Core Viewpoint - The cancellation of membership for Dongfang Jinyu Co., Ltd. by the Shanghai Gold Exchange highlights significant operational and legal risks within the company, impacting its market credibility and competitive position in the precious metals trading sector [2]. Company Overview - Dongfang Jinyu was established in 1993, primarily engaged in the design, procurement, and sales of jewelry products, including jade raw stones, finished jade products, gold bars, and gold jewelry [4]. - The company became the first listed jade company in China after a series of equity transfers and asset swaps in 2004, changing its name to Dongfang Jinyu [4]. Financial Misconduct - In 2014 and 2015, the company's stock price was artificially inflated through collusion with private equity investors, reaching a peak of 20.45 yuan per share, with a market capitalization nearing 28 billion yuan [5]. - Following a series of financial scandals, including significant inventory issues and financial fraud, the company faced administrative penalties from the China Securities Regulatory Commission in 2020, resulting in a fine of 600,000 yuan and market bans for related executives [5]. Membership Cancellation - The Shanghai Gold Exchange announced the cancellation of Dongfang Jinyu's membership due to long-term failure to fulfill basic membership obligations and severe legal risks, which prevents the company from trading precious metals and derivatives [2]. - Dongfang Jinyu is not the first company to lose its membership; several other firms have faced similar fates due to operational and legal issues, indicating a trend of increased scrutiny within the industry [8].

Group 1 - The company *ST Changyao is under investigation by the China Securities Regulatory Commission (CSRC) for suspected false financial reporting, which has led to a significant drop in its stock price, hitting the 20% limit down on November 10 [1] - The investigation poses severe risks for the company, including potential forced delisting if found guilty of major violations under the Shenzhen Stock Exchange's rules [1] - The company is currently facing multiple delisting risks, compounded by deteriorating financial conditions, heavy debts, and serious deficiencies in corporate governance and internal controls [1] Group 2 - On January 20, 2025, the Intermediate People's Court of Shiyan City, Hubei Province, decided to initiate pre-restructuring for Changyao Holdings, although the process has faced difficulties and the deadline for restructuring has been extended [2] - There remains a risk of bankruptcy and liquidation if the restructuring fails, despite previous successful claims by investors due to fund misappropriation [2] - Investors who purchased shares during specific periods (March 30, 2019, to April 29, 2024, and before November 7, 2025) and incurred losses are eligible for compensation through legal channels [3]

Core Viewpoint - The rapid decline of Nohui Health, once a leading company in cancer early screening, is attributed to allegations of financial fraud, leading to its forced delisting from the Hong Kong Stock Exchange within just over two years [1][10][14]. Financial Allegations - In August 2023, Capital Watch released a report accusing Nohui Health of inflating its revenue by nearly 90%, claiming that the actual sales for 2022 were only 76.95 million yuan, compared to the reported 765 million yuan [10][14]. - Deloitte refused to sign off on the company's annual report in March 2024 due to the inability to verify financial data, resulting in a trading suspension [1][10]. Company Operations and Facilities - Nohui Health's headquarters in Hangzhou has seen significant operational decline, with most of its offices locked and only the first floor in use, indicating a halt in activities [4][5]. - The manufacturing facilities, also located in Hangzhou, are reported to be quiet, with production lines inactive and no shipping activities observed [7][10]. Management Changes - The company's founder and CEO, Zhu Yeqing, resigned in December 2024 due to health reasons, and was subsequently removed from the board [10][12]. - The current management team is significantly reduced, with only two members listed on the official website [10]. Legal and Investor Challenges - Nohui Health is facing a hearing for a winding-up order in November 2025, which could lead to significant losses for individual investors [13][14]. - Over 4,000 investors have formed a collective to seek legal recourse, with claims of losses exceeding 700 million HKD [13][15]. Product and Market Position - The company's main product, Changweiqing, is facing challenges as its medical device registration certificate expired in November 2023, raising concerns about its market viability [12][14]. - Sales during the "Double 11" shopping festival in 2023 were reported to exceed 80 million yuan, but the promotional strategies and pricing have become chaotic, leading to potential concerns about inventory management [11][12].

