Group 1 - The core point of the article is that Jiyuan Holdings Group Co., Ltd. (*ST Jiyuan) will be delisted from the Shenzhen Stock Exchange on May 29, 2025, due to triggering mandatory delisting rules after its stock price remained below 1 yuan for 20 consecutive trading days [1][3] - The company has experienced continuous losses since 2019, with a cumulative net profit loss exceeding 3.2 billion yuan from 2019 to 2023 [3] - Jiyuan Holdings has faced significant goodwill impairment risks, totaling over 1.5 billion yuan from 2019 to 2024, which has directly contributed to its net profit losses [3] Group 2 - The company was originally known as Tonghua Shuanglong Chemical Co., Ltd. and transitioned to the pharmaceutical sector in 2014 through the acquisition of Jinbao Pharmaceutical [3] - Since its rebranding in 2017, the company has aggressively pursued mergers and acquisitions, acquiring over ten companies within three years, leading to a dual business model of "chemicals + pharmaceuticals" [3] - In 2024, the company's revenue declined by 3.69%, and its losses expanded to 439 million yuan [3] Group 3 - As of 2025, a total of 11 companies have been delisted from the A-share market, with *ST Jiyuan being one of them, alongside others like *ST Meixun and *ST Bo Xin [4] - The reasons for delisting include breaches of face value, market value, voluntary delisting applications, and forced delisting due to major violations [4]

Core Viewpoint - *ST Jiyao (300108) has been decided to be delisted by the Shenzhen Stock Exchange due to triggering mandatory delisting conditions, with the delisting date set for May 29, 2025 [1][2]. Summary by Sections Company Announcement - On May 28, 2025, *ST Jiyao announced that its stock would be terminated from listing by the Shenzhen Stock Exchange, effective May 29, 2025, without entering a delisting adjustment period [1]. - The company received the termination notice on May 26, 2025, and is required to ensure its shares can enter the National Equities Exchange and Quotations (NEEQ) within 45 trading days after delisting [1]. Shareholder Information - As of March 31, 2025, *ST Jiyao had 28,056 shareholders [2]. Stock Trading Activity - Prior to its suspension on April 24, 2025, *ST Jiyao's stock price was reported at 0.21 CNY per share. On the last trading day before suspension, the stock opened at a limit-down price of 0.19 CNY, briefly rising to 0.23 CNY with a turnover rate of 29.42%, and a total trading volume of nearly 40 million CNY [4]. - The stock experienced significant price fluctuations, with a cumulative price drop deviation of 30% over two consecutive trading days and 50% over four trading days, indicating severe abnormal trading conditions [4]. Company Background - *ST Jiyao, established in 2000, operates in the pharmaceutical industry, including manufacturing, wholesale, retail, and healthcare services. The company transitioned from a chemical focus to pharmaceuticals through acquisitions starting in 2014 [6]. - The company has faced continuous losses since 2019, with a reported revenue of 333.33 million CNY in 2024, a decrease of 3.69% year-on-year, and a net loss of 439.43 million CNY, worsening from a loss of 349.31 million CNY in the previous year [6][7]. Financial Performance - As of the end of 2024, *ST Jiyao's total assets were approximately 1.44 billion CNY, down 24.52% from the previous year, and the net assets attributable to shareholders were negative 776.52 million CNY, a decline of 176.66% [7]. - In the first quarter of 2025, the company reported a revenue of 63.74 million CNY, a year-on-year decrease of 15.53%, and a net loss of 45.17 million CNY, compared to a loss of 40.85 million CNY in the same period last year [8].

