人民财讯11月24日电，*ST苏吴（600200）11月24日公告，公司股票价格近四日连续涨停，最近四个交 易日公司股票价格涨幅达到21.65%，可能存在市场情绪过热及非理性炒作迹象，积累了较大交易风 险。公司股票目前存在重大违法强制退市、财务类退市、面值退市等多重退市风险，投资者在买入公司 股票前，应当认真阅读本公告及公司已披露的其他信息，充分了解股票可能被终止上市的风险，买入公 司股票的投资者将承担公司股票可能被终止上市的全部风险，包括但不限于投资损失无法获得赔偿，请 投资者审慎做出投资决策。 ...

Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. faces significant risks of forced delisting due to major violations of laws and regulations related to information disclosure and financial reporting [2]. Group 1: Stock Performance - As of October 24, 2025, *ST Wuzhong (600200) closed at 1.06 yuan, up 4.95% from the previous trading day, with a total market capitalization of 754 million yuan [1]. - The stock opened at 1.02 yuan, reached a high of 1.06 yuan, and a low of 1.01 yuan, with a trading volume of 68.282 million yuan and a turnover rate of 9.13% [1]. Group 2: Regulatory Issues - The company was investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, leading to a formal investigation initiated on February 26, 2025 [2]. - On July 13, 2025, the company received a notice of administrative penalty, indicating that it engaged in trade activities with subsidiaries and related companies that lacked commercial substance, resulting in inflated revenue, costs, and profits in annual reports from 2020 to 2023 [2]. - The stock has been subject to multiple delisting risks, including major violations, financial issues, and face value concerns, since July 14, 2025 [2]. Group 3: Financial Performance - The company reported a net profit of -44.4178 million yuan for the first half of 2025, showing a significant decline year-on-year [2]. - As of the end of 2023, non-operating funds occupied by related parties of the controlling shareholder amounted to 1.6926071 billion yuan, which remains unresolved [2]. - The financial report for the year 2024 received a disclaimer of opinion, triggering financial delisting risk warnings [2].

Core Points - *ST Yuancheng (603388) closed at 1.9 yuan on September 18, 2025, with no change in price and a turnover rate of 11.41% [1] - The company faces significant risks of forced delisting due to allegations of false financial disclosures in its annual reports, with the China Securities Regulatory Commission (CSRC) having initiated an investigation [1][3] - The company reported a half-year revenue of 82.34 million yuan and a net loss of 126.80 million yuan for 2025, indicating ongoing financial difficulties [1] - The company has experienced continuous losses over the past three years, raising concerns about its ability to continue as a going concern [1] - There are liquidity risks due to difficulties in customer payments, and the company has overdue unused raised funds totaling 171.60 million yuan [1] - The controlling shareholder's shares are highly pledged and frozen, with some shares already auctioned or set for auction [1] - The company plans to transfer 51% of its stake in Silicon Precision Electronics, but the completion of this transaction is uncertain [1] Trading Information - On September 18, 2025, the net outflow of main funds was 6.96 million yuan, accounting for 9.66% of the total transaction amount [1][3] - Retail investors contributed a net inflow of 5.51 million yuan, representing 7.65% of the total transaction amount [1]

Core Viewpoint - The company, Lingnan Ecological Culture and Tourism Co., Ltd., is facing significant financial difficulties, including the inability to repay its convertible bonds on time, which may lead to further legal and operational challenges [2][4][6]. Financial Performance - In 2024, the company's operating revenue was 861.84 million yuan, a decline of 59.55% compared to 2023 [3]. - The net profit attributable to the parent company for 2024 was -984.33 million yuan, indicating a reduction in the scale of losses compared to 2023 [3]. - For the first half of 2025, the net profit attributable to the parent company was -128.27 million yuan, a 50.02% improvement from the same period in 2024 [3]. Debt and Credit Risks - The credit rating of the company's convertible bonds, "Lingnan Convertible Bonds," has been downgraded to C, indicating a high risk of default [2]. - The company is experiencing liquidity pressure due to delayed project payments and high debt levels, which may affect its ability to secure future financing [2][4]. Legal and Regulatory Issues - The company is involved in multiple lawsuits, with 251 pending cases as of December 31, 2024, amounting to 2.95 billion yuan in claims [7]. - A recent court ruling has been made against the company in a loan dispute, which may further complicate its financial situation [8]. Asset Pledge and Collateral Risks - The company has pledged its assets as collateral for the convertible bonds, but the realizable value of these assets is uncertain due to the nature of the receivables and the need for internal approvals [5][6]. - There is a risk that if the company faces bankruptcy within a year of the collateral establishment, the pledge may be revoked [5]. Stock Market Risks - The company's stock is at risk of being delisted if its share price remains below 1 yuan for 20 consecutive trading days, which could further erode investor confidence [6].

