11月24日深夜，ST长园（SH600525，股价3.76元，市值49.59亿元，以下称长园集团）公告称，公司当天收到惠州市惠阳区监察委员会签发的关于公司董 事长兼法定代表人乔文健的《留置通知书》，乔文健因涉嫌职务违法被实施留置。 每经记者｜陈鹏丽 每经编辑｜何小桃 黄博文 乔文健，视频截图 "80后"董事长"突然"被实施留置 长园集团称，上述事项不会对公司正常生产经营产生重大不利影响。截至11月24日，公司未收到有权机关对公司的任何调查或者配合调查文件，暂未知悉 留置调查的进展及结论。 公开资料显示，乔文健系1983年出生。他于2021年加入长园集团，历任长园集团董事长特别助理、副总裁、总裁。2025年9月26日，乔文健被选举为公司 董事长。2024年度，他从长园集团获取的税前报酬总额超166万元。 需要注意的是，2025年4月，长园集团前任董事长吴启权所控制的珠海市运泰利控股发展有限公司（以下简称"运泰利控股"）被指通过第三方占用上市公 司资金。2025年9月12日，吴启权辞去在公司的所有职务，包括董事长职务。乔文健接棒成为公司董事长。 11月25日上午，《每日经济新闻》记者拨通长园集团董秘办公室的电话， ...

Core Viewpoint - Suzhou KeLida Decoration Co., Ltd. experienced abnormal stock price fluctuations, with a cumulative increase of over 12% in closing prices over three consecutive trading days from October 21 to October 23, 2025, prompting regulatory scrutiny [2][5]. Group 1: Stock Price Fluctuation - The company's stock price showed a cumulative increase of over 12% over three consecutive trading days, indicating abnormal trading activity [2][5]. - The Shanghai Stock Exchange's regulations classify this as an abnormal stock trading fluctuation [5]. Group 2: Financial and Operational Status - The company confirmed that its production and operational status remains normal without significant changes [6]. - A self-examination revealed that the controlling shareholder, Suzhou KeLida Group, had previously occupied company funds through third-party suppliers, amounting to 170 million yuan, which has since been repaid along with interest of 4.9034 million yuan [7][8]. Group 3: Risk Factors - The company is under other risk warnings due to negative internal control audit opinions for the fiscal years 2023 and 2024, leading to potential regulatory implications [3][10]. - The company's half-year report for 2025 indicated a revenue of 896.3798 million yuan, a year-on-year decrease of 21.92%, and a net profit attributable to shareholders of 10.0562 million yuan, down 28.19% [11]. - The controlling shareholder and its concerted parties hold 273,670,737 shares, representing 45.92% of the total share capital, with 135,721,000 shares pledged, accounting for 49.59% of their holdings and 22.77% of the total share capital [4][12]. Group 4: Board Statement - The board of directors confirmed that there are no undisclosed matters that should be reported according to the Shanghai Stock Exchange's regulations, ensuring transparency in communications [13].

Core Viewpoint - The company, Zhengping Road and Bridge Construction Co., Ltd., has announced the resumption of its stock trading after a temporary suspension due to significant price fluctuations and has disclosed various operational and financial challenges that may impact its future performance [2][21]. Group 1: Stock Trading and Suspension - The company's stock will resume trading on October 16, 2025, after a temporary suspension initiated on October 9, 2025, due to a significant price increase of 101.86% from September 1 to September 30, 2025 [2][7][21]. - The stock experienced 15 trading days of price limits and 4 instances of abnormal fluctuations during the suspension period, indicating a serious deviation from its fundamentals [2][19]. Group 2: Financial and Operational Challenges - The company has reported a significant lack of mining resource extraction capacity, requiring substantial investment for future operations, but currently lacks sufficient funds, personnel, and equipment [3][8]. - As of June 30, 2025, the company's monetary funds amounted to approximately 101.72 million yuan, with 81.66 million yuan restricted due to various factors, leading to a high asset-liability ratio of 92.22% [3][8]. - The company has faced continuous operating losses, with a reported revenue of 1.36 billion yuan and a net loss of 484 million yuan for the year 2024, and a revenue of 344 million yuan with a net loss of 88 million yuan for the first half of 2025 [4][18]. Group 3: Corporate Governance and Compliance - The company has been issued a disclaimer of opinion in its 2024 annual report due to limited audit scope, resulting in a risk warning for delisting [3][14]. - There are ongoing issues with non-operating fund occupation by a subsidiary, with a remaining balance of approximately 4.21 million yuan as of now [4][17]. - The company has confirmed that there are no undisclosed significant matters that could affect stock price fluctuations, including major asset restructuring or other significant transactions [11][12].

