Core Points - *ST Yuancheng (603388) has received a decision from the Shanghai Stock Exchange to terminate its stock listing, effective December 5, 2025 [1] - The company has been facing financial difficulties, with a continuous decline in market value and a significant drop in stock price [4][7] Financial Performance - From October 14 to November 10, 2025, *ST Yuancheng's market capitalization fell below 500 million yuan for 20 consecutive trading days [4] - The company's stock price was recorded at 0.58 yuan per share as of November 10, with a total market value of approximately 189 million yuan [4] - For the first three quarters of the current year, *ST Yuancheng reported revenue of 102 million yuan and a net loss of 143 million yuan [7] Regulatory Actions - The company has been under financial risk warnings since May 6, and was subjected to additional warnings for major legal violations starting October 13 [7] - In October 2025, the Zhejiang Securities Regulatory Bureau issued a notice indicating that the company's annual reports from 2020 to 2022 contained false records, leading to proposed penalties totaling 37.45 million yuan [7] - The company’s actual controller and former chairman, Zhu Changren, faces a personal fine of 28 million yuan and a 10-year ban from the securities market [7]