*ST天微公告称，截至2026年1月6日，公司股票收盘价31.49元/股，近期涨幅大，市盈率541.99倍，高于 国防装备行业平均的106.09倍。因2024年净利润为负且营收低于1亿元，公司股票于2025年5月起被实施 退市风险警示，若出现规定情形或被终止上市。另外，主要产品军用灭火抑爆系统未完成军品审价，模 拟显示，审定价格较暂定价格差异在±5%、±10%、±15%时，将对营收和净利润产生影响，且暂定价存 调减风险。 ...

东方通公告称，2025年11月25日公司收到北京证监局《行政处罚决定书》，认定2019 - 2022年年度报告 存在虚假记载，2022年定增文件引用虚假财务数据构成欺诈发行，触及重大违法强制退市情形。公司股 票自11月26日开市起停牌。若被作出终止上市决定，将在公告后五个交易日后复牌进入15个交易日的退 市整理期，届满摘牌。公司将安排股票转入全国股转系统等转让。 ...

Core Viewpoint - ST Gaohong officially delisted from the A-share market on November 11, 2025, after a dramatic decline in stock price, marking the end of its 27-year listing history with a record of 35 consecutive trading halts [1][7] Financial Misconduct - The China Securities Regulatory Commission (CSRC) found that ST Gaohong engaged in financial fraud for nine consecutive years from 2015 to 2023, inflating total revenue by 19.876 billion yuan and total profit by 76.2259 million yuan [3] - The peak of the fraud occurred in 2019, with inflated revenue of 5.634 billion yuan, accounting for 49.38% of disclosed revenue, and inflated profit of 21.9052 million yuan, representing 64.88% of total profit [3] - In 2020, the company fraudulently raised 1.25 billion yuan through a non-public stock issuance based on false data [3] Methods of Fraud - The fraudulent activities primarily involved "false trade" methods, with significant participation from subsidiaries like Gaohong Technology and Gaohong Data, which engaged in fictitious trades of laptops and IT products [5] - The fraudulent operations were facilitated by a close relationship between key individuals, including the company's director and the actual controller of a trading partner [5] Regulatory Actions - On August 8, 2025, the CSRC issued a notice of administrative penalty, imposing a fine of 160 million yuan on ST Gaohong, including 135 million yuan for false reporting and 125 million yuan for fraudulent issuance [5][7] - Key executives, including the chairman and financial director, received substantial fines and were banned from the securities market for several years [7] Stock Performance and Delisting - Following the regulatory actions, ST Gaohong's stock price plummeted from 2.21 yuan to 0.38 yuan, resulting in a cumulative decline of over 80% [7] - The stock was suspended from trading after hitting the delisting threshold, with the Shenzhen Stock Exchange deciding to terminate its listing without a transition period [7] Financial Health and Legal Issues - As of the third quarter of 2025, ST Gaohong reported total revenue of 571 million yuan, a year-on-year decline of 44.64%, and a net loss of 432 million yuan, significantly worsening from a loss of 6.291 million yuan in the previous year [8] - The company faces a total of 3.273 billion yuan in litigation and arbitration claims, which is 398.68% of its latest audited net assets [8] Future Prospects - After delisting, ST Gaohong will be transferred to the National Equities Exchange and Quotations (NEEQ), but faces a challenging path ahead due to its substantial legal liabilities and financial losses [10]

Core Viewpoint - Shanghai Longyu Data Co., Ltd. (formerly Longyu Co., now "Longyu 3") is set to be delisted due to the major shareholder's inability to repay 868 million yuan, raising concerns about the timing and logic behind the repayment of over 337 million yuan shortly after delisting [1][3][4] Group 1: Financial Situation and Delisting - The major shareholder, Shanghai Longyu Holdings Co., Ltd., had previously refused to repay the 868 million yuan before the company's delisting on July 3, 2025, but managed to repay over 337 million yuan within 20 days post-delisting [1][3] - The company reported a net asset of 3.693 billion yuan and cash reserves of 1.1 billion yuan at the end of 2023, yet faced multiple audit reports expressing inability to provide opinions due to financial irregularities [3][4] - The company initiated legal action against its major shareholder and related parties for the recovery of 895 million yuan in owed funds, but the situation remained unresolved by the time of delisting [3][4] Group 2: Acquisition and Corporate Governance - Following its delisting, Longyu 3 acquired Shanghai Yunman Yisuan Information Technology Co., Ltd., which raised questions about the timing and transparency of the acquisition during a period of limited information disclosure [1][10] - The acquisition was completed on July 15, 2025, with Longyu 3 becoming the sole shareholder, but details were not publicly disclosed until after the acquisition [10][12] - Concerns were raised regarding the legitimacy of the acquisition and the potential use of company funds to settle debts owed by the major shareholder, which could constitute a misuse of public company resources [18][19] Group 3: Shareholder Concerns and Responses - Minority shareholders expressed dissatisfaction with the major shareholder's handling of the situation, questioning why the company did not take action to maintain its listing status despite having sufficient funds [7][9] - The company's management acknowledged the concerns of shareholders during a meeting, stating intentions to repay debts when financially feasible, but the lack of action prior to delisting raised doubts about their commitment [5][7] - Allegations surfaced that the major shareholder was using the company as a means to settle personal debts, leading to significant losses for minority shareholders who had invested in the company at a premium [9][19]

