Core Viewpoint - The company *ST Dongtong faces significant risks of forced delisting due to ongoing investigations by the China Securities Regulatory Commission (CSRC) regarding information disclosure violations by its actual controller and chairman, Huang Yongjun [1][3]. Group 1: Regulatory Actions - The actual controller Huang Yongjun has been formally investigated by the CSRC for suspected violations of information disclosure laws, marking the second investigation of the company and its core personnel within the year [1]. - The company previously disclosed on April 14 that it was under investigation for suspected false reporting of financial data, which could lead to forced delisting if confirmed by the CSRC [1][2]. Group 2: Financial Performance - In the 2024 annual report, *ST Dongtong reported a revenue of 758 million yuan, a year-on-year increase of 36.09%, but incurred a net loss of 576 million yuan [2]. - For the first quarter of 2025, the company achieved a revenue of 134 million yuan, with a net loss of approximately 30.54 million yuan [2]. Group 3: Audit Opinions - The 2024 annual report received an audit opinion of "unable to express an opinion," and the internal control was given a negative opinion, triggering delisting risk warnings and other risk warnings from the Shenzhen Stock Exchange [2]. - As a result of these audit findings, the company's stock was subject to delisting risk warnings and was renamed from "Dongfang Tong" to "*ST Dongtong" starting May 6 [2]. Group 4: Operational Status - Despite the ongoing investigations, the company asserts that its production and operational activities remain normal and that it will comply with regulatory requirements for information disclosure during the investigation period [3].

Core Viewpoint - Northern Long Dragon is acquiring a 51% stake in Henan Zhongsheng Composite Materials Co., Ltd. at a high premium of 511%, with the aim of avoiding forced delisting risks due to declining profits and revenues [1][14][15]. Group 1: Acquisition Details - The total valuation of Henan Zhongsheng is 140 million yuan, with a corresponding price-to-earnings ratio of 31.68 based on its projected 2024 net profit of approximately 4 million yuan [1][14]. - Northern Long Dragon plans to use its own funds and acquisition loans to finance the acquisition, which includes a cash payment of approximately 101.98 million yuan [14][17]. - The acquisition is expected to help maintain Northern Long Dragon's revenue above 100 million yuan, thereby mitigating the risk of forced delisting [15][16]. Group 2: Financial Performance - In its first year post-IPO, Northern Long Dragon reported a net loss of 7 million yuan, a significant decline from a profit of 78 million yuan in the previous year [4][5]. - The company has experienced a continuous increase in accounts receivable, which reached 355 million yuan by the end of 2024, while revenues have significantly decreased [8][11]. - The revenue for 2024 is projected to be only 108 million yuan, which is just above the threshold for potential delisting [4][11]. Group 3: Historical Performance Trends - From 2019 to 2021, Northern Long Dragon's revenue and net profit grew significantly, with revenues increasing from 157 million yuan in 2019 to 287 million yuan in 2021 [7][10]. - However, after going public, the company faced a dramatic reversal, with revenues dropping to 135 million yuan in 2022 and further to 108 million yuan in 2024 [10][12]. - The accounts receivable to revenue ratio has shown a concerning trend, exceeding 328.7% in 2024, indicating potential issues with cash flow and revenue recognition practices [11][12].

Core Viewpoint - The stock of Jinzhou Port Co., Ltd. has experienced abnormal trading fluctuations, with a cumulative closing price drop exceeding 12% over three consecutive trading days, prompting a risk warning from the Shanghai Stock Exchange [1][2]. Group 1: Stock Trading Abnormalities - The company's B-share stock closed with a cumulative price drop exceeding 12% on May 9, May 12, and May 13, 2025, which is classified as an abnormal trading situation according to the Shanghai Stock Exchange rules [1]. - The company conducted a self-examination and confirmed that there are no undisclosed significant matters or important information aside from what has already been disclosed [1][2]. Group 2: Business Operations - The company's core business of port comprehensive transportation services remains stable, with no significant changes in production operations or market environment as of the announcement date [1][2]. Group 3: Major Events and Information - The company has no controlling shareholder or actual controller, and there are no undisclosed major events such as asset restructuring, share issuance, or significant business cooperation [2]. - There have been no media reports or market rumors that could significantly impact the company's stock price [2]. Group 4: Risk Warnings - The company's stock has been trading below RMB 1 for six consecutive trading days, which may lead to potential delisting risks if the situation continues [3]. - The company faces risks of mandatory delisting due to false disclosures in its annual reports from 2020 to 2023, as identified by the China Securities Regulatory Commission [3][4]. - The company has received a negative opinion on its internal control audit for the 2024 financial report, which could lead to further delisting risks if similar issues persist in future reports [5].