Core Viewpoint - The speculation surrounding the potential reverse merger of *ST Bosen with Xifeng Liquor has intensified following the proposal for a board reshuffle, despite the company's repeated clarifications that there is no connection between the two events [2][4][8]. Group 1: Company Background and Current Situation - *ST Bosen, established in 1985, is a large apparel enterprise primarily focused on men's clothing, with its main brand being "Bosen Men's Wear" [11]. - The company has faced significant operational challenges, reporting continuous losses since 2022, with net losses of 78.45 million yuan, 67 million yuan, and 51.4 million yuan from 2022 to 2024 [11][12]. - As of the end of 2024, *ST Bosen had only 205 stores remaining nationwide, indicating a decline in its retail presence [11]. Group 2: Recent Developments - The proposal for a temporary shareholders' meeting to elect a new board and supervisory committee has been put forward by the controlling shareholder, Fangwei Tongchuang [2][3]. - Notably, several candidates for the new board have backgrounds linked to Xifeng Liquor, which has fueled speculation about a potential reverse merger [4][10]. - The company has publicly denied any connection between the board reshuffle and a reverse merger with Xifeng Liquor, emphasizing that there are no related restructuring plans [2][4][8]. Group 3: Financial Performance and Risks - *ST Bosen's stock has been marked with "delisting risk warning" due to its financial performance, with the company failing to meet certain profitability and revenue thresholds [10][12]. - The company reported a revenue of 32.345 million yuan in the first quarter of 2025, with a net loss of 4.166 million yuan [12]. - The ongoing financial struggles and the need for a turnaround are critical, as the company faces a limited timeframe to improve its financial health before potential delisting [12].

Group 1 - Recently, multiple companies in the A-share market have entered the delisting arrangement period, with two companies, Pengbo and Longyu, entering this period on June 10, resulting in significant stock price declines [1][2][3] - Pengbo's stock price plummeted, with a drop exceeding 64% at one point, reaching a low of 0.22 yuan, accompanied by a sharp increase in trading volume [3] - Pengbo, formerly known as Pengbo Telecom Media Group Co., Ltd., was once a well-known listed company in the A-share market, with a peak market value exceeding 60 billion yuan, now reduced to approximately 400 million yuan, representing a decline of over 99% from its historical peak [3] Group 2 - Longyu's stock also experienced a significant drop, with a decline of over 45% during trading, and its trading volume increased several times compared to previous trading days [4] - Longyu, officially known as Shanghai Longyu Data Co., Ltd., is a green digital ecological service provider and bulk commodity trading service provider, founded in 1997 [4] - Both companies received notices from the Shanghai Stock Exchange regarding the termination of their stock listings due to the issuance of audit reports that could not express an opinion on their financial statements for the fiscal year 2023 [3][4] Group 3 - Other companies are also entering the delisting arrangement period, such as Longjin Pharmaceutical, which entered on June 6, with its stock price dropping by 36.28% on that day [6] - Renrenle, a well-known supermarket chain, is set to enter the delisting arrangement period on June 13, having reported a negative net asset of 404 million yuan in its latest audited financial report [6] - Haiyue Energy is scheduled to enter the delisting arrangement period on June 16, and it is a comprehensive energy company established in 1993, primarily engaged in oil trading and related businesses [7]

Core Viewpoint - *ST Hengli is under investigation by the China Securities Regulatory Commission (CSRC) for suspected false disclosures in its annual report and other financial documents, facing a delisting risk due to failure to timely disclose periodic reports [1][14]. Financial Performance - *ST Hengli's revenue from 2021 to 2023 showed a significant decline, with revenues of 3.46 billion, 2.46 billion, and 1.11 billion respectively, reflecting year-on-year changes of 13.19%, -28.86%, and -54.74% [2]. - The company's net profit attributable to shareholders for the same period was 0.02 billion, -0.13 billion, and -0.11 billion, with year-on-year changes of -42.99%, -870.88%, and 13.40% [2]. Audit and Reporting Issues - The company faced challenges in its 2023 annual report, initially forecasting revenue of 1.5 billion to 1.8 billion, later revised down to 1 billion to 1.2 billion, a reduction of 33.33% [3]. - The audit report from Yongtuo Accounting Firm raised concerns about the company's ability to continue as a going concern, leading to a risk warning for delisting [3]. - *ST Hengli's failure to disclose over half of its board's assurances regarding the accuracy of the 2024 annual report resulted in a delisting risk warning from the Shenzhen Stock Exchange [3]. Legal Actions and Controversies - Following the receipt of a delisting warning, *ST Hengli filed a lawsuit against its auditing firm, Xutai, claiming damages of 38.27 million due to delays in the audit report [1][6]. - The company appointed a new auditor, Tangtang, without following the required shareholder meeting procedures, raising compliance concerns [10]. Revenue Adjustment Attempts - On May 31, *ST Hengli attempted to adjust its 2023 revenue figures by hiring Tangtang to issue a new verification report, arguing that certain income should not have been deducted [7]. - The company had previously accepted the auditor's opinion on revenue deductions without objection, leading to questions about the legitimacy of its recent claims [8]. Regulatory Compliance Issues - *ST Hengli's disclosures regarding its financial adjustments were not made through the designated media, violating regulatory requirements [13]. - The company justified its internal announcement process by claiming that relevant personnel at the Shenzhen Stock Exchange failed to disclose information in a timely manner, which does not absolve it of compliance responsibilities [13].

