Core Viewpoint - The controlling shareholder of Wazhou B (200706) is initiating a comprehensive tender offer aimed at delisting the stock, with a deadline of February 27. This offer does not include a delisting adjustment period, meaning that if the threshold is met, the stock will be delisted directly without a chance for shareholders to sell in the secondary market. Group 1 - Final Deadline: The period from February 25 to 27 is an "irrevocable period," during which any declarations cannot be withdrawn [2] - Subsequent Risks: After delisting, the stock will transfer to the New Third Board. If the company's legal status is canceled in the future, liquidity of shares will be extremely poor, making exit more difficult [3] - Company Background: Wazhou B has reported non-recurring losses for 12 consecutive years, with a debt ratio of 91.9%, and the B shares have been unable to raise funds for many years. This tender offer is essentially a rare exit opportunity provided by the controlling shareholder for minority shareholders [3]

Core Viewpoint - The company *ST Rock has experienced significant stock price volatility, with a continuous limit-up in 2026 and a closing price increase of 4.57% for the month. However, it anticipates a decline in operating revenue for 2025, with both net profits before and after non-recurring items expected to be negative. The company faces potential delisting due to unresolved issues in its 2024 financial audit report, and its controlling shareholder's shares have been judicially frozen, with the actual controller facing criminal measures [1]. Financial Performance - The company expects its operating revenue for 2025 to be below 100 million [1] - Both net profits before and after non-recurring items for 2025 are projected to be negative [1] Audit and Compliance Issues - The 2024 financial audit report contains non-standard opinions that have not been resolved [1] - If the issues are not proven to be resolved, the 2025 financial report will receive a non-unqualified opinion, leading to potential delisting due to financial criteria [1] Shareholder and Management Situation - The controlling shareholder and their concerted parties hold a total of 217 million shares, accounting for 64.80% of the total share capital, which have all been judicially frozen [1] - The actual controller, Han Xiao, has been subjected to criminal coercive measures [1]

Trading Information Summary - The stock price of *ST WanFang (000638) closed at 2.58 yuan, down 5.15%, marking a continuous decline for 13 days, with a cumulative drop of 44.9% for the year [1][3] - In the last five trading days, the stock experienced a decline of over 5% on three occasions, with a total trading volume of 8,471 lots and a transaction amount of 2.1855 million yuan on January 29 [1][3] Fund Flow Analysis - On January 29, the net outflow of main funds was 1.6497 million yuan, while speculative funds and retail investors saw net inflows of 0.9734 million yuan and 0.6762 million yuan, respectively [1][3] Company Announcements - The company received a tax notice requiring the payment of a late fee of 30.4511 million yuan, which will be accounted for in the 2025 financial results, potentially impacting net profit by the same amount [1][3] - The stock has been identified as experiencing severe abnormal fluctuations, with expected 2025 revenue below 300 million yuan and a negative net profit, which may trigger financial delisting criteria [2][3] - The company is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure, which could lead to significant legal consequences [2][3]

Core Viewpoint - The company *ST Huawang announced that its stock will be subject to delisting risk warning on May 6, 2025, due to negative total profit and net profit for the year 2024, along with non-recurring revenue below 300 million yuan [1] Financial Performance - The company expects annual revenue for 2025 to be between 380 million to 430 million yuan, with non-recurring revenue projected between 360 million to 410 million yuan, and year-end net assets estimated to be between 260 million to 355 million yuan [1] - If the financial indicators meet the required standards, the company will apply to lift the delisting risk warning, but the final decision remains uncertain [1]

Core Viewpoint - The company *ST WanFang is facing delisting risk due to anticipated financial difficulties, including projected revenue below 300 million yuan for 2025 and negative net profits, which may lead to a financial termination of listing situation [1] Financial Performance - The company expects revenue for the fiscal year 2025 to be less than 300 million yuan [1] - Both the pre-tax and post-tax net profits are projected to be negative for 2025, potentially triggering financial delisting conditions [1] - The 2024 annual financial report has been issued with a qualified opinion, indicating ongoing uncertainties regarding the company's financial status [1] Regulatory Issues - The company is under investigation for suspected information disclosure violations, which could lead to mandatory delisting if significant legal violations are confirmed [1] - There is a possibility that the 2025 audit report may also receive a qualified opinion, further complicating the company's financial outlook [1]

