【导读】*ST东通因财务造假触及重大违法强制退市，股票自11月26日起停牌 今天尾盘冲进去的股民要傻眼了…… 11月25日晚间，*ST东通公告称，因财务造假触及重大违法强制退市，股票自11月26日起停牌。 值得注意的是，今日早间，*ST东通开盘直线下挫，一度触及跌停，午后快速拉升。截至11月25日收盘，*ST东通涨7.86%，全天换手率达35.66%，振幅达 30.71%，全天成交4亿元。 因财务造假面临强制退市 公告称，公司于2025年11月25日收到中国证券监督管理委员会北京监管局下发的《行政处罚决定书》（〔2025〕21号），认定公司2019年至2022年年度报 告信息披露存在虚假记载。同时，因公司2022年度向特定对象发行股票的相关文件引用了上述2019年至2021年年度报告中营业收入、利润总额等虚假财务 数据，构成欺诈发行。 前述事实触及《深圳证券交易所创业板股票上市规则》（2025年修订）第10.5.1条第（一）项、第10.5.2条第一款第（六）项规定的重大违法强制退市的情 形，公司股票可能被终止上市。根据《创业板股票上市规则》第10.5.8条相关规定，公司股票自2025年11月26日（星期三）开 ...

11 月 25 日晚间， *ST 东通公告称，因财务造假触及重大违法强制退市，股票自 11 月 26 日起停牌。 值得注意的是，今日早间， *ST 东通开盘直线下挫，一度触及跌停，午后快速拉升。截至 11 月 25 日收盘， *ST 东通涨 7.86% ，全天换手率达 35.66% ，振幅达 30.71% ，全天 成交 4 亿元。 近日有不少所谓的股评家在股吧等平台鼓动投资者炒作 *ST 东通，称该股有较大机会通过国 资主导的战略重组 " 起死回生 " 。有人认为，即便退市到新三板， *ST 东通仍然有望涨到 10 元 / 股以上。 【导读】 *ST 东通 因财务造假触及重大违法强制退市，股票自 11 月 26 日起停牌 中国基金报记者 安曼 今天尾盘冲进去的股民要傻眼了 …… *ST 东通在 11 月 19 日、 11 月 20 日连续两个交易日涨停，吸引了不少博弈资金炒作。 11 月 20 日展示的东方财富实盘榜上，有投资者重仓 *ST 东通。 因财务造假面临强制退市 公告称，公司于 2025 年 11 月 25 日收到中国证券监督管理委员会北京监管局下发的《行 政处罚决定书》（〔 2025 〕 21 号 ...

Core Viewpoint - *ST Dongtong may face delisting due to serious violations in financial reporting, including fraudulent issuance of shares and significant misstatements in annual reports from 2019 to 2022 [1][4]. Group 1: Financial Misconduct - The company was found to have inflated revenues by 614.51 million, 848.51 million, 1.255 billion, and 1.605 billion from 2019 to 2022 respectively [2]. - Profits were also inflated by 522.28 million, 587.74 million, 794.82 million, and 1.236 billion during the same period, with the 2022 inflated profit amounting to 219.43% of the reported total profit for that year [2][3]. - Cumulatively, *ST Dongtong inflated revenues by 432 million and profits by 314 million from 2019 to 2022 [3]. Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has proposed a fine of 229 million for the company and a total of 44 million for seven responsible individuals, along with a 10-year market ban for the actual controller [4]. - The company is at risk of being subjected to mandatory delisting due to these major violations [4]. - The CSRC has indicated that any potential criminal evidence will be forwarded to the public security authorities for further investigation [4].

Core Viewpoint - *ST Yuancheng has triggered mandatory delisting indicators due to its stock market value falling below 500 million yuan for 20 consecutive trading days, leading to a suspension of trading starting November 11 [1][2] Group 1: Company Financial Issues - The company has faced multiple risks, including a significant decline in stock price, which has dropped to 0.58 yuan, resulting in a market capitalization of approximately 189 million yuan [1] - *ST Yuancheng has reported continuous losses for three consecutive years from 2022 to 2024, with an audited revenue of 146 million yuan for 2024 and a net profit loss of 323 million yuan [2] - In the first three quarters of this year, the company generated a revenue of 102 million yuan and incurred a net loss of 143 million yuan [2] Group 2: Regulatory Actions - The Zhejiang Securities Regulatory Bureau has issued a notice indicating that *ST Yuancheng's annual reports from 2020 to 2022 contained false records, leading to a proposed fine of 37.45 million yuan and a 10-year market ban for the actual controller [2] - The company has been warned that the identified violations may lead to mandatory delisting due to significant legal infractions [2] Group 3: Company Background - *ST Yuancheng was established in 1999 and listed on the Shanghai Stock Exchange on March 24, 2017, with its main business covering ecological landscape, green environmental protection, and leisure tourism [2]

