced delisting due to suspected false financial reporting for three consecutive years (2021, 2022, 2023) [4] - The company has been issued a notice regarding administrative penalties and market entry bans, and is currently in the process of appealing [4] - The regulatory body emphasized the importance of relying on official announcements from the company to avoid misinformation [4]

Core Viewpoint - The announcement from Anhui Securities Regulatory Commission highlights the significant risk of forced delisting for *ST Lifan due to major violations, urging investors to rely on official announcements and avoid being misled by false information [1][2] Group 1: Company Situation - *ST Lifan has been flagged for potential forced delisting due to suspected false financial reporting over three consecutive years (2021-2023), with inflated revenues of 280 million and 312 million yuan for 2021 and 2022, respectively, accounting for over 50% of annual revenues [2] - The company has received a notice of administrative penalty and market entry ban, with a proposed fine of 40 million yuan against *ST Lifan and ten responsible individuals [2] - Following a period of stock price decline, *ST Lifan's stock surged after the actual controller released optimistic statements about the company's situation, despite the company later clarifying it did not authorize such communications [3][4] Group 2: Market Reactions - Both *ST Lifan and *ST Changyao experienced significant stock price increases despite facing forced delisting risks, raising concerns about potential market manipulation [5][6] - The abnormal price movements of these stocks, which do not align with their fundamental risks, suggest possible speculative trading behavior that could mislead investors [7][8] Group 3: Regulatory Response - Regulatory authorities are urged to enhance monitoring of abnormal trading activities related to delisting risk stocks and to take timely actions such as inquiries and suspensions [8] - Experts emphasize the need for strict enforcement against any illegal activities during the delisting process, including false statements and market manipulation, to maintain the integrity of the capital market [8]

1月23日，*ST长药收到中国证监会下发的《行政处罚决定书》。经查，*ST长药连续三年虚增收入和利 润，违反证券法律法规。证监会对上市公司罚款1000万元。 深交所1月23日公告，对因涉嫌财务数据存在虚假记载被证监会立案的"*ST立方""*ST长药"进行重点监 控。 公司同日发布关于公司股票停牌暨可能被终止上市的风险提示公告。 连续三年虚增收入和利润 经查明，2020年11月，*ST长药通过支付现金方式收购湖北长江星医药股份有限公司52.75%的股权。同 年12月，长江星纳入*ST长药财务报表合并范围。长江星原实际控制人罗明等对长江星2020年至2022年 净利润等指标进行了业绩承诺。上述收购完成后，罗明继续担任长江星董事长、总经理，全面负责长江 星的经营管理工作。 在收到《行政处罚事先告知书》不足一月后，*ST长药收到监管部门"罚单"。 同日，公司收到深圳证券交易所下发的《事先告知书》，公司触及《深圳证券交易所创业板股票上市规 则》第10.5.1条第一项、第10.5.2条第一款第六项规定的股票终止上市情形，深圳证券交易所拟决定终止 公司股票上市交易。根据《深圳证券交易所创业板股票上市规则》第10.1.5条规 ...

Core Viewpoint - *ST Changyao has been penalized by the China Securities Regulatory Commission (CSRC) for inflating revenue and profits for three consecutive years, resulting in a fine of 10 million yuan [1][5]. Group 1: Financial Misconduct - The company inflated its revenue by 215.32 million yuan, 283.74 million yuan, and 233.63 million yuan for the years 2021, 2022, and 2023 respectively, which accounted for 9.12%, 17.57%, and 19.51% of the reported revenue for those years [3]. - The inflated profit totals were 56.40 million yuan, 63.38 million yuan, and 43.71 million yuan for the same years, representing 35.62%, 88.23%, and 6.42% of the reported profit [3]. - In addition, the company failed to reasonably recognize losses related to a project in 2022, leading to an additional profit inflation of 4.55 million yuan, which was 6.34% of the reported profit for that year [4]. Group 2: Regulatory Actions - On January 23, the company received a notice from the CSRC regarding administrative penalties, which included a warning and a fine of 10 million yuan [5]. - The Shenzhen Stock Exchange has announced that it will monitor *ST Changyao closely due to the financial misconduct and is considering terminating the company's stock listing [1][6]. - The company has triggered major violations that could lead to mandatory delisting, as it has reported false financial data for three consecutive years [6][7]. Group 3: Market Implications - The recent actions by regulatory bodies reflect a zero-tolerance policy towards financial fraud, aiming to enhance the overall quality of listed companies and improve the investment environment [10]. - The stock price of *ST Changyao has seen a surge, with four consecutive days of trading limits, indicating market speculation despite the impending regulatory actions [10].