Core Viewpoint - The company *ST Jinbi is undergoing a potential change in control, with its major shareholders planning to transfer shares, which introduces both hope and uncertainty for the company's future [2][3][6] Group 1: Control Change Announcement - On June 5, *ST Jinbi announced a suspension of trading due to plans for a change in control, with the suspension expected to last no more than two trading days [2] - The change in control is currently in the negotiation stage, and there is significant uncertainty surrounding the outcome [3] Group 2: Shareholding Structure - As of the end of Q1 2025, the major shareholders Lin Haoliang and Lin Ruowen hold 27.29% and 25.95% of the shares respectively, totaling 53.24%, while the third-largest shareholder holds only 0.57% [3] Group 3: Business Overview - *ST Jinbi operates in the maternal and infant consumer goods sector, managing three proprietary brands: LABI BABY, I LOVE BABY, and BABY LABI [3] - The company has faced significant pressure on its performance due to increasing competition in the maternal and infant market [3] Group 4: Financial Performance - Since 2019, *ST Jinbi's revenue has declined from 438 million to 225 million in 2024, with net profits showing losses for three consecutive years from 2022 to 2024 [4] - The company has been under risk warning for delisting due to financial performance issues, as it met criteria for negative profit and revenue thresholds [4] Group 5: Strategic Moves - To mitigate delisting risks, *ST Jinbi has attempted to enter the medical beauty industry, acquiring stakes in Guangdong Hanfei Hospital Investment Co., Ltd. in 2021 and 2023 [5] - In 2025, the company consolidated its medical beauty operations by integrating subsidiaries, but the impact on financial performance has been limited, with a reported revenue of 76.06 million in Q1 2025, a 74.85% increase year-on-year, yet still showing a net loss [5][6]

Core Viewpoint - ST Dongshi (Oriental Fashion) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, marking the second time in 18 months that the company has faced regulatory scrutiny [1][3]. Group 1: Regulatory Issues - The CSRC issued a notice of investigation to ST Dongshi on May 30, indicating serious concerns regarding the company's compliance with information disclosure regulations [1]. - This investigation follows a previous case where ST Dongshi was also investigated for similar issues just 17 months prior [3]. Group 2: Internal Control and Financial Performance - ST Dongshi has publicly acknowledged significant deficiencies in its internal controls, which have been highlighted in audit reports for two consecutive years (2023 and 2024) [3]. - The company’s stock was reclassified from "Oriental Fashion" to "ST Dongshi" due to these internal control failures, which have led to additional risk warnings [3]. - As of December 31, 2024, the controlling shareholder and related parties have non-operationally occupied ST Dongshi's funds amounting to 387 million yuan, which must be returned by June 19, 2025, as per the Beijing Securities Regulatory Bureau's requirements [3]. Group 3: Financial Results - In 2024, ST Dongshi reported revenues of 807 million yuan, a year-on-year decline of 22.55%, while net profit plummeted to -903 million yuan, a decrease of 149.5%, marking five consecutive years of decline [3]. - The downward trend in financial performance is expected to continue into the first quarter of 2025 [3].

Core Viewpoint - *ST Tianyu is facing significant challenges due to the investigation of its actual controller, Yan Chunyu, for suspected fund misappropriation, which has led to multiple resignations among its executives and increased risk of delisting [1][5]. Group 1: Investigation and Resignations - On May 30, *ST Tianyu announced that it received a notice from the Wuhan Public Security Bureau regarding the investigation of Yan Chunyu for suspected fund misappropriation, which meets the criteria for criminal case filing [1]. - Following the announcement, several executives, including the chairman, have resigned, indicating instability within the company's management [2][4]. - The company stated that Yan Chunyu does not hold any director, supervisor, or senior management positions, and the investigation is not expected to significantly impact normal operations [1]. Group 2: Shareholding and Judicial Auction - As of September 2024, Yan Chunyu and another actual controller, Ai Di, through Wuhan Tongyu Investment Partnership, held 12.13% of *ST Tianyu's shares, which are subject to judicial auction [4]. - The shares were auctioned due to a contract dispute with Deep Creation Intelligent, which led to a long-standing unresolved issue [4]. Group 3: Delisting Risk - On the same day as the investigation announcement, *ST Tianyu disclosed that its stock trading is subject to additional risk warnings due to a negative internal control audit report for the fiscal year 2024 [5]. - The company has applied to revoke previous risk warnings related to illegal guarantees, but this application has not yet been approved by the Shenzhen Stock Exchange [5]. - The company’s financial report for 2024 received an audit report with no opinion, leading to delisting risk warnings, and if certain conditions are met in the following year, the Shenzhen Stock Exchange may terminate the company's stock listing [5]. Group 4: Business Overview - *ST Tianyu's main business includes smart cards, terminals, and technology services, and it is recognized as a national high-tech enterprise and a leading technology enterprise in Wuhan [6]. Group 5: Financial Performance - In the first quarter of 2025, *ST Tianyu reported a revenue of 45.37 million yuan, a year-on-year decrease of 86.50%, and a net profit attributable to the parent company of -40.19 million yuan, a year-on-year decline of 947.89% [7].

