即便成为了交易所的重点监控对象，*ST亚振的股价走势依旧强势。 21世纪经济报道 记者董鹏 本周前三个交易日，该公司连续涨停、收盘价格涨幅偏离值累计达到12%，触发股票交易异常波动标 准。 为此，8月7日*ST亚振进行第四次停牌核查，而此前该公司已经分别于今年6月、7月因为股票交易异常 波动进行过三次停牌核查。 密集停牌核查，对应着公司可观的股价涨幅。如果从今年4月的4.45元的年内低点算起，*ST亚振在短短 四个月时间里股价已经升至27.41元，区间涨幅达到515.96%。 然而，*ST亚振股价上涨的基础却不牢靠。 一方面公司的退市风险尚未解除。 另一方面，公司计划收购的广西锆业科技有限公司（下称"广西锆业"）只是一家选矿企业，这对于年均 亏损1亿元的上市公司帮助较为有限。 而在经过多次停牌，市场仍不见降温的背景下，*ST亚振的停牌核查时间由此前最长的不超过5个交易 日，进一步延长至不超过10个交易日。 "可能存在市场情绪过热，非理性炒作情形。"*ST亚振称，公司郑重提醒广大投资者，公司股价可能存 在短期涨幅较大后下跌的风险，请投资者务必充分了解二级市场交易风险，切实提高风险意识，理性决 策、审慎投资。 难 ...

Core Viewpoint - *ST Tianmao is likely planning to voluntarily delist due to ongoing financial difficulties and regulatory pressures, following a series of failures to disclose financial reports on time [1][4]. Group 1: Company Background - *ST Tianmao, originally named Baike Pharmaceutical, was established in 1993 and is controlled by Liu Yiqian through New Liyi Group [3]. - The company primarily engages in life insurance and insurance intermediary services through its subsidiaries, Guohua Life and Huarui Insurance [3]. - As of the end of Q3 2024, *ST Tianmao's total assets were approximately 285.2 billion yuan, with Liu Yiqian and his spouse holding a combined 66.28% of the shares [3]. Group 2: Financial Performance - The company projected a revenue of 40 billion to 43 billion yuan for 2024, with expected losses ranging from 500 million to 750 million yuan [3]. - The losses are attributed to a declining interest rate environment, which has led to increased reserve provisions for Guohua Life, resulting in consecutive years of losses [3]. Group 3: Regulatory Issues - The company has faced regulatory scrutiny, including an investigation by the China Securities Regulatory Commission for failing to disclose financial reports on time [2][4]. - Following the failure to disclose the 2024 annual report and the 2025 Q1 report, *ST Tianmao's stock was subject to a delisting risk warning [2][4]. Group 4: Market Reaction and Strategic Considerations - Since the implementation of the delisting risk warning, *ST Tianmao's stock price has dropped over 47%, closing at 1.45 yuan per share, with a total market capitalization of 7.111 billion yuan as of August 6 [4]. - The potential voluntary delisting may be a strategic move to mitigate further losses and legal liabilities, as the company faces increasing operational challenges and regulatory pressures [4].

Core Viewpoint - *ST Dongtong's chairman Huang Yongjun is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which raises concerns about the company's governance and financial integrity [2][4][6]. Group 1: Investigation and Regulatory Actions - On August 6, *ST Dongtong announced that its actual controller and chairman Huang Yongjun received a notice of investigation from the CSRC due to suspected violations of information disclosure laws [4][6]. - The company stated that its production and operations remain normal and that the investigation will not affect its business activities [6][7]. - The CSRC had previously initiated an investigation on April 14 for suspected false records in periodic reports and financial data [6]. Group 2: Internal Control Issues - *ST Dongtong has significant internal control issues, as indicated by a negative internal control audit report issued by Beijing Dehao International Accounting Firm [9]. - Following the audit report, the company's stock was placed under risk warnings starting May 6, and its stock name was changed from "Dongfang Tong" to "*ST Dongtong" [9]. Group 3: Financial Performance - Since 2022, *ST Dongtong has been experiencing continuous losses, with total revenue for the first quarter of 2025 reported at 1.34 billion, a year-on-year increase of 77.41% [10]. - The total operating costs for the same period were 1.85 billion, leading to an operating profit of 0.11 million, which reflects a significant improvement compared to previous periods [10]. - The net profit for the first quarter of 2025 was reported at -0.31 million, showing a year-on-year improvement of 58.12% [10]. Group 4: Company Overview - *ST Dongtong is a provider of security and industry information solutions, offering advanced middleware, network information security, and industry digital products and services [12]. - As of August 6, the company's stock price was 5.68 yuan per share, with a total market capitalization of 3.2 billion [12].