Core Viewpoint - *ST Changyao has been placed under delisting risk warning due to operational pressures and has now received further negative news regarding a formal investigation by the China Securities Regulatory Commission (CSRC) for suspected false financial reporting [1][3]. Financial Performance - For the years 2022 to 2024, *ST Changyao reported revenues of approximately 1.615 billion, 1.198 billion, and 112 million respectively, with net profits of -23 million, -606 million, and -628 million [3]. - In the first three quarters of this year, the company achieved a revenue of 105 million, a year-on-year increase of 4.4%, while the net profit was -210 million, a year-on-year decrease of 15.89% [4]. Regulatory and Legal Issues - The CSRC has issued a notice of investigation due to suspected false recording of financial data, which could lead to significant legal repercussions for the company [1][3]. - If the CSRC confirms violations that meet the criteria for mandatory delisting under the Shenzhen Stock Exchange rules, the company's stock may face forced delisting [3]. Asset and Debt Situation - As of the end of the third quarter, *ST Changyao's net assets were reported at -643 million, worsening from -433 million at the end of 2024 [3]. - The company is currently undergoing a pre-restructuring phase, with a court decision extending this period until January 20, 2026 [4]. Bankruptcy and Restructuring Risks - The company faces significant risks related to its restructuring process, including the possibility of failure to pass restructuring plans or court approval, which could lead to bankruptcy [5]. - There are currently 140 ongoing lawsuits and arbitration cases involving the company, with a total amount in dispute of 1.878 billion, representing 434% of the company's latest audited net assets [5].

Core Viewpoint - The rapid decline of Nohui Health, once a leading player in cancer early screening, is attributed to allegations of financial fraud, leading to its forced delisting from the Hong Kong Stock Exchange within two years [2][21][24]. Company Overview - Nohui Health was established in 2013 and became a prominent company in cancer screening technology, with its headquarters located in Hangzhou, China [4][21]. - The company faced severe operational challenges, including a significant drop in sample reception and a lack of personnel at its facilities [3][8][12]. Financial Allegations - A short-selling report by CapitalWatch in August 2023 accused Nohui Health of inflating its revenue by nearly 90%, claiming that the actual sales for 2022 were only 76.95 million yuan, compared to the reported 765 million yuan [21][24]. - The company’s stock was suspended in March 2024 due to Deloitte's refusal to sign off on its financial statements, leading to its eventual delisting in October 2025 [2][21]. Operational Status - The main office in Hangzhou is now largely abandoned, with only a small portion still operational, indicating a drastic reduction in business activity [6][12]. - The laboratory facilities, including the sample reception area, show signs of inactivity, with no personnel present during visits [8][11]. Legal and Regulatory Challenges - Nohui Health is facing a complex legal situation, including potential liquidation proceedings in the Cayman Islands, which could severely impact individual investors [24][27]. - Over 4,000 individual investors have formed a collective to seek compensation for their losses, with claims exceeding 700 million Hong Kong dollars [24][28]. Product and Market Dynamics - The company’s flagship product, Changweiqing, is facing challenges as its medical device registration certificate is set to expire, raising concerns about its market viability [22][23]. - Despite previous sales successes during promotional events like "Double 11," the current promotional strategies and pricing appear disorganized, leading to potential market confusion [22][23].

