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]

Group 1 - The core viewpoint is that the impact of delisting depends on whether it is voluntary or forced, with significant differences between the two scenarios [1] Group 2 - Voluntary delisting typically occurs when major shareholders or management believe the stock is undervalued and decide to repurchase shares from the market [3] - The impact of voluntary delisting includes premium buybacks, short-term profits for shareholders, reduced disclosure costs for the company, and greater strategic flexibility [3] Group 3 - Forced delisting is triggered by financial non-compliance or significant legal violations [3] - The consequences of forced delisting may include continuous price declines before delisting, inability to trade publicly post-delisting, and difficulties for retail investors to exit [3][7] Group 4 - Transfer delisting occurs when a company's stock moves from A-shares to Hong Kong stocks, allowing for broader financing channels but requiring adaptation to new market rules, which may lead to short-term price volatility [3] Group 5 - Absorption mergers leading to delisting typically involve acquisition by larger companies, providing shareholders with compensation and potentially enhancing long-term corporate value through resource integration [5] Group 6 - For companies, voluntary privatization requires active share repurchases in the short term, but offers greater long-term flexibility and the possibility of relisting [6] - Forced delisting negatively impacts the company's reputation, increases financing difficulties, and raises bankruptcy risks [7] Group 7 - For retail investors, forced delisting allows a 30-day selling period during the delisting adjustment phase, but liquidity is extremely poor, and stocks may become worthless upon transfer to the third board market [7] - In contrast, voluntary delisting often results in buyback prices that exceed market prices, providing an opportunity for retail investors to cash out [8] Group 8 - The overall conclusion is that the implications of delisting are contingent on whether it is voluntary or forced, with voluntary delisting potentially offering benefits and forced delisting representing a negative scenario that necessitates timely loss mitigation [9]

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].