Group 1 - The company, Fujian Zitian Media Technology Co., Ltd., has been ordered by the Fujian Securities Regulatory Bureau to correct its financial reports due to false records, with a deadline of 30 days from the receipt of the decision [1][2] - As of now, the company has not hired a qualified accounting firm nor submitted a rectification report to the Fujian Securities Regulatory Bureau [1][2] - The company's stock has been placed under delisting risk warning since May 20, 2025, and if the rectification is not completed by July 19, 2025, the stock will be terminated from listing [1][2] Group 2 - The company received a notice on June 27, 2025, indicating potential administrative penalties for suspected violations of information disclosure laws [2] - The investigation revealed that the company's annual reports for 2022 and 2023 contained false records, with a total false revenue amounting to approximately 2.5 billion yuan, which exceeds 50% of the total reported revenue for those years [2]

Core Viewpoint - Shanghai Lingyun Industrial Development Co., Ltd. is at risk of being delisted due to its stock price and market capitalization falling below regulatory thresholds for an extended period [1][2][3]. Group 1: Stock Price and Market Capitalization - As of May 28, 2025, the company's stock closed at 0.110 USD per share, equivalent to 0.7911 CNY per share, which has been below 1 CNY for 13 consecutive trading days [1][3]. - The total market capitalization on May 28, 2025, was 276 million CNY, which has been below 300 million CNY for 10 consecutive trading days [2][3]. Group 2: Regulatory Framework - According to the Shanghai Stock Exchange Listing Rules, if a company's stock price remains below 1 CNY for 20 consecutive trading days, it may face delisting [2][3]. - The same rules state that if a company's market capitalization is below 300 million CNY for 20 consecutive trading days, it may also be subject to delisting [2][3]. Group 3: Disclosure Requirements - The company is required to disclose risk warning announcements upon the first occurrence of its stock price falling below 1 CNY and subsequently for every 10 trading days it remains below this threshold [3][5]. - The company has issued multiple risk warning announcements regarding the potential for delisting, with the latest being the sixth warning [5][6].

Summary of Key Points Core Viewpoint - ST Lingnan is facing significant financial difficulties, including an inability to repay its convertible bonds, a substantial decline in revenue, and potential delisting risks due to low stock prices [1][3]. Trading Information - On May 23, ST Lingnan's stock closed at 2.08 yuan, up 5.05%, with a turnover rate of 3.71%, trading volume of 593,200 shares, and a transaction value of 122 million yuan [1]. - The fund flow on the same day showed a net inflow of 6.318 million yuan from institutional investors, while retail investors experienced a net outflow of 7.1108 million yuan [1][3]. Company Announcements - The company announced that it is unable to repay the "Lingnan Convertible Bonds" on time, with current cash insufficient to cover principal and interest payments, leading to a credit rating downgrade to C [1][3]. - For the year 2024, the company reported a revenue of 861.8366 million yuan, a year-on-year decline of 59.55%, and a net loss attributable to shareholders of 984.3298 million yuan [1]. - In the first quarter of 2025, the company reported a revenue of 67.5991 million yuan, a year-on-year decline of 77.85%, with a net loss of 66.3973 million yuan [1]. - The company is facing ongoing operational risks, with the 2024 audit report issued with a qualified opinion [1]. - Assets pledged for the "Lingnan Convertible Bonds" include equity in fundraising project companies and receivables, but these face liquidity and uncertainty risks [1]. - There is a risk of stock delisting if the closing price remains below 1 yuan for 20 consecutive trading days [1]. - The company is also dealing with numerous lawsuits, with newly disclosed litigation and arbitration matters involving approximately 174.1336 million yuan as of May 9, 2025 [1].