Core Viewpoint - The former chairman of *ST Huami, Xia Zengwen, has been criminally charged by the Jilin City Public Security Bureau for "suspected information disclosure violations and failure to disclose important information" [2][3] Group 1: Criminal Charges and Legal Proceedings - Xia Zengwen was officially charged on September 19, 2024, with the police determining that there are "criminal facts that need to be pursued" [3] - Alongside Xia, former nominal actual controller Zeng Tao is also under investigation [4] - The former vice chairman Wang Yufeng's case regarding embezzlement is set to be heard on October 13, 2025, marking a critical point in the ongoing disputes over equity and funds [4] Group 2: Company Control and Governance Issues - Xia Zengwen, aged 73, has been involved with Huami Electronics since its inception, serving as chairman from 1990 until the present [6] - Despite Zeng Tao being recognized as the apparent actual controller since 2014, Xia has been the true controller within the company, a fact that was not disclosed for years [7] - The 2023 audit report revealed significant financial discrepancies, including unaccounted payments totaling 1.484 billion yuan, raising concerns about the company's financial integrity [7] Group 3: Regulatory Actions and Penalties - The China Securities Regulatory Commission (CSRC) initiated investigations into *ST Huami in May and October 2024, following the disclosure of non-operating fund occupation issues [9] - The Jilin Securities Regulatory Bureau issued a notice of administrative penalties in January 2025, citing severe violations by Xia and Zeng, leading to lifetime bans from the securities market [9][10] - The Shanghai Stock Exchange publicly reprimanded Xia Zengwen in April 2025, declaring him unfit to serve as a director or senior executive of a listed company [10] Group 4: Historical Context and Previous Allegations - Xia Zengwen has a history of alleged misconduct, including a 2018 case where he was implicated in bribery related to a land acquisition project, although he has not faced consequences for this incident [11]

Core Viewpoint - The article discusses the criminal investigation and legal troubles surrounding *ST Huami's former chairman, Xia Zengwen, and the implications for the company following long-standing issues of information disclosure violations and financial misconduct [3][4][8]. Group 1: Criminal Investigation and Legal Proceedings - Xia Zengwen has been criminally investigated by the Jilin City Public Security Bureau for "suspected information disclosure violations and failure to disclose important information," with the investigation officially initiated on September 19, 2024 [4][8]. - Alongside Xia, former nominal actual controller Zeng Tao is also under investigation, highlighting a complex web of ownership and control within *ST Huami [4][9]. - The trial of former vice chairman Wang Yufeng for embezzlement began on October 13, 2025, marking a critical point in the ongoing disputes over equity and funds that have persisted for over a decade [4][5]. Group 2: Financial Misconduct and Regulatory Actions - The Jilin Provincial State-owned Assets Supervision and Administration Commission intervened to resolve an 8-year issue of major shareholder fund occupation, with a transaction of 1.62 billion yuan to clear all outstanding debts [5][8]. - The company has faced significant scrutiny for failing to disclose non-operating fund occupation, with the Jilin Securities Regulatory Bureau issuing a notice of administrative penalties for violations spanning from 2015 to 2023, totaling an unpaid balance of 1.49 billion yuan [11][12]. - The 2023 audit report revealed substantial discrepancies in the company's financial statements, including 504 million yuan in unbilled construction costs and 981 million yuan in other non-current assets, raising serious doubts about the commercial substance of these payments [8][11]. Group 3: Ownership and Control Issues - Despite Zeng Tao being recognized as the actual controller on paper since 2014, Xia Zengwen has been identified as the true controller within the company, a fact that was not disclosed until the 2023 annual report audit [8][9]. - The ongoing investigations have revealed that Zeng Tao admitted he was not the actual controller, further complicating the ownership narrative and raising questions about the legitimacy of the company's governance [9][11]. - Xia Zengwen has been missing since late 2023, with reports indicating he left the country around November 2023, complicating the legal proceedings against him [9][12].