Core Viewpoint - *ST Dongtong's actual controller and chairman, Huang Yongjun, has been investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may lead to significant legal consequences for the company [2][4]. Company Operations - The company has stated that its production and operations are currently normal and that the investigation will not affect its regular business activities [4]. - *ST Dongtong has committed to strictly adhering to regulatory requirements for information disclosure during the ongoing investigation [4]. Regulatory Issues - On April 14, *ST Dongtong was already under investigation by the CSRC for suspected false reporting of financial data in regular reports, which could lead to mandatory delisting if significant violations are confirmed [4]. - The company received a negative internal control audit report from Beijing Dehao International Accounting Firm, indicating serious internal control issues [5]. Financial Performance - Since 2022, *ST Dongtong has been continuously reporting losses, with a net profit of -0.31 billion for the latest reporting period, reflecting a year-on-year increase in losses of 58.12% [6][7]. - The total revenue for the latest period was 1.34 billion, showing a year-on-year increase of 77.41% [7]. Market Position - As of August 6, *ST Dongtong's stock price was 5.68 yuan per share, with a total market capitalization of 3.2 billion [8][9].

Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. has experienced significant stock price fluctuations, with a cumulative decline exceeding 12% over three consecutive trading days, leading to abnormal trading conditions [4]. Group 1: Stock Trading Abnormalities - The company's stock price fell by more than 12% cumulatively over three trading days (August 1, August 4, and August 5, 2025), indicating abnormal trading conditions [4]. - The company has received a notice from the China Securities Regulatory Commission (CSRC) regarding administrative penalties due to inflated revenue and profit figures in its annual reports from 2020 to 2023 [10]. Group 2: Financial Reporting Issues - The company's 2024 annual financial report received a disclaimer of opinion from the auditing firm, which may lead to delisting risks under the Shanghai Stock Exchange rules [2][3]. - There are issues related to non-operating fund occupation by related parties of the controlling shareholder, with a reported balance of 169.26 million yuan as of the end of 2023 [11]. Group 3: Operational Status - The company has confirmed that, aside from disclosed matters, there have been no significant changes in its daily operations or external environment [5]. - No undisclosed major events, such as asset restructuring or significant business cooperation, have been identified [6]. Group 4: Risks and Future Considerations - The company is under a delisting risk warning due to the CSRC's findings, which could lead to mandatory delisting if further penalties are imposed [10]. - The company’s subsidiary may lose exclusive rights to sell a product, which could significantly impact revenue and profits in the second half of the year [12].

证券代码：600200 证券简称：*ST苏吴 公告编号：临2025-080 江苏吴中医药发展股份有限公司 股票交易异常波动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 二、公司关注并核实的相关情况 （一）生产经营情况 经自查，除公司已披露的事项外，截至本公告披露日，公司日常生产经营及 外部环境未发生其他重大变化。 （二）重大事项情况 重要风险提示： ? 江苏吴中医药发展股份有限公司（以下简称"公司"）股票连续三个交 易日内收盘价格跌幅偏离值累计超过 12%，属于股票交易异常波动的情形。 ? 2025 年 7 月 13 日，公司收到中国证券监督管理委员会（以下简称"中 国证监会"）下发的《行政处罚事先告知书》（处罚字〔2025〕58 号），具体 内容详见公司于 2025 年 7 月 14 日披露的《关于收到中国证券监督管理委员会< 行政处罚事先告知书>的公告》（公告编号：临 2025-064）。公司股票已于 2025 年 7 月 14 日起被叠加实施退市风险警示，如根据中国证监会正式的处罚决定书 结论，公司触及重大违法 ...

