Core Points - The company ST Cube has been investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may lead to mandatory delisting if significant violations are confirmed [1] - The company's ninth board of directors has decided to hold the first extraordinary general meeting of shareholders for 2025 on November 17, with online voting from 9:15 to 15:00 and a physical meeting starting at 14:00 in Liu'an, Anhui Province [1] - The agenda for the upcoming meeting includes proposals to cancel the supervisory board, amend governance systems, and terminate the restricted stock incentive plan [1]

*ST苏吴公告称，公司因涉嫌信息披露违法违规被立案调查，2025年7月13日收到《行政处罚事先告知 书》，认定2020 - 2023年分别虚增营收49,526.32万元、46,850.82万元、43,074.52万元、37,666.41万元， 触及重大违法强制退市情形，股票7月14日起被叠加实施风险警示。若正式处罚决定认定触及该情形， 股票将终止上市。此外，公司还存在财务类退市、面值退市等多重风险，2025年前三季度净利润 - 8,746.80万元，同比降294.03%。 ...

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the listing of *ST Guandao due to long-term and systematic financial fraud, marking it as the first company to be forcibly delisted for major violations on the exchange [2][4]. Group 1: Financial Misconduct - *ST Guandao was found to have engaged in financial fraud for seven consecutive years, significantly inflating both revenue and costs through the fabrication of sales and purchase contracts, invoices, and other documents [5][7]. - The company reported inflated revenues of 143 million, 192 million, 223 million, 249 million, 304 million, 283 million, and 72 million from 2018 to the first half of 2024, representing percentages of 87.34%, 95.39%, 98.96%, 85.87%, 99.39%, 98.14%, and 88.11% of the reported amounts for those periods [9]. - Correspondingly, the inflated costs were 65 million, 85 million, 117 million, 133 million, 163 million, 152 million, and 39 million, with percentages of 84.53%, 91.17%, 98.41%, 83.30%, 99.13%, 92.26%, and 83.81% [9]. Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) imposed a fine of 10 million yuan on *ST Guandao and issued warnings, while key executives faced severe penalties, including lifetime bans from the securities market [12]. - The former chairman and other senior management were held accountable for the fraudulent activities, with the chairman fined 15 million yuan and banned for life, while the secretary was fined 5 million yuan and also banned for life [12]. Group 3: Investor Compensation - As a response to the fraud and subsequent delisting, Minmetals Securities is actively working on a compensation plan for eligible investors, establishing a special fund of approximately 220 million yuan for this purpose [14]. - The compensation mechanism aims to provide timely relief to investors affected by the company's fraudulent disclosures, addressing the challenges of high litigation costs and lengthy recovery processes for small investors [14].

Core Viewpoint - *ST Guangdao has received a decision from the Beijing Stock Exchange to terminate its stock listing due to significant violations of regulations, including falsifying financial reports and overstating revenue and costs [2][6][7]. Group 1: Termination of Listing - On November 12, *ST Guangdao announced it received a decision from the Beijing Stock Exchange regarding the termination of its stock listing [2]. - The company has been suspended from trading since September 15, with a closing price of 9.52 yuan per share and a total market value of 638 million yuan as of September 12 [4]. Group 2: Violations and Financial Misrepresentation - The decision to terminate the listing is based on findings from the Shenzhen Securities Regulatory Bureau, which identified significant violations under the Beijing Stock Exchange's listing rules [6]. - The company was found to have falsified financial documents from 2018 to 2023, inflating reported revenue and costs by substantial margins, with revenue inflation rates reaching as high as 99.39% in 2024 [7]. Group 3: Next Steps and Compensation - *ST Guangdao will enter a delisting preparation period, and if it does not appeal the decision within 15 trading days, its stock will resume trading for a delisting preparation period [8]. - The company is currently working with its sponsor, Wukuang Securities, to establish a compensation fund for eligible investors affected by the delisting [8].

南财智讯11月11日电，*ST长药公告，公司股票于2025年11月10日、2025年11月11日连续2个交易日内日 收盘价格跌幅偏离值累计-34.98%，根据深圳证券交易所交易规则相关规定，属于股票交易异常波动的 情形。针对此次异常波动，公司董事会进行了核实：前期披露的信息不存在需要更正或补充之处；未发 现近期公共传媒报道可能对公司股价产生较大影响的未公开重大信息；公司因涉嫌定期报告等财务数据 虚假记载，已于2025年11月7日收到中国证监会的立案告知书，目前正积极配合调查；公司、控股股东 和实际控制人不存在应披露而未披露的重大事项，且在本次异常波动期间，控股股东及实际控制人未买 卖公司股票；公司无业绩预告需披露，日常经营管理无显著变化。公司董事会确认，除已披露事项外， 目前无其他应披露而未披露的重大信息。同时提示，若未来被中国证监会行政处罚并触及重大违法强制 退市情形，公司股票将面临强制退市风险；目前公司处于预重整阶段，能否进入重整程序尚存在不确定 性，后续亦存在因重整失败而被宣告破产并终止上市的风险。 ...