Core Viewpoint - The former chairman of *ST Huami, Xia Zengwen, has been criminally investigated by the Jilin City Public Security Bureau for "suspected information disclosure violations and failure to disclose important information" [2][5][10] Group 1: Criminal Investigation and Legal Proceedings - Xia Zengwen was officially criminally investigated on September 19, 2023, with the police determining that there are "criminal facts that need to be held accountable" [2] - Alongside Xia, former nominal actual controller Zeng Tao is also under investigation, indicating a broader issue of control and governance within *ST Huami [2][7] - The trial of former vice chairman Wang Yufeng for embezzlement and other charges is set for October 13, 2025, marking a critical point in a long-standing dispute over equity and funds [2] Group 2: Corporate Governance Issues - For years, Xia Zengwen has been recognized internally as the true actual controller of *ST Huami, despite not appearing publicly in that capacity since 2015 [2][5] - The company faced significant scrutiny for long-term information disclosure violations, with the 2023 audit report revealing substantial questionable payments totaling 1.484 billion yuan [5][8] Group 3: Regulatory Actions and Penalties - The China Securities Regulatory Commission (CSRC) initiated investigations into *ST Huami and Shanghai Pengsheng in May and October 2024, leading to Zeng Tao admitting he was not the actual controller [6][8] - The Jilin Securities Regulatory Bureau issued a notice of administrative penalties on January 25, 2025, citing severe violations by Xia Zengwen and Zeng Tao, including a lifetime ban from the securities market [8][9] - On April 30, 2025, the Shanghai Stock Exchange publicly reprimanded Xia Zengwen, declaring him unfit to serve as a director or senior executive of a listed company [9][10] Group 4: Financial and Operational Impact - In August 2023, the Jilin Provincial State-owned Assets Supervision and Administration Commission intervened to resolve an 8-year issue of major shareholder fund occupation, with a transaction of 1.62 billion yuan to clear all debts [2][5] - The company has faced ongoing scrutiny for failing to disclose non-operating fund occupation issues, with a total of 1.49 billion yuan in unpaid balances reported by the Jilin Securities Regulatory Bureau [8][10]

Core Viewpoint - The former chairman of *ST Huami, Xia Zengwen, has been criminally charged by the Jilin City Public Security Bureau for "suspected information disclosure violations and failure to disclose important information" [1] Group 1: Criminal Charges and Investigations - Xia Zengwen was criminally charged on September 19, 2023, with the police determining that there are "criminal facts that need to be pursued" [1] - Alongside Xia, former nominal actual controller Zeng Tao is also under investigation [2] - Xia has been missing since around November 2023, prior to the revelation of a major shareholder's fund occupation incident [2][5] Group 2: Company Control and Governance Issues - Despite Zeng Tao being recognized as the actual controller since 2014, Xia Zengwen has been acknowledged internally as the true controller since 2015 [2][4] - The company faced long-standing issues with information disclosure violations, culminating in a negative audit opinion for the 2023 annual report [4][5] - The Jilin Provincial State-owned Assets Supervision and Administration Commission intervened in August 2023 to resolve an 8-year-long major shareholder fund occupation issue, leading to a change in actual control to the provincial government [2] Group 3: Financial Irregularities - The 2023 audit report revealed significant questionable payments totaling 1.484 billion yuan, including unaccounted construction payments and other non-current assets [4] - The China Securities Regulatory Commission (CSRC) initiated investigations in May and October 2024, leading to Zeng Tao admitting he was not the actual controller [5][7] - The Jilin Securities Regulatory Bureau issued a notice in January 2025, indicating that from 2015 to 2023, there was a continuous non-operating fund occupation amounting to 1.49 billion yuan [7][8] Group 4: Regulatory Actions and Penalties - In February 2025, the Jilin Securities Regulatory Bureau issued penalties against the company and its executives, including fines ranging from 300,000 to 5 million yuan for individuals involved [8] - The Shanghai Stock Exchange publicly reprimanded Xia Zengwen, declaring him unsuitable for any senior management roles in listed companies [8] - Reports indicate that Xia Zengwen has been linked to previous corruption allegations, including a case involving bribery during land acquisition processes [9][10]