Core Viewpoint - Hongjiu Fruit, once hailed as "China's first fruit stock," is facing delisting from the Hong Kong Stock Exchange after just three years of listing due to severe financial and operational issues [3][4][9]. Financial Crisis Timeline - The crisis for Hongjiu Fruit began in March 2024 when the company failed to release its 2023 annual performance report, leading to a trading suspension [6][18]. - KPMG, the company's auditor, discovered suspicious prepayments totaling 3.42 billion yuan to dubious suppliers, prompting KPMG to resign [7][20]. - In April 2024, several top executives, including Chairman Deng Hongjiu, were arrested for loan fraud and issuing false VAT invoices [23][24]. Financial Performance and Issues - Hongjiu Fruit's market value peaked at 67 billion HKD but plummeted to 2.795 billion HKD by March 2024, a loss of over 64 billion HKD [5][17]. - The company reported a significant cash flow issue, with a net cash outflow from operations reaching 1.823 billion yuan in 2022 and 314 million yuan in the first half of 2023 [27][28]. - As of June 2023, the company's bank loans amounted to 2.776 billion yuan, while cash and cash equivalents were only 557 million yuan [27]. Corporate Governance and Compliance Issues - The Hong Kong Stock Exchange cited five main reasons for the delisting decision, including incomplete investigations, lack of independent directors, and failure to correct internal control deficiencies [9][10][11][12][13]. - The company has not appointed any independent non-executive directors or company secretaries, violating regulatory requirements [13]. Background and Market Position - Founded in 2002, Hongjiu Fruit claims to be a leading multi-brand fresh fruit group in China, specializing in durian distribution [14][15]. - The company went public in September 2022, raising 497 million HKD at an initial price of 40 HKD per share [16]. Impact on Investors - Major investors, including Alibaba and other prominent institutions, are facing significant losses due to the company's decline [30][36][37]. - The stock price fell by 95.65% from its initial offering price, reflecting the severe impact of the financial crisis on investor confidence [17][37].

Core Viewpoint - Jiangsu Sunshine Co., Ltd. has received an administrative penalty notice from the Jiangsu Securities Regulatory Bureau due to violations in information disclosure, which has led to the company's delisting from the stock exchange [2][5][9]. Summary by Sections Basic Information - The administrative penalty notice was issued by the China Securities Regulatory Commission Jiangsu Regulatory Bureau, dated October 14, 2025, and effective from October 11, 2025 [5]. - The company and its key executives, including the chairman and general manager, are implicated in the violations [5]. Violations - The company failed to disclose significant events related to a land use rights transaction worth 170 million yuan, which constituted a related party transaction [5][6]. - The company did not timely disclose that the controlling shareholder, Sunshine Group, failed to complete the transfer of land use rights and did not return the transfer payment [6][7]. Penalties - Jiangsu Sunshine is facing a warning and a fine of 2 million yuan, while individual executives face fines ranging from 200,000 to 500,000 yuan [7]. - The company anticipates that the penalties will not have a significant adverse impact on its operations, although cash flow may be affected [7]. Company Background - Jiangsu Sunshine was listed in 1999 and initially focused on woolen fabric production but has since diversified into the solar energy sector [7]. - The company has faced continuous losses since 2023, leading to risk warnings and eventual delisting [8]. Legal Issues - The company is currently involved in multiple lawsuits, with recent announcements indicating six new cases related to contract disputes, totaling approximately 7.08 million yuan [9]. - Ongoing litigation has significantly impacted the company's bidding and sales activities, with potential risks of asset freezing or auction [9].