Core Viewpoint - Fujian Aonong Biotechnology Group Co., Ltd. is at risk of being delisted due to negative net assets and consecutive annual losses from 2021 to 2023, leading to multiple risk warning announcements [2][4][8] Group 1: Reasons for Potential Delisting - The company reported negative net assets as of the end of 2023, resulting in a delisting risk warning effective from May 6, 2024 [2][4] - The company has incurred losses for three consecutive years (2021-2023), and the auditor issued a report with an emphasis on the company's ability to continue as a going concern [2][4] - If the company does not meet the criteria for lifting the delisting risk warning in the 2024 annual report, it faces termination of its listing [3][4] Group 2: Risk Warning Announcements - This announcement marks the seventh risk warning, as required by the Shanghai Stock Exchange regulations for companies facing delisting risks [2][8] - The company is obligated to issue risk warnings every 10 trading days until the annual report is disclosed [2][6] Group 3: Conditions for Lifting Delisting Risk - To lift the delisting risk warning, the company must report positive net assets and receive a standard unqualified audit opinion for the 2024 annual report [3][9] - The uncertainty remains regarding the lifting of the risk warning until the 2024 annual report is officially disclosed [3][9] Group 4: Other Matters - As of the announcement date, the audit for the 2024 annual report is ongoing, and final financial data will be based on the officially disclosed audited report [9]

Core Viewpoint - Tianchuang Fashion Co., Ltd. is facing delisting risk due to the issuance of an adverse audit report for its 2023 financial statements, which has led to the implementation of delisting risk warnings starting from May 6, 2024 [2][3]. Group 1: Delisting Risk Warnings - The company disclosed a notice regarding the implementation of delisting risk warnings and other risk warnings, effective from May 6, 2024 [2]. - This is the sixth risk warning announcement, and the company is required to disclose risk warning announcements every 10 trading days until the annual report is released [2][6]. - If the company does not meet the conditions to revoke the delisting risk warning or fails to apply for revocation within the specified period, its stock will face the risk of being delisted [4]. Group 2: Reasons for Potential Delisting - The company received an audit report with a disclaimer of opinion from PwC Zhongtian, which triggered the delisting risk warning under the Shanghai Stock Exchange listing rules [3]. - Specific conditions under which the company can apply for the revocation of the delisting risk warning include having no negative net assets or negative profits in the most recent audited financial statements [3]. Group 3: Company’s Response and Progress - The company is actively cooperating with regulatory requirements and implementing corrective measures to eliminate the risks associated with the adverse audit opinions [5]. - The company has been disclosing updates on its annual report preparation and audit progress, with the latest updates provided in monthly announcements [5]. Group 4: Disclosure Compliance - The company is adhering to the disclosure requirements set forth by the Shanghai Stock Exchange and has provided multiple risk warning announcements since the first one on January 25, 2025 [6].

Core Viewpoint - Jiangsu Harbin Intelligent Robot Co., Ltd. faces the risk of being delisted due to financial issues, including an audit report with a disclaimer of opinion for the fiscal year 2023, which has triggered a warning for delisting [2][3][12]. Financial Risks - The company received a disclaimer of opinion from its auditor, Asia Pacific (Group) CPA, for its 2023 financial statements, indicating potential delisting risks under the Shenzhen Stock Exchange listing rules [3][12]. - The company’s internal control report for 2023 also received a negative opinion, further complicating its financial standing [11][12]. - Specific conditions that could lead to delisting include negative net profit, negative net assets, or a lack of proper financial reporting [3][4][5]. Revenue Recognition Issues - For the fiscal year 2023, the company reported revenue of 2.153398 billion yuan and cost of 1.9245238 billion yuan, but the auditor could not confirm the accuracy of these figures due to issues with revenue recognition [7][20]. - The company is currently reviewing its sales contracts to ensure proper revenue recognition and has engaged with its auditors to address these issues [9][20]. Investment and Asset Management - The company has significant equity investments in four entities, which are under scrutiny due to the auditor's inability to determine the necessity for adjustments in their accounting [6][8]. - As of March 31, 2025, the company has not fully recovered transfer payments amounting to 136.7242 million yuan, which includes both cash and commercial acceptance bills [22]. Audit and Reporting Progress - The company is in the process of preparing its 2024 annual report, with the audit work ongoing and expected to be completed by April 28, 2025 [14][19]. - The company has communicated with its new auditor, Unitas Zhenqing CPA, regarding the audit progress and key issues, but the impact of previous non-standard audit opinions remains uncertain [23].