Core Viewpoint - *ST Changyao (300391.SZ) has been identified by the China Securities Regulatory Commission (CSRC) for false disclosures in its annual reports for 2021, 2022, and 2023, which may lead to the termination of its stock listing due to significant violations of the Shenzhen Stock Exchange's listing rules [1][2] Group 1 - The company received a decision from the CSRC stating that its annual reports contained false records, affecting key financial indicators such as revenue, total profit, and net profit [1] - The company has triggered a major violation that could lead to forced delisting, as it has false disclosures for three consecutive years [1] - According to the Shenzhen Stock Exchange's rules, if a company encounters more than two delisting conditions, its stock will be delisted based on the principle of "first come, first served" [1] Group 2 - The company's stock will be suspended from trading starting January 26, 2026, as per the relevant regulations [2] - The company has the right to apply for a hearing regarding the delisting notice, and if it fails to do so within the specified period, the Shenzhen Stock Exchange will make an independent judgment on the delisting matter [2] - If a hearing application is submitted, the Shenzhen Stock Exchange will form an opinion within fifteen trading days after the hearing process concludes [2]

Core Viewpoint - The Anhui Securities Regulatory Bureau has issued a notice regarding *ST Lifan, highlighting the significant risk of forced delisting due to major legal violations, urging investors to rely on official announcements and to invest rationally to avoid losses [2][5]. Group 1: Company Situation - On January 18 and 20, the actual controller of *ST Lifan, Gu Motang, released an open letter to shareholders and a response to risk warnings, leading to a stock price surge, with the stock hitting the daily limit on January 20 [4]. - Despite the surge, *ST Lifan issued an urgent announcement clarifying that the board was unaware of the media reports attributed to them, which were deemed misleading [4]. - The stock continued to rise, achieving a total increase of 95.52% over four trading days, closing at 1.31 yuan per share on January 23, with a daily increase of 13.91% [4]. Group 2: Regulatory Actions - The Anhui Securities Regulatory Bureau indicated that *ST Lifan has been suspected of false financial reporting for three consecutive years (2021, 2022, 2023), which may lead to forced delisting under the rules of the Growth Enterprise Market [6]. - The bureau plans to impose a fine of 10 million yuan on *ST Lifan and a total of 30 million yuan on 10 responsible individuals, including Wang Yi, for serious violations of securities laws [6]. - The bureau has received requests for extensions for defense and hearings from the parties involved and is currently conducting related work, with further administrative penalties to be determined [6].

安徽证监局指出，*ST立方因2021年、2022年、2023年连续三年年度报告财务数据涉嫌虚假记载，触及《创业板股票上市规则》关于重大违法强制退市情形 的规定，股票可能被强制退市，安徽证监局已于2025年11月28日下发《行政处罚及市场禁入事先告知书》。 安徽证监局郑重提醒，*ST立方存在重大违法强制退市风险，请广大投资者以该公司正式公告内容为准，理性投资，避免被不实信息误导，造成损失。 1月23日，安徽证监局发布关于*ST立方相关情况的通报。 近期，安徽证监局关注到有人通过媒体发布《*ST立方回应风险提示：多措并举应对挑战 股票20日复牌》等信息，涉嫌存在不真实、不准确、不完整情形和 误导性陈述，*ST立方已通过法定渠道予以公告澄清，安徽证监局也将依法开展监管处置。 *ST立方向安徽证监局提出延期申辩和听证的申请，安徽证监局已依法准予延期，目前正抓紧开展相关工作。后续，安徽证监局将依法做出行政处罚决定。 *ST立方实控人古某瑭1月18日、20日通过媒体发布《致立方数科全体股东的公开信》《*ST立方回应风险提示：多措并举应对挑战股票20日复牌》，*ST立 方股价于1月20日应声涨停。 1月20日午间，*ST立 ...