Core Viewpoint - The actual controller of *ST Muban, Liao Zhiyuan, is under investigation by the China Securities Regulatory Commission (CSRC) for failing to disclose non-operating fund transactions as required by law [1][3]. Group 1: Regulatory Actions - Liao Zhiyuan received a notice from the CSRC on September 29, 2025, regarding the investigation for non-disclosure of non-operating fund transactions [1]. - The company had previously received a notice from the CSRC on July 25, 2025, for suspected false disclosures in annual reports and other periodic financial reports [3]. - The company will cooperate with the CSRC and adhere to information disclosure obligations [3]. Group 2: Financial Performance and Risks - The company reported a net loss of 213 million yuan for the first half of 2025, with total revenue of 141 million yuan [4]. - The company faces delisting risks due to a negative net profit for the fiscal year 2024 and revenue below 300 million yuan [4]. - The stock was placed under risk warning on May 6, 2025, due to financial performance issues and internal control deficiencies [4]. Group 3: Stock Performance - The stock price of *ST Muban experienced a significant increase, with a cumulative rise of 21.71% over four consecutive trading days from September 24 to September 29, 2025 [3]. - The stock has seen an overall increase of over 50% since September 2025 [8]. - The company issued a risk warning regarding the rapid increase in stock price, which may not align with its fundamental performance [3].

Core Viewpoint - The company received a warning letter from the Jiangsu Securities Regulatory Bureau due to non-compliance with information disclosure regulations related to non-operating fund occupation by its controlling shareholder and related parties [1][2]. Group 1: Warning Letter Details - The warning letter indicates that from April 2024 to December 2024, the company's subsidiary provided loans totaling 27.5863 million yuan to a subsidiary of its controlling shareholder, with a remaining balance of 551,600 yuan by the end of 2024 [1][2]. - The company failed to timely disclose this information, which constitutes a violation of the Information Disclosure Management Measures and relevant regulatory guidelines [2]. Group 2: Responsibilities and Actions - Key executives, including the chairman and general manager, were found primarily responsible for the violations and are required to enhance their understanding of securities laws and regulations [2]. - The company has fully repaid the non-operating fund occupation and is committed to improving internal controls and compliance to protect minority shareholders' rights [3]. Group 3: Upcoming Investor Communication - The company will hold a half-year performance briefing on October 14, 2025, to discuss its operational results and financial status, allowing investors to engage in Q&A [5][6]. - Investors can submit questions in advance from September 29 to October 13, 2025, through the Shanghai Stock Exchange Roadshow Center [6][9].

Core Viewpoint - ST Huayang has been publicly reprimanded by the Shanghai Stock Exchange for financial misconduct, including undisclosed non-operating fund occupation and underreporting of bad debt provisions [2][9][10]. Financial Misconduct - The company failed to disclose non-operating fund occupation by its controlling shareholder, Su Tong, amounting to 181.53 million yuan, which constituted 10.02% and 7.84% of the net assets in the 2021 semi-annual and annual reports respectively [7][10]. - ST Huayang also underreported bad debt provisions related to accounts receivable from Beijing Xinnuo Kejie Trading Co., leading to inflated profits of 17.33 million yuan (6.72% of total profit) in the 2021 annual report and 69.39 million yuan (10.31% of total profit) in the 2022 annual report [8][10]. Accountability - The Shanghai Stock Exchange has held Su Tong and former executives accountable for the violations, noting their failure to ensure the accuracy and completeness of financial reports [10][11]. - The disciplinary actions will be reported to the China Securities Regulatory Commission and recorded in the securities market integrity database [11]. Market Impact - As of September 10, ST Huayang's stock price was 9.81 yuan per share, with a market capitalization of 2.5 billion yuan and approximately 31,200 shareholders [12].