记者丨 崔文静 编辑丨包芳鸣 近日，沪市两家上市公司——*ST华微与ST东时，在面临因大股东资金占用可能引发退市的紧 要关头，通过实质性整改，成功化解风险。 两家企业合计清收占用资金近20亿元，不仅化解 了退市风险，更成为监管"以退促改"新思路下的典型案例。 *ST华微此前被控股股东占用资金高达14.91亿元，因未在责令期限内完成整改，自2025年8月 13日起被停牌。在地方和监管协调下，公司迅速行动，通过控股股东转让所持股份，以所得款 项抵偿占用资金及利息合计15.56亿元，于8月18日前完成清偿。 ST东时则通过预重整引入投资人代偿的路径解决了3.87亿元占用问题。其控股股东多数股份已 被冻结，缺乏偿债能力，但在监管督促和地方支持下，由重整投资人出资代偿，使公司重回正 轨。 综合受访人士观点，这些案例清晰传递出当前监管的核心逻辑：退市是手段，而不是目的。 2024年以来，监管强调"以退促治"，不只依赖处罚，更通过ST警示、限期整改、分类处置等 组合措施，推动公司主动解决问题，实现经营修复。 在这一背景下，投资者也应调整策略：关注那些认真整改、基本面改善企业的价值修复机会； 同时对多次违规、整改不力的公司保 ...

6月25日，*ST华微、控股股东上海鹏盛科技实业有限公司(简称"上海鹏盛")与吉林省亚东国有资本投资 有限公司(简称"亚东投资")、公司及全资子公司吉林麦吉柯半导体有限公司(简称"麦吉柯")共同签署 《股份转让协议》，上海鹏盛拟将其持有的上市公司2.14亿股股份(占公司总股本的22.32%)转让给亚东 投资，转让价款优先用于偿还上海鹏盛及其关联方占用公司资金余额(扣减上海鹏盛2023年度、2024年 度分红款)及利息共计15.56亿元，相关款项将直接支付至公司指定收款账户。 *ST华微（600360）8月12日晚间公告，公司在责令改正规定期限(2025年8月12日)届满前未完成改正， 公司股票将自2025年8月13日开市起停牌，预计停牌时间不超过2个月。 8月12日，*ST华微呈现涨停走势。截至全天收盘时止，*ST华微报收于9元，上涨0.43元，涨幅为 5.02%。 *ST华微主要从事功率半导体器件的设计研发、芯片制造、封装测试、销售等业务，公司具备国内领先 的制造能力，拥有4英寸至8英寸等多条功率半导体晶圆生产线。报告期内，芯片加工能力每年400万 片，封装资源每年24亿支，模块每年6000万块。公司产品种 ...

Core Viewpoint - Jilin Huamei Electronics Co., Ltd. faces significant financial scrutiny and potential delisting risks due to the requirement to recover occupied funds amounting to 1.49 billion yuan within six months, with failure to comply leading to stock suspension and possible termination of listing [2][4][12] Group 1: Regulatory Actions and Financial Obligations - The company received a directive from the Jilin Securities Regulatory Bureau on February 12, 2025, mandating the recovery of 149,067.82 million yuan in occupied funds within six months [2][4] - If the company fails to recover the funds by August 12, 2025, its stock will be suspended from trading starting August 13, 2025, and may face delisting if corrective actions are not taken within the following four months [2][4][12] Group 2: Shareholder Actions and Financial Recovery Plans - On June 25, 2025, the controlling shareholder, Shanghai Pengsheng Technology Industry Co., Ltd., signed a share transfer agreement with Yadong Investment, intending to use the proceeds to repay the occupied funds [3][7] - Shanghai Pengsheng has pledged all its shares in the company as collateral to ensure the repayment of the occupied funds [6][7] Group 3: Audit and Risk Warnings - The company’s stock has been under delisting risk warning since May 6, 2025, due to an audit report that expressed an inability to provide an opinion on the financial statements for the previous fiscal year [9][10] - The company is also subject to additional risk warnings due to the non-operational fund occupation exceeding 5% of the latest audited net assets and failing to rectify the situation within one month [10][11] Group 4: Ongoing Measures and Future Outlook - The company is actively urging its controlling shareholder to take effective measures to recover the occupied funds and is committed to complying with regulatory requirements for rectification [11] - The company emphasizes the importance of strengthening internal controls and governance to ensure sustainable development and protect shareholder interests [11]

Core Viewpoint - Jilin Huamei Electronics Co., Ltd. expects significant growth in net profit for the first half of 2025, with projections indicating an increase of 44.99% to 71.62% compared to the same period last year [2][4]. Financial Performance Summary - The company anticipates a net profit attributable to shareholders ranging from 98 million to 116 million yuan, representing a year-on-year increase of 3,040.86 million to 4,840.86 million yuan [2][4]. - The projected net profit after deducting non-recurring gains and losses is expected to be between 105.19 million and 123.19 million yuan, reflecting a substantial increase of 93.74% to 126.90% compared to the previous year [2][4]. Previous Year Comparison - For the same period last year, the net profit attributable to shareholders was 67.59 million yuan, and the net profit after deducting non-recurring gains and losses was 54.29 million yuan [6]. Reasons for Performance Increase - The increase in performance is attributed to enhanced operational management efficiency, improved customer communication, and the ability to meet personalized customer needs, leading to growth in sales orders and revenue [8].