Core Viewpoint - Nohui Health, once hailed as the "first stock for early cancer screening," has been forcibly delisted from the Hong Kong Stock Exchange due to severe financial fraud allegations, including the purchase of human waste to fabricate testing samples, leading to a collapse in both capital and industry trust [1][4]. Company Overview - Founded in 2015 in Hangzhou, Nohui Health aimed to provide at-home early screening for colorectal and gastric cancers, eliminating the need for invasive procedures [2]. - The company went public in 2021, with its stock price peaking at 89.65 HKD and a market capitalization exceeding 40 billion HKD [2]. Financial Performance - Nohui Health reported impressive financial growth, with 2022 revenue at 765 million CNY, a 259.5% increase year-on-year, and 2023 first-half revenue surpassing the entire 2022 figure [4]. - However, a short-seller report in August 2023 revealed that the actual sales figures were grossly inflated, estimating the true 2022 sales at only 76.95 million CNY, a discrepancy of nine times [4]. Management Response and Consequences - Despite management's strong denial of the allegations and claims of third-party audits, Deloitte refused to endorse the financial statements in March 2024, leading to a critical loss of credibility [5]. - Following the delisting, the stock price plummeted from 14.14 HKD to near zero, with significant losses reported by investors, including a major asset management firm that downgraded its valuation multiple times [5][6]. Investor Reactions - Over 4,300 investors have registered claims for losses exceeding 700 million HKD, with many seeking legal recourse against the company [6]. - A significant portion of these investors purchased shares after the short-seller report, indicating a lack of awareness regarding the underlying issues [6]. Industry Implications - The scandal has raised concerns about the integrity of the cancer screening industry, which is critical given the high incidence of cancer in China, with over 4.5 million new cases annually [7]. - The case of Nohui Health serves as a cautionary tale for the industry, emphasizing the need for ethical practices and genuine innovation rather than opportunistic behavior [7].

Core Viewpoint - *ST Changyao is facing a critical survival challenge due to the China Securities Regulatory Commission's investigation, the looming risk of delisting, and difficulties in its pre-restructuring process [2][3][4] Financial Situation - 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, with a net profit of -628 million yuan for the year [4] - The company's revenue has drastically declined from 1.615 billion yuan in 2022 to 1.198 billion yuan in 2023, and further down to only 112 million yuan in 2024 [5] - For the first three quarters of 2025, *ST Changyao's revenue increased by 4.4% year-on-year to 105 million yuan, but the net profit decreased by 15.89% to -210 million yuan [5] Delisting Risk - The company is under significant threat of mandatory delisting due to its negative net asset situation and the potential for administrative penalties from the CSRC [2][3][6] - If *ST Changyao fails to improve its financial performance in Q4 2025, it will trigger the delisting clause related to negative net assets [6] Restructuring Challenges - Prior to the CSRC investigation, *ST Changyao was already struggling with debt, leading to the initiation of pre-restructuring by the Hubei Province Shiyan Intermediate People's Court on January 20, 2025 [7] - The court has extended the pre-restructuring period until January 20, 2026, indicating slow progress in the restructuring efforts [8] - The company has warned of the uncertainty surrounding its ability to enter formal restructuring and the risk of bankruptcy if restructuring fails [9] Legal and Financial Liabilities - Due to overdue debts, several creditors have initiated lawsuits against *ST Changyao, resulting in the freezing of numerous bank accounts and asset seizures [11] - As of October 20, 2025, the company had significant interest-bearing liabilities totaling 1.106 billion yuan, with 390 million yuan overdue [11] - The company is involved in 140 legal cases with a total amount in dispute of 1.878 billion yuan, which is 434% of its latest audited net assets [11] Market Performance - As of November 7, 2025, *ST Changyao's stock price was 3.45 yuan per share, with a total market capitalization of only 1.209 billion yuan [13]