Core Viewpoint - *ST Tianyu is facing significant challenges, including a criminal investigation into its actual controller for fund misappropriation, a series of executive resignations, and the risk of delisting due to negative audit opinions on internal controls and financial statements [1][2][10][11]. Group 1: Criminal Investigation - The company received a notice from the Wuhan Public Security Bureau regarding a criminal investigation into its actual controller, Yan Chunyu, for suspected fund misappropriation [2]. - The investigation meets the standards for criminal case filing as per Chinese law [2]. Group 2: Executive Resignations - Recent resignations include Chairman Yang Haitao, Director Eddie, and Vice General Manager and CFO Zhang Yanju, among others, citing personal reasons [5][6][7]. - The company has seen a significant drop in shareholding by its major shareholder, Wuhan Tongyu, from 24.58% to 12.45% [8]. Group 3: Delisting Risk - *ST Tianyu's stock is under additional risk warnings due to a negative audit report on its internal controls for the fiscal year 2024 [10]. - The company has been issued a delisting risk warning due to an audit report that could not express an opinion on its financial statements [11]. - The company is actively working to improve its internal control systems and audit supervision to mitigate these risks [10][11].

Core Points - ST New Wave (600777) announced that it cannot disclose the 2024 annual report and the 2025 Q1 report within the statutory deadline due to the need for further supplementary financial information [1] - The company's stock will be suspended from trading starting May 6, 2025 [1] - If the company fails to disclose the 2024 annual report within two months of the stock suspension, it will face delisting risk warnings and may resume trading [1] - If the company does not disclose a majority of the board's assurance of the authenticity, accuracy, and completeness of the 2024 annual report within two months of the delisting risk warning, there is a risk of termination of listing by the Shanghai Stock Exchange [1]

证券代码：600200 证券简称：*ST 苏吴 公告编号：临 2025-046 江苏吴中医药发展股份有限公司 关于立案调查进展暨风险提示公告 本公司董事会及董事会全体成员保证公告内容不存在虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实、准确和完整承担法律责任。 重要风险提示： 公司于 2025 年 2 月 27 日披露了《江苏吴中医药发展股份有限公司关于收到 中国证券监督管理委员会立案告知书暨风险提示公告》 因公司涉嫌信息披露违法违规，根据《中华人民共和国证券法》《中华人民共和 国行政处罚法》等法律法规，中国证监会决定对公司立案。 截至本公告披露日，中国证监会的调查尚在进行中，公司尚未收到就上述立 案调查事项的结论性意见或决定。在立案调查期间，公司积极配合中国证监会的 相关调查工作。 若后续经中国证监会行政处罚认定的事实，触及《上海证券交易所股票上市 规则》规定的重大违法强制退市情形，公司股票将被实施重大违法强制退市。请 投资者理性投资，注意投资风险。 公司目前日常生产经营正常，市场环境或行业政策未发生其他重大变化。公 司郑重提醒广大投资者，公司指定信息披露媒体为《中国证券报》《上海证券报》 及上海证券 ...

Core Viewpoint - Tianye Co., Ltd. (832023) disclosed a non-standard audit opinion for its 2024 annual report, indicating potential financial fraud and risks of delisting [1][10][14] Financial Performance Summary - In the 2024 annual performance report, the net profit attributable to the parent company was revised to 9.65 million yuan, a decrease of 1.89 million yuan or 66.22% from the previous estimate [2] - The company's operating income for 2024 was 493.55 million yuan, a slight increase of 7.34% compared to 2023, but the gross profit margin fell to 20.52% from 21.68% [9] - The net profit attributable to shareholders dropped by 71.07% compared to 2023, indicating a significant decline in profitability [9] Audit Findings - The audit report revealed several issues, including uncollectible sales revenue of 16.02 million yuan and inflated procurement costs of 8.55 million yuan, raising doubts about the authenticity of financial statements [10][11][12] - The internal control audit received a negative opinion, highlighting major deficiencies in the company's internal controls, which could lead to delisting risks [14][17] Internal Control Issues - The internal control report identified that management bypassed internal controls, leading to failures in key control points [14] - Specific deficiencies included improper procurement practices, such as inflated purchase amounts and lack of proper documentation for transactions [15][16] - The company has not corrected prior accounting errors, further complicating the reliability of its financial reporting [17]