Core Viewpoint - *ST Gaohong (000851) has received a notice from the Shenzhen Stock Exchange regarding the termination of its stock listing due to its stock price being below 1 yuan for twenty consecutive trading days [1] Summary by Relevant Sections - **Company Announcement** - The company announced that it received a "Notice of Termination of Listing" from the Shenzhen Stock Exchange on September 30, 2025 [1] - The notice indicates that from September 1 to September 26, 2025, the company's stock closing price was below 1 yuan for twenty consecutive trading days [1] - **Regulatory Context** - The situation triggers the termination listing conditions as per the Shenzhen Stock Exchange's "Stock Listing Rules (2025 Revision)" Article 9.2.1, Clause 1, Item 4 [1] - The Shenzhen Stock Exchange intends to decide on the termination of the company's stock trading [1]

终止上市是利好还是利空，主要看是主动退市还是强制退市，两者之间有明显差异，具体情况如下： 一.主动上市原因及影响： 1. 典型情况：大股东或企业管理层认为股价被低估，需回购市场流通股。 2. 影响：通常溢价回购，股东会短期获利，公司可减少信息披露成本，灵活调整战略。 二.强制退市原因及影响： 1. 触发原因：公司财务不达标，或存在重大违法行为。 2. 影响：退市前可能持续跌停，且在退市后股票无法公开交易，散户难以退出。 2. 影响：可拓宽融资渠道，但需重新适应市场规则，并可能面临流动性差异带来的短期股价震荡。 四.吸收合并退市原因及影响： 1. 典型表现：公司被大型企业收购。 2. 影响：股东获得一定补偿，资源整合后提升企业长期价值。 五.对上市公司影响： 1. 主动私有化：短期内企业需积极回购股份，长期看，灵活性更高，并可能重新上市。 2. 强制退市：对公司声誉造成影响，并伴随融资困难，破产风险升高一系列麻烦。 三.转板退市原因及影响： 1. 典型情况：公司股票由A股转往港股上市。 1. 强制退市：退市整理期30天可卖出，但流动性极差。转入三板市场，股价可能会归零。 2. 主动退市：私有化回购价通常会高于市 ...

Group 1 - The core point of the news is that Huanwen Media Investment Group Co., Ltd. has received a pre-restructuring decision from Haikou Intermediate People's Court, which appointed a temporary management team to oversee the company's operations during this period [1][2]. - The temporary management team has issued a notice for creditors to declare their claims by December 1, 2024, through an online system [1][2]. - A second temporary creditors' meeting is scheduled for August 18, 2025, to discuss the financing proposal during the pre-restructuring period [2]. Group 2 - The pre-restructuring decision does not guarantee that the court will formally accept the company's restructuring application, leaving uncertainty regarding the company's future [3]. - If the court accepts the restructuring application, the company's stock may face delisting risk as per the Shenzhen Stock Exchange regulations [4]. - There is a significant risk that the company could be declared bankrupt if the restructuring fails, which would also lead to the termination of its stock listing [5].

Core Viewpoint - *ST Zitian is facing delisting risks due to failure to rectify financial reporting issues as mandated by regulatory authorities, leading to stock suspension and potential termination of listing [1][3]. Group 1: Regulatory Actions - On February 14, the company received a decision from the Fujian Securities Regulatory Bureau due to false financial reporting, requiring corrections within 30 days [1]. - The company failed to complete the required rectifications by the deadline, resulting in stock suspension since March 17 [1]. - As of July 21, the company's stock will be suspended again, with the Shenzhen Stock Exchange planning to issue a notice for potential termination of its listing within five trading days [1]. Group 2: Stock Performance - After resuming trading on July 7, the stock experienced three consecutive days of limit-down trading, followed by a brief surge of 15.66% on July 10 [3]. - The stock price fell again starting July 11, with a significant drop of 13.56% on July 18, reaching a historical low of 2.72 yuan [3]. - As of July 18, the stock closed at 2.74 yuan per share, with a total market capitalization of only 440 million yuan, reflecting a cumulative decline of 87.01% year-to-date [3]. Group 3: Business Overview - The company's main business includes modern service and wholesale retail, covering internet advertising, cloud services, and e-commerce [5]. - Since entering the modern advertising service sector in May 2018, the company's advertising revenue has been increasing annually, indicating some industry scale [5]. - However, in 2023, the company reported a significant decline in net profit, marking a drastic change in performance [5].

Core Viewpoint - Two A-share listed companies, *ST Pengbo and *ST Longyu, have received decisions for stock delisting, entering the delisting preparation period on June 10, 2025 [1][5]. Group 1: *ST Pengbo - *ST Pengbo announced the termination of its stock listing due to an audit report for the 2023 fiscal year that could not express an opinion, leading to a delisting risk warning from May 6, 2024 [3]. - The company reported a revenue of 1.877 billion yuan for 2024, a decrease of 27.99% year-on-year, and a net loss attributable to shareholders of 885 million yuan [4]. - The stock will enter a delisting preparation period starting June 10, 2025, with an expected last trading day on June 30, 2025, and will continue trading on the risk warning board during this period [3][4]. Group 2: *ST Longyu - *ST Longyu also received a decision for stock termination, with the same delisting preparation period starting on June 10, 2025, and an expected last trading day on June 30, 2025 [5]. - The company reported a revenue of 1.405 billion yuan for 2024, a significant decrease of 55.02% year-on-year, and a net loss attributable to shareholders of 332 million yuan [6]. - The chairman of *ST Longyu, Xu Zengzeng, recently resigned due to personal and health reasons, but the company's control has not changed [5][6].

Core Viewpoint - The company, AVIC Industry Finance Holdings Co., Ltd., has decided to voluntarily withdraw its A-shares from the Shanghai Stock Exchange and apply for transfer on the National Equities Exchange and Quotations system, a decision approved by the company's second extraordinary general meeting of shareholders in 2025 [2]. Group 1 - The company has previously disclosed announcements regarding the cash option related to the termination of listing, including the initiation of the cash option application and reminders about the remaining trading days for application [3][8]. - During the cash option application period from April 23 to April 25, 2025, a total of 131,774 securities accounts submitted valid applications, with the total number of shares applied for amounting to 4,134,072,543 shares [4][8]. - The cash option provider, China Aviation Industry Group Co., Ltd., has completed the fund transfer for the cash option to the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, and the share transfer procedures will be processed shortly [4][9].