Group 1 - The company *ST Panda announced that due to a non-standard opinion issued for the 2024 annual report, its stock will be subject to delisting risk warning and other risk warnings starting from May 6, 2025 [1] - In 2025, the company is under investigation by the China Securities Regulatory Commission (CSRC) for suspected information disclosure violations [1] - The preliminary review by the annual audit accountant indicates that the issues leading to the non-standard opinion for 2025 have not been resolved, and it is expected that a non-standard opinion will be issued for the 2025 annual report [1] Group 2 - If the 2025 annual report does not meet the conditions for withdrawal or is not timely applied for withdrawal, the company's stock will face the risk of termination of listing [1] - The company expects its revenue for 2025 to be between 210 million to 260 million yuan, with a net profit ranging from 14 million to 21 million yuan [1]

Core Viewpoint - The company has received a decision from the Shenzhen Stock Exchange to terminate its stock listing, with the delisting process set to begin on December 30, 2025, and lasting for 15 trading days [1] Group 1 - The company will enter a delisting preparation period starting December 30, 2025, which will last until January 21, 2026 [1] - After the delisting preparation period, the company's stock will be officially delisted and transferred to a national equity transfer company for management in the delisted sector [1]

Core Viewpoint - The company, Dongfang Tong, has received a decision from the Shenzhen Stock Exchange to terminate its stock listing, with the delisting process set to begin on December 30, 2025, and a 15-day trading period for delisting preparation [1] Group 1 - The stock will enter a delisting preparation period starting December 30, 2025, with the expected last trading date being January 21, 2026 [1] - The first trading day of the delisting preparation period will not have any price limits, while subsequent days will have a price fluctuation limit of 20% [1] - No major asset restructuring will be planned or implemented during the delisting preparation period [1]

Core Viewpoint - *ST长药 is facing potential delisting due to its stock price and market capitalization falling below regulatory thresholds, with significant financial distress indicated by negative net assets expected for the fiscal year 2025 [1] Group 1: Stock Performance - As of January 13, 2026, the company's stock closed at 0.79 yuan per share, remaining below 1 yuan for nine consecutive trading days [1] - The company's market capitalization is reported at 2.77 billion yuan, having been below 3 billion yuan for three consecutive trading days [1] Group 2: Regulatory Compliance - According to the Shenzhen Stock Exchange's rules, if the stock price remains below 1 yuan or the market capitalization below 3 billion yuan for twenty consecutive trading days, the stock will be delisted [1] - The company has been under delisting risk warnings since April 22, 2025, and has faced additional warnings since December 29, 2025 [1] Group 3: Financial Condition - The company is expected to report negative net assets for the fiscal year ending December 31, 2025, pending the final audited financial report [1] - If the audited net assets are negative or if the financial report receives a qualified, adverse, or disclaimer opinion, the company will trigger mandatory delisting conditions [1]

Core Viewpoint - Shanghai Gui Jiu (stock code "*ST Yan Shi (600696)") has announced a pre-loss forecast, expecting revenue for 2025 to be less than 300 million yuan, with both net profit and net profit after deducting non-recurring gains and losses projected to be negative, indicating a potential forced delisting from the A-share market [1][2][3] Financial Performance - The company reported a significant decline in performance, with revenue dropping from a peak of 1.629 billion yuan in 2023 to 285 million yuan in 2024, and less than 40 million yuan in the first three quarters of 2025 [3] - For the first three quarters of 2025, the company achieved a cumulative revenue of only 34.76 million yuan, with a net profit of -112 million yuan and a net profit after deducting non-recurring gains and losses of -67 million yuan [2] Legal and Operational Challenges - The company is facing multiple crises, including the criminal coercive measures taken against its actual controller, Han Xiao, and ongoing lawsuits, leading to a strained financial situation [1][2] - The company has been reported to have overdue wages and debts, with a significant reduction in the number of distributors, dropping by 3,693 in 2024 [2][3] Inventory and Sales Strategy - To alleviate financial pressure, the company has initiated a "1 yuan clearance" sale for its products, including core items, through live streaming platforms [4] - As of mid-2025, the company's inventory amounted to 489 million yuan, representing 24.72% of total assets, prompting the implementation of a discount sales plan for slow-moving products [4] Trademark and Legal Issues - In October 2025, the company lost a trademark infringement case against Guizhou Gui Jiu Group, which may require it to change its name and cease using the "Gui Jiu" designation, significantly impacting its operations [5] - The company has also faced asset freezes, with approximately 4.3823 million yuan in bank deposits frozen or seized, indicating ongoing financial instability [6]