Core Viewpoint - Four companies, *ST Xulan, *ST Jiayu, *ST Dongfang, and *ST Furun, have been delisted from the A-share market due to their stock prices being below 1 RMB for 20 consecutive trading days, indicating severe financial distress and regulatory issues [1][2][3]. Group 1: Company Summaries - *ST Xulan (000040) specializes in photovoltaic power generation technology and equipment. The company faced delisting after its stock price fell to 0.49 RMB, with a market capitalization of 729 million RMB. The actual controller is under investigation for information disclosure violations, worsening the company's operational difficulties [1]. - *ST Jiayu (300117) focuses on energy-efficient building products. The company reported a significant decline in revenue, with a net profit of -5.48 million RMB and a non-recurring net profit of -165 million RMB in Q1 2025. Additionally, it has new enforcement information totaling 50.2 million RMB, highlighting its financial risks [2]. - *ST Dongfang (600811) operates in modern agriculture and health food. The company’s stock price fell below 1 RMB, and it is under investigation for false disclosures in its annual reports from 2020 to 2023. The projected net profit for 2024 is expected to be between -800 million and -1.2 billion RMB [2]. - *ST Furun (600070) is involved in internet services. The company reported a net loss of 361 million RMB for 2024, although this was a 36.45% improvement year-on-year. In Q1 2025, the net loss was 10.1 million RMB, indicating ongoing financial struggles [3]. Group 2: Market Trends - There is a growing concern as other A-share companies, such as *ST Pengbo and *ST Jiu You, have also seen their stock prices drop below 1 RMB, with *ST Pengbo at 0.62 RMB and *ST Jiu You at 0.96 RMB, indicating a potential trend of financial instability among listed companies [3].

Core Viewpoint - Multiple companies, including *ST旭蓝, *ST嘉寓, *ST东方, and *ST富润, have received termination notices for their stock listings due to continuous trading prices below 1 yuan, leading to their stocks being delisted on April 30, 2025 [3][4][8][9]. Group 1: *ST旭蓝 - *ST旭蓝's stock will be delisted on April 30, 2025, following a decision from the Shenzhen Stock Exchange due to its stock price being below 1 yuan for 20 consecutive trading days [3][4]. - The company has appointed 长城国瑞证券有限公司 as its main broker to assist with the delisting process and related services [4][5]. - The company focuses on green industries, aiming to become a leading comprehensive service provider in environmental and renewable energy sectors [5]. Group 2: *ST嘉寓 - *ST嘉寓's stock will also be delisted on April 30, 2025, after receiving a termination notice from the Shenzhen Stock Exchange [3][8]. - The company has engaged 山西证券股份有限公司 as its main broker to facilitate the delisting and related transactions [8]. - *ST嘉寓 specializes in building energy efficiency, smart technology, and renewable energy solutions [8]. Group 3: *ST东方 and *ST富润 - *ST东方's stock will be delisted on April 30, 2025, following a decision from the Shanghai Stock Exchange due to similar reasons of price decline [9]. - The company has appointed 江海证券有限公司 as its main broker for the delisting process [9]. - *ST富润 will also face delisting on the same date, with the company yet to appoint a main broker for the process [9]. Group 4: Market Context - The recent trend shows an increase in companies facing delisting due to stock prices falling below 1 yuan, indicating a potential risk for other companies in the market [9][10].

4家公司明日将正式告别A股。 4月29日晚间，*ST旭蓝（000040）发布公告称，公司于2025年4月28日收到深交所下发的《关于东旭蓝天新能源股份 有限公司股票终止上市的决定》，公司股票将于4月30日摘牌。 同日，*ST嘉寓（300117）发布公告称，公司于2025年4月25日收到深交所下发的《关于嘉寓控股股份公司股票终止 上市的决定》，公司股票将于4月30日摘牌。 此外，*ST东方（600811）、*ST富润（600070）也在昨日公告，收到交易所终止上市决定，将于4月30日摘牌。 *ST旭蓝收到终止上市决定 明日摘牌 4月29日，深交所发布了《关于东旭蓝天新能源股份有限公司股票终止上市的公告》，决定*ST旭蓝股票终止上市。 *ST旭蓝（000040）当日晚间亦发布了相关公告。 根据公司公告，公司股票在2024年12月31日至2025年3月31日期间，通过交易系统连续20个交易日的每日收盘价均低 于1元，触及深交所《股票上市规则（2024年修订）》第9.2.1条第一款第四项规定的股票终止上市情形，深交所公司 股票终止上市。 由于公司股票交易因触及交易类强制退市情形而被终止上市，公司股票不进入退市整理期。 ...