Group 1 - As of August 31, 2025, there are 5,435 listed companies in China's domestic stock market, with 2,286 on the Shanghai Stock Exchange, 2,875 on the Shenzhen Stock Exchange, and 274 on the Beijing Stock Exchange [2] - Among the listed companies, 5,195 are A-share companies, 8 are B-share companies, and 232 have multiple share types such as A+B and A+H [2] - State-controlled companies account for 27% of the total, while non-state-controlled companies make up 73% [2] Group 2 - The total market capitalization of listed companies in the domestic market reached 104.16 trillion yuan, the highest point in nearly four years [3] - The electrical, electronic, and communication sectors have a total market capitalization of 22.19 trillion yuan, surpassing the financial sector since July [3] - There are 160 companies with a market capitalization exceeding 100 billion yuan, representing nearly 3% of the total number of companies and over 40% of the total market capitalization [3] Group 3 - In August, 8 new companies were listed, raising a total of 6.463 billion yuan, with no companies delisted [3] - Since the beginning of the year, 11 A+H share companies have been added, and over 70 domestic companies have listed overseas [3] - There are 1,831 Chinese concept companies listed in major overseas markets [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced administrative penalties against Beijing Orient Telecom Technology Co., Ltd. (*ST Dongtong*) for falsifying financial data in its periodic reports, which constitutes a violation of securities laws and regulations [1] Group 1: Financial Misconduct - *ST Dongtong* has inflated its revenue and profits for four consecutive years, leading to significant legal repercussions [1] - The CSRC plans to impose a fine of 229 million yuan on the company and a total of 44 million yuan on seven responsible individuals [1] - The actual controller of *ST Dongtong* will face a 10-year ban from the securities market [1] Group 2: Regulatory Actions - The company is suspected of major violations that could trigger mandatory delisting procedures, and the Shenzhen Stock Exchange will initiate these processes in accordance with the law [1] - The CSRC will transfer any potential criminal evidence to the public security authorities, adhering to the principles outlined in the Criminal Law and relevant prosecutorial standards [1]

Core Viewpoint - The company *ST Zitian has been terminated from listing on the Shenzhen Stock Exchange due to financial misconduct, including false accounting reports and failure to rectify issues as mandated by regulatory authorities [1][4]. Group 1: Termination of Listing - On September 5, the Shenzhen Stock Exchange made a decision to terminate the listing of *ST Zitian [1]. - The company's stock will resume trading on September 15 and enter a delisting preparation period lasting 15 trading days, after which it will be delisted [4]. Group 2: Financial Misconduct - *ST Zitian has been found to have inflated revenues by a total of 24.99 billion yuan over two consecutive years, with significant discrepancies in three periodic reports [5]. - In the 2022 annual report, the company falsely reported internet advertising fees and other services, inflating revenue by 778 million yuan, which accounted for 44.59% of total revenue, and profit by 85 million yuan, representing 35.99% of total profit [6]. - The 2023 semi-annual report showed an inflated revenue of 208 million yuan and profit of 79 million yuan, which constituted 14.56% and 51.64% of total revenue and profit, respectively [6]. - The 2023 annual report indicated an inflated revenue of 1.721 billion yuan, making up 78.63% of total revenue, due to improper revenue recognition practices [6]. Group 3: Regulatory Actions and Penalties - The Fujian Securities Regulatory Bureau has imposed a total penalty of 38.4 million yuan on *ST Zitian and its management for the fraudulent activities and failure to disclose important information [6]. - The former chairman and CFO of the company have been banned from the securities market for life due to their roles in the misconduct [6]. - Legal actions have been initiated by investors for civil compensation, and criminal investigations have been launched regarding the company's accounting practices [7].

Core Viewpoint - Tianmao Group has initiated the process to voluntarily delist its shares from the Shenzhen Stock Exchange, marking the beginning of its countdown to delisting due to ongoing financial difficulties and failure to publish required financial reports [1][16]. Group 1: Delisting Process - On August 25, Tianmao Group's shareholders meeting approved the resolution to voluntarily terminate the company's stock listing [3][4]. - Following the approval, the company will submit a delisting application to the Shenzhen Stock Exchange within fifteen trading days [7][10]. - The stock will enter a phase of cash option distribution, exercise declaration, and settlement, and will no longer be traded [6][10]. Group 2: Shareholder Voting - The resolution received overwhelming support, with 41.8 billion shares (98.0562% of valid votes) in favor, and only 806.3 million shares (1.8913%) against [4]. - Among minority shareholders, 9.06 billion shares (91.6191%) voted in favor of the resolution [4][5]. Group 3: Financial Performance - Tianmao Group has faced significant financial challenges, reporting a net loss of 6.52 billion yuan in 2023, a decline from a profit of 2.74 billion yuan in 2022 [12][14]. - The company anticipates continued losses in 2024, projecting revenues between 40 billion and 43 billion yuan, down from 496.99 billion yuan in 2023 [12][14]. Group 4: Reasons for Delisting - The inability to publish financial reports on time has triggered the delisting process, with the company failing to disclose its 2024 annual report and 2025 Q1 report by the legal deadline [14][15]. - The company has cited adverse market conditions and increased reserve requirements as contributing factors to its financial struggles [13].