Core Points - *ST Yuancheng (603388.SH) is facing delisting due to its stock market value being below 500 million yuan for 20 consecutive trading days [2][3] - The company was previously penalized by the Zhejiang Securities Regulatory Bureau for inflating revenue and profits through fraudulent accounting practices, totaling 209 million yuan in inflated revenue and 50 million yuan in inflated profit from 2020 to 2022 [2] - The company also failed to adjust its financial records based on settlement approvals for various infrastructure projects, leading to an additional 14 million yuan in inflated revenue and 13 million yuan in inflated profit for the 2022 annual report [2] - The Zhejiang Securities Regulatory Bureau plans to impose a fine of 37.45 million yuan on the company and a total of 42 million yuan on five responsible individuals, with the actual controller facing a 10-year ban from the securities market [2] Company Performance - Following the announcement of penalties, *ST Yuancheng's stock price has been in decline since October 14, with a closing market value of 189 million yuan on November 10 [3] - The company has officially triggered the delisting criteria as per the Shanghai Stock Exchange's regulations [3] - The Shanghai Stock Exchange will suspend trading of *ST Yuancheng's stock starting November 11, and a decision regarding its delisting will be made within 15 trading days after the completion of the hearing process [3]

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 - *ST Yuancheng (603388) has issued multiple risk warnings regarding potential delisting due to its market capitalization falling below the required thresholds and ongoing financial losses [1][2][4][9]. Financial Performance - As of November 7, the company's total market capitalization was 199 million yuan, having been below 500 million yuan for 19 consecutive trading days [2][4]. - The stock price closed at 0.61 yuan on November 7, remaining below 1 yuan for 10 consecutive trading days [4]. - For the first three quarters of the year, the company reported revenue of 102 million yuan and a net loss of 143 million yuan [7]. - Revenue figures for the years 2022 to 2024 were 294 million yuan, 274 million yuan, and 146 million yuan respectively, with net losses of 65.48 million yuan, 162 million yuan, and 325 million yuan [7][9]. Delisting Risks - The company is at risk of being delisted due to trading-related issues, as it will trigger mandatory delisting after 20 consecutive trading days with a market capitalization below 500 million yuan [2][7]. - Additionally, the company faces risks of major illegal delisting and financial delisting due to identified violations in its financial reports from 2020 to 2022 [9][10]. - The company received a notice from the China Securities Regulatory Commission regarding administrative penalties for false reporting and other violations, which could lead to major illegal delisting [9]. Operational Challenges - The company has been experiencing a continuous decline in business performance and has been in a state of loss for several years [7][8]. - There are concerns regarding the company's ability to continue as a going concern, with uncertainties highlighted in the 2024 audit report [8][11]. - The company is also facing liquidity issues, including overdue fundraising, stock pledges, freezes, and judicial auctions [11].

Core Viewpoint - *ST Yuancheng (603388) is facing imminent delisting risks due to multiple violations, with a total market value of 199 million yuan, which has been below 500 million yuan for 19 consecutive trading days, and the stock price has been below 1 yuan for 10 consecutive trading days [2][3][6] Group 1: Delisting Risks - The company has issued multiple announcements regarding delisting risks, indicating it may face mandatory delisting due to significant violations [2][6] - As of November 7, 2025, the company's market value was 199 million yuan, which is below the 500 million yuan threshold for 20 consecutive trading days, triggering trading-type mandatory delisting [3][6] - The stock price closed at 0.61 yuan on November 7, 2025, and has been below 1 yuan for 10 consecutive trading days, which also contributes to the delisting risk [3][6] Group 2: Regulatory Actions - The company received a notice from the China Securities Regulatory Commission (CSRC) regarding administrative penalties, citing false records in annual reports from 2020 to 2022, which could lead to significant legal consequences [7] - The company has been warned of potential mandatory delisting due to major violations as per the stock listing rules [7] Group 3: Financial Performance - For the third quarter of 2025, the company reported revenues of 102.48 million yuan and a net loss attributable to shareholders of 143.14 million yuan, indicating ongoing financial distress [8] - The company faces uncertainties regarding its ability to continue as a going concern, with overdue fundraising and multiple liquidity risks [8]

*ST元成（603388）或仅剩下最后一个交易日。 11月8日，*ST元成（603388）发布了两则提示退市风险的公告。公告显示，公司触及多项退市风险。 | 公告日期 | 标题 | | --- | --- | | 2025-11-08 | "2 *ST元成:关于公司股票可能存在因市值低于5亿元而终止上市的第十一次风险暨第二次股价低于1元的... | | 2025-11-08 | ₪ *ST元成:可能被实施重大违法强制退市的第五次风险提示公告 | 其中，截至11月7日收盘，公司总市值为1.99亿元，已连续19个交易日总市值低于5亿元，即使后续1个交易日（不包含公司股票全天停牌日）涨停，也将因连续20个 交易日收盘总市值低于5亿元而触及交易类强制退市。此外，公司股票2025年11月7日收盘价为0.61元，已连续10个交易日低于1元。即使后续10个交易日（不包含公 司股票全天停牌日）连续涨停，也将因连续20个交易日收盘总市值低于5亿元而触及交易类强制退市。 根据相关规定，交易类强制退市公司股票不进入退市整理期。上市公司股票及其衍生品种在触及该类指标的次一交易日起开始停牌，交易所将在停牌之日起5个交 易日内，向公司发 ...

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]