Core Viewpoint - *ST Huami has resumed trading with a significant stock price increase following the announcement of a share transfer agreement aimed at resolving financial issues and potential delisting risks [1][2]. Group 1: Share Transfer Agreement - The controlling shareholder, Shanghai Pengsheng, plans to transfer 214,326,656 shares (22.32% of total shares) to Jilin Yadong State Capital Investment Co., Ltd. to address financial occupation issues [2][4]. - The transfer price will primarily be used to repay the occupied funds and interest amounting to 1,555.899 million yuan [2][4]. - After the transaction, Shanghai Pengsheng will no longer hold shares, and Jilin Yadong will become the new controlling shareholder [2][4]. Group 2: Financial and Regulatory Context - The company faces delisting risks due to financial occupation and negative audit opinions for the 2024 fiscal year [5][6]. - The transaction is contingent upon approval from the shareholders' meeting and regulatory bodies, including the State Administration for Market Regulation [2][3]. - If the company fails to recover the occupied funds by August 12, 2025, it may face trading suspension and potential delisting [6]. Group 3: Business Operations and Future Outlook - The transaction is not expected to change the company's main business or affect its independence, and it aims to enhance operational quality and market competitiveness [4]. - The company will leverage the advantages of the new state-owned controlling shareholder to promote business expansion and resource integration [4].

Group 1 - The company will hold its second extraordinary general meeting of shareholders on July 11, 2025, at 9:30 AM in Jilin City, China [2][11] - Voting will be conducted through a combination of on-site and online methods, with specific time slots for each [3][8] - Shareholders must register to attend the meeting, either in person or through authorized representatives [14][16] Group 2 - The company is under a corrective order from the Jilin Securities Regulatory Bureau to recover 1.49 billion yuan of misappropriated funds by August 12, 2025, or face potential delisting [24][27] - The company has been under delisting risk warning since May 6, 2025, due to an audit report that could not express an opinion on its financial statements [31][32] - The company is actively working with its controlling shareholder, Shanghai Pengsheng, to resolve the misappropriation issue through a proposed share transfer to Jilin Yadong State Capital Investment Co., Ltd. [40][55] Group 3 - The share transfer agreement involves transferring 214,326,656 shares, representing 22.32% of the company's total shares, to Jilin Yadong, with proceeds prioritized for repaying misappropriated funds [55][58] - The transaction is subject to approval from the shareholders' meeting and regulatory bodies, including the State Administration for Market Regulation [41][71] - The company aims to leverage the advantages of state-owned capital to enhance its operational quality and market competitiveness post-transaction [70]

Core Viewpoint - The article emphasizes the regulatory crackdown on the misuse of funds by controlling shareholders of listed companies, highlighting the need for strict compliance and accountability in financial practices [1][3][5]. Group 1: Regulatory Actions - The Shanghai Stock Exchange has mandated four companies, including ST Dongshi and ST Huami, to recover non-operational funds occupied by their controlling shareholders to protect the interests of the companies and minority shareholders [1]. - The new "National Nine Articles" stresses the serious rectification of financial fraud and fund occupation, with regulatory bodies intensifying their efforts against such behaviors [1][3]. - In 2024, the China Securities Regulatory Commission (CSRC) will strictly combat 35 cases of fund occupation, maintaining a "zero tolerance" stance and increasing accountability for key individuals involved [3]. Group 2: Rectification and Compliance - The revised delisting rules in 2024 include provisions for companies that fail to rectify significant fund occupation issues, potentially leading to delisting [5]. - ST Xintong faced delisting risk due to its controlling shareholder's failure to resolve fund occupation within the designated timeframe, but managed to repay 568 million yuan in cash and 60.48 million yuan through equity compensation [5]. - Companies like ST Huami and ST Dongshi are under pressure to repay occupied funds within a specified correction period, or they will face delisting procedures [5]. Group 3: Accountability Post-Delisting - Companies that face delisting due to operational failures or financial irregularities are still required to repay any occupied funds, as the regulatory stance is that "delisting does not exempt from repayment obligations" [7]. - ST Yangguang's case illustrates that even after delisting, the company is urged to recover occupied funds, with ongoing legal actions against its controlling shareholder [7]. - ST Longyu has not repaid 868 million yuan of occupied funds, and the CSRC has initiated an investigation into the company [7]. Group 4: Investor Protection and Legal Actions - Companies are encouraged to take proactive measures to recover funds from controlling shareholders, with several firms already initiating lawsuits [9]. - Independent directors have played a crucial role in urging companies to conduct thorough checks on fund occupation issues and to ensure repayment from controlling shareholders [9]. - The investor protection center has successfully initiated a derivative lawsuit against ST Moden, resulting in a court ruling for the controlling shareholder to return 240 million yuan in occupied funds [9].