Core Points - *ST Changyao received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into suspected false financial reporting [1] - The company was previously known as Kangyue Technology and was listed on the Shenzhen Stock Exchange in August 2014 [1] - *ST Changyao operates primarily in the pharmaceutical manufacturing sector and has a secondary focus on photovoltaic equipment [1] Financial Performance - For the first three quarters of 2025, *ST Changyao reported revenue of 105 million yuan, representing a year-on-year increase of 4.40% [1] - The company recorded a net loss attributable to shareholders of 210 million yuan, a decline of 15.89% compared to the previous year [1] Regulatory Risks - The company indicated that if the CSRC's administrative penalties confirm facts that fall under the major illegal circumstances as per the Shenzhen Stock Exchange's rules, it may face mandatory delisting [2]

Core Viewpoint - *ST Yuancheng (603388) is facing the risk of "market value delisting" due to its stock closing below 500 million yuan for 20 consecutive trading days, triggering mandatory delisting indicators [3][4]. Group 1: Delisting Risk - The company announced that its stock will be suspended from trading starting November 11, 2025, pending a review by the Shanghai Stock Exchange on whether to terminate its listing [4]. - As of October 14, the company's market value was 485 million yuan, marking the first time it fell below the 500 million yuan threshold [5]. - The stock has experienced a continuous decline, with a recent price of 0.58 yuan per share and a market value of 190 million yuan, alongside 11 consecutive trading days below par value [5]. Group 2: Legal and Compliance Issues - In addition to market value delisting, *ST Yuancheng faces risks of mandatory delisting due to significant legal violations, as the China Securities Regulatory Commission issued a notice regarding false records in annual reports from 2020 to 2022 [5]. - If the subsequent administrative penalty confirms these violations, the company's stock will be terminated from listing [5]. Group 3: Financial Performance - The company has been under risk warnings and has reported a continuous decline in revenue, with a 0.1% year-on-year increase in revenue to 102 million yuan for the first three quarters of this year, while net profit remained at a loss of 143 million yuan [7]. - The company has faced three consecutive years of losses, raising concerns about its ability to continue as a going concern [6].

Core Viewpoint - *ST Changyao (300391.SZ) experienced a significant drop, hitting a limit down at 2.76 yuan, with over 650,000 sell orders, marking a new low since July 3, 2022 [2] Summary by Relevant Sections - **Company Announcement** - The company received a "Notice of Investigation" from the China Securities Regulatory Commission (CSRC) on November 7, 2025, due to suspected false reporting of financial data [2] - The CSRC has decided to initiate an investigation against the company [2] - **Potential Consequences** - If the investigation results in administrative penalties that reveal major violations, the company may face mandatory delisting due to serious misconduct [2]

Core Viewpoint - *ST Changyao has been under investigation by the China Securities Regulatory Commission (CSRC) for suspected false reporting of financial data, which could lead to a forced delisting if major violations are confirmed [2]. Financial Performance - As of December 31, 2024, *ST Changyao reported a negative net asset of 433 million yuan and an accumulated loss of 1.59 billion yuan [2]. - In the first three quarters of 2025, the company's revenue increased by 4.40% year-on-year to 105 million yuan, while the net profit attributable to shareholders decreased by 15.89% to -210 million yuan [2]. - The net profit excluding non-recurring items fell by 16.99% to -209 million yuan, with net assets further declining to -643 million yuan [2]. Stock Performance - As of November 7, *ST Changyao's stock price was 3.45 yuan per share, down 0.58%, with a total market capitalization of 1.209 billion yuan [2][3]. - The stock has shown a trading volume of 75,300 shares, with a turnover rate of 2.15% [3].

Core Viewpoint - The article discusses the increasing risk of mandatory delisting due to significant violations among A-share companies, highlighting the challenges investors face in protecting their rights and the need for proactive compensation measures from controlling shareholders and actual controllers of these companies [1][3][6]. Group 1: Mandatory Delisting Risks - As of November 5, 2023, 15 A-share companies have disclosed significant violation risks that could lead to mandatory delisting [2]. - *ST Yuancheng's market capitalization was reported at 218 million yuan, having been below 500 million yuan for 17 consecutive trading days, indicating a potential trigger for mandatory delisting [2]. Group 2: Investor Protection Challenges - Experts point out that investor protection in cases of mandatory delisting is hindered by the lack of compensation capability from delisted companies and insufficient legal recourse for investors [1][3]. - The China Securities Regulatory Commission (CSRC) has introduced guidelines to encourage controlling shareholders to take proactive compensation measures to mitigate investor losses [1][6]. Group 3: Proactive Compensation Measures - Proactive compensation is seen as a way to significantly enhance the efficiency of investor compensation and should be supported by a robust incentive and constraint mechanism [1][6][9]. - The CSRC's recent guidelines aim to improve the fairness and efficiency of investor protection by encouraging controlling shareholders to take responsibility for compensation [6][7]. Group 4: Legal and Institutional Recommendations - Experts recommend enhancing investor awareness and providing more efficient channels for rights protection, including collective lawsuits and proactive compensation systems [3][4]. - There is a call for a diversified investor rights protection system that includes expanding the application of proactive compensation and improving the litigation process [4][6]. Group 5: Case Studies and Practical Applications - Previous cases of proactive compensation, such as the Hai Lian Xun case, demonstrate the feasibility of establishing compensation funds by controlling shareholders [8]. - The recent initiative by Wukuang Securities to set up a proactive compensation fund for *ST Guangdao indicates a growing trend towards such measures in the market [8][9]. Group 6: Enhancing Accountability - Experts emphasize the need for a system that encourages controlling shareholders to take responsibility, linking compensation performance to market integrity and regulatory compliance [9][10]. - The establishment of a market-driven approach to compensation, allowing for various methods such as share buybacks or cash compensation, is recommended to maintain market autonomy while ensuring accountability [10].