不仅控制权转让受挫，*ST华嵘的部分股权还出现流拍。 上一次易主失败半年多之后，*ST华嵘再次筹划"卖身"。 该公司最新披露，控股股东浙江恒顺投资有限公司（下称"浙江恒顺"）及其一致行动人上海天纪投资有 限公司（下称"上海天纪"），正在筹划股份协议转让事宜，可能导致公司控制权变更，自8月5日起停 牌，预计停牌不超过2个交易日。 去年底，该公司已经筹划易主，相关公告披露仅4天后便匆匆终止控制权转让。而上海天纪拟转让给北 软数智科技(浙江)有限公司（下称"北软数智"）的978万股，也在协议签订数月后终止。7月底，因借款 合同纠纷，另外两家合计持有的4222.9万股，公开拍卖时因无人出价最终流拍。 目前，*ST华嵘的经营深陷困境，自2016年开始，扣非净利润连续八年亏损，累计亏损超过4000万元， 今年上半年则预亏数百万元。 控制权转让折戟、股份流拍 在最新公告中，*ST华嵘没有提及股份受让方的名称、受让数量等信息，仅称控制权变更尚在洽谈，具 有不确定性。 截至今年三月底，浙江恒顺、上海天顺分别持有*ST华嵘3813.6万股、2438.1万股，持股比例19.5%、 12.6%，分别为第一、第三大股东。 就在去年底， ...

证券代码：000627 证券简称：*ST天茂 公告编号：2025-030 天茂实业集团股份有限公司 股票可能被终止上市的第四次风险提示公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 特别提示： 票交易被实施退市风险警示暨停复牌安排的公告》（公告编号：2025-022），公司无法在法定 期限内披露 2024 年年度报告和 2025 年第一季度报告，公司股票已自 2025 年 5 月 6 日开市起 停牌，公司在股票停牌的两个月内仍未能披露 2024 年年度报告和 2025 年第一季度报告，公司 股票于 2025 年 7 月 8 日复牌并被实施退市风险警示。 市风险警示之日起的两个月内仍未披露过半数董事保证真实、准确、完整的 2024 年年度报告， 深圳证券交易所将决定终止公司股票上市交易。 险警示期间，公司应当至少每五个交易日披露一次公司股票可能被终止上市的风险提示公告。 敬请广大投资者理性投资，注意风险。 告》（公告编号：2025-015），公司收到中国证券监督管理委员会下发的《立案告知书》（证 监立案字 00502025004 号），因涉嫌未按期披露定期报 ...

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].

7月31日，已经发布7次退市风险提示的*ST广道（839680.BJ）再度上演极端行情：该股早盘以跌停价 6.60元开盘后，巨量买单在一分钟内将股价拉升20%，10:30以后继续拉升至红盘，此后不断走高，尾盘 上涨29.94%，以涨停收盘，报12.24元，单日成交额2.31亿元，换手率达51.63%，日内振幅高达 59.87%。 值得关注的是，这一极端行情发生在公司第三次停牌核查后——此前两次停牌核查均未能冷却炒作热 情，反而强化了资金"越查越涨"的预期。回溯本轮股价异动，*ST广道自6月25日启动以来，7个交易日 内收获6次30%涨停，累计涨幅达356.72%。究竟哪些资金在刀口舔血，上海证券报曾以《6个交易日， 大涨251.49%！濒临退市，谁在炒作？》予以报道。 北交所此前已对两名个人投资者采取"顶格处罚"。7月15日，吴行远账户在9:31—9:32斥资133.44万元买 入24.23万股，占同期成交58.79%，直接拉升股价9.5%；景娜娜账户则以涨停价持续挂单113.1万元，期 间剩余有效申报占比一度高达34%，两人账户被限制交易一个月。但7月16日，仍有资金顶风买入，在 北交所对吴行远、景娜娜采取 ...