Core Viewpoint - *ST Changyao is facing a critical situation due to a formal investigation by the China Securities Regulatory Commission (CSRC) for suspected financial data falsification, which may lead to mandatory delisting risks and ongoing pre-restructuring challenges [2][4]. Financial Risks - The company has been under the shadow of delisting due to severe financial issues, with a negative net asset value of -433 million yuan as of December 31, 2024, and an accumulated loss of -1.59 billion yuan [7]. - Revenue has drastically declined from 1.615 billion yuan in 2022 to 1.198 billion yuan in 2023, with projections of only 112 million yuan for 2024 [8]. - For the first three quarters of 2025, the company reported a 4.4% year-on-year revenue increase to 105 million yuan, but net profit decreased by 15.89% to -210 million yuan [8]. Delisting Risks - If *ST Changyao fails to improve its financial performance in Q4 2025, it will trigger the delisting clause due to negative audited net assets [9]. - The company has been under a delisting risk warning since April 22, 2025, following a negative net asset report for the 2024 fiscal year [6]. Pre-restructuring Challenges - Prior to the CSRC investigation, *ST Changyao was already struggling with debt, leading to a pre-restructuring process initiated by the Hubei Province Shiyan Intermediate People's Court on January 20, 2025 [11]. - The court has extended the pre-restructuring period until January 20, 2026, indicating difficulties in the restructuring process [11]. - The company has warned of the risk of bankruptcy if the restructuring fails, despite several subsidiaries already undergoing restructuring [13][14]. Legal and Financial Liabilities - The company faces significant legal challenges, with 140 lawsuits involving a total of 1.878 billion yuan, which is 434% of its latest audited net assets [15]. - As of October 20, 2025, *ST Changyao reported total interest-bearing liabilities of 1.106 billion yuan, with 390 million yuan overdue [15]. - A substantial number of bank accounts (67.7%) have been frozen due to overdue debts, severely impacting the company's financial operations [15][16]. Market Performance - As of November 7, 2025, *ST Changyao's stock price was 3.45 yuan per share, with a total market capitalization of 1.209 billion yuan [17].

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 significant legal consequences and potential delisting of its stock [2][5][9] Financial Performance - The company's financial performance has deteriorated significantly, with operating revenue dropping from 16.15 billion in 2022 to 1.12 billion in 2024, a decline of over 90% [5] - The net assets of *ST Changyao were reported at -4.33 billion at the end of 2024 and further declined to -6.43 billion by the end of Q3 2025, indicating an imminent risk of financial delisting [2][5] - The company has incurred substantial losses, with net profits excluding non-recurring items reported at -6.32 billion in 2023 and -5.69 billion in 2024 [5] Debt and Legal Issues - As of Q3 2025, *ST Changyao has significant overdue debts totaling 3.9 billion out of 11 billion in interest-bearing liabilities, with 140 ongoing lawsuits involving a total amount of 18.8 billion [5][7] - The company has had 67.7% of its bank accounts frozen, totaling 109 accounts, due to these legal and financial issues [5] Compliance and Governance - The company has a history of regulatory violations, including unauthorized financial assistance and guarantees, as well as failure to disclose significant lawsuits and overdue debts in a timely manner [7] - Specific violations include providing 1.8 billion in financial assistance to a related party, which constituted 92% of the latest audited net assets, and failing to disclose 25 lawsuits totaling 2.02 billion from May 2021 to May 2023 [7] Restructuring and Delisting Risks - The company is currently undergoing pre-restructuring proceedings initiated by the Shiyan Intermediate People's Court, but its potential for successful restructuring is uncertain due to the ongoing investigation and financial issues [9] - If the CSRC confirms the violations, *ST Changyao may face mandatory delisting under the Shenzhen Stock Exchange's rules for significant legal infractions [9]

11月7日，长江医药控股股份有限公司(以下简称"*ST长药（300391）")公告称，公司收到中国证监会下 发的《立案告知书》，因公司涉嫌定期报告等财务数据虚假记载，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。 公告显示，若后续经中国证监会行政处罚认定的事实，触及《深圳证券交易所创业板股票上市规则》规 定的重大违法强制退市情形，*ST长药股票将被实施重大违法强制退市。 而回溯公司过往公告，诸多风险隐患早已显现，叠加此次财务真实性相关的立案调查，*ST长药的经营 与资本层面均已陷入多重危机，广大投资者应充分评估相关风险。 在经营陷入困境的同时，*ST长药的内控漏洞也不断暴露，多次发生违规操作且未履行信息披露义务。 经营状况持续恶化 具体来看，在资金管理方面，截至2023年末，公司向时任董事、总经理罗明控制的企业累计违规提供财 务资助1.8亿元，该金额占公司最近一期经审计净资产的92%，尽管这笔资金在2024年通过关联方债权 债务转让等方式收回，但违规行为已严重违反规范运作要求。 此外，公司控股孙公司还曾未经审议便对外提供809.2万元的关联担保，占最近一期经审 ...