Core Viewpoint - *ST Lifan faces potential forced delisting due to suspected false financial reporting for three consecutive years from 2021 to 2023, as indicated by the Anhui Securities Regulatory Bureau [2][6]. Group 1: Financial Misconduct - *ST Lifan has been found to have inflated revenue by 638 million yuan and costs by 628 million yuan from 2021 to 2023 through various fraudulent activities [6]. - The breakdown of inflated figures includes 280 million yuan in revenue and 277 million yuan in costs for 2021, 312 million yuan in revenue and 305 million yuan in costs for 2022, and 46 million yuan in revenue and 45 million yuan in costs for 2023 [6]. Group 2: Regulatory Actions - The Anhui Securities Regulatory Bureau issued a notice of administrative penalty and market ban to *ST Lifan on November 28, 2025, and is currently processing the case [2][6]. - The company has applied for an extension to respond to the allegations, which has been granted by the regulatory authority [2]. Group 3: Stock Performance - On January 13, *ST Lifan's stock closed at 0.97 yuan per share, falling below the 1 yuan threshold, which could lead to termination of listing if it remains below this price for 20 consecutive trading days [7]. - Following a temporary suspension, the stock rebounded, closing at 1.31 yuan per share on January 23, reflecting a 13.91% increase [7][9]. Group 4: Misleading Information - The actual controller of *ST Lifan, Gu Yutang, issued a public letter to shareholders that was deemed misleading by the Shenzhen Stock Exchange, raising concerns about the accuracy of information disclosed [9]. - The Anhui Securities Regulatory Bureau has noted the potential for misleading statements and is taking regulatory action to address these issues [9].

Core Viewpoint - The article discusses the regulatory actions and financial misconduct associated with *ST Lifan, highlighting the risks of forced delisting due to significant financial misreporting and misleading public statements by the company's actual controller [1][3]. Regulatory Actions - The Anhui Securities Regulatory Bureau has issued a notice regarding *ST Lifan, indicating that misleading information was disseminated through media by the actual controller, Gu Yutang, which led to a temporary surge in the company's stock price [1][3]. - Following the misleading statements, *ST Lifan clarified that the board was unaware of the reports and did not authorize them, leading to disciplinary actions against Gu Yutang by the Shenzhen Stock Exchange [5][6]. Financial Misconduct - *ST Lifan has been flagged for three consecutive years of financial misreporting, with the potential for forced delisting due to violations of the Shenzhen Stock Exchange's listing rules [6][9]. - The company reported inflated revenues and costs for the years 2021 to 2023, with significant discrepancies: - In 2021, inflated revenue was 280 million, accounting for 50.09% of total revenue, and inflated costs were 277 million, making up 60.61% of total costs [8]. - In 2022, inflated revenue was 312 million, representing 51.67% of total revenue, and inflated costs were 305 million, or 53.54% of total costs [8]. - In 2023, inflated revenue was approximately 45.87 million, which was 24.00% of total revenue, and inflated costs were about 45.23 million, accounting for 27.55% of total costs [8]. Potential Penalties - The Anhui Securities Regulatory Bureau plans to impose a fine of 10 million on *ST Lifan and issue warnings to the responsible individuals, totaling 30 million in fines, along with a 10-year market ban for three key personnel [8][9].