Core Viewpoint - *ST Dongfang (600811) has received a termination of listing decision from the Shanghai Stock Exchange, with its stock set to be delisted on April 30, 2025, due to a continuous closing price below 1 yuan for 20 trading days [1][2]. Company Summary - *ST Dongfang, officially known as Dongfang Group Co., Ltd., was established in 1992 and is recognized as the first private enterprise in Heilongjiang Province to publicly issue and list stocks. It is also one of the earliest private enterprises in China to undergo shareholding reform and obtain a listing [3]. - The company operates in four major sectors: modern agriculture and health food, finance, port transportation, and new urbanization development [3]. Industry Context - Recently, several companies in the A-share market have faced delisting due to their stock prices falling below 1 yuan. This includes *ST Xulan, *ST Jiayu, *ST Dongfang, *ST Furun, and *ST Jiyao, all of which have triggered the delisting conditions by having closing prices below 1 yuan for 20 consecutive trading days [3]. - Prior to *ST Dongfang, *ST Jiayu received a termination of listing decision from the Shenzhen Stock Exchange on April 25, 2025, for similar reasons [3]. - Other companies, such as *ST Pengbo, have also seen their stock prices drop below 1 yuan, with the latest price reported at 0.65 yuan per share after 9 consecutive trading days below the threshold [3].

Core Viewpoint - The company *ST Jiyao is facing delisting due to its stock price falling below 1 yuan for 20 consecutive trading days, triggering the Shenzhen Stock Exchange's delisting rules [1] Financial Performance - *ST Jiyao has reported continuous losses for five years, with a cumulative net profit loss exceeding 3.2 billion yuan from 2019 to 2023, and an additional loss of 231 million yuan in the first three quarters of 2024 [3] - By the end of 2024, the company's net assets are projected to be between -1.18 billion yuan and -830 million yuan, indicating financial delisting risks [3] - As of September 30, 2024, the company's debt ratio has risen to 161.77%, with a current ratio of only 0.16 [3] Company Background - The company was originally known as Tonghua Shuanglong Chemical Co., Ltd., primarily producing white carbon black for defense chemicals. It transitioned to the pharmaceutical sector in 2014 through the acquisition of Jinbao Pharmaceutical, forming a dual business model of "chemicals + pharmaceuticals" [6] - After rebranding to Jiyao Holdings in 2017, the company aggressively pursued acquisitions, acquiring over ten companies within three years, covering eight major sectors including pharmaceutical manufacturing, commerce, and research [6] Goodwill and Impairment Issues - The company's aggressive cross-industry expansion has led to significant goodwill risks, with cumulative goodwill impairment exceeding 1.5 billion yuan from 2019 to 2024, directly contributing to net profit losses [7] - In 2019, the company reported revenue of 1.066 billion yuan but incurred a net profit loss of 1.772 billion yuan, with asset impairment accounting for over 70% of the total net profit loss [7] Failed Restructuring Attempts - *ST Jiyao has made multiple unsuccessful attempts at self-rescue through capital operations, including a failed transfer of control to the Jilin Provincial State-owned Assets Management Company in 2019 due to unresolved terms [8] - The company attempted to acquire Xiu Zheng Pharmaceutical, but the deal was terminated due to the significant revenue disparity, leading to a regulatory investigation and a fine of 600,000 yuan [8] - In November 2020, a proposed transfer of control to Bencao Hui Pharmaceutical fell through due to disputes, and a restructuring application in June 2023 was ultimately rejected by the court [9] Recent Developments - On March 19, 2025, *ST Jiyao's stock price first fell below 1 yuan, leading to a continued decline, culminating in the announcement of its delisting on April 23, 2025 [10] - Since the beginning of 2025, at least four other listed companies have also faced similar delisting conditions [10]

星标 ★ IPO日报 精彩文章第一时间推送 又一家公司锁定面值退市。 4月23日晚间，吉药控股集团股份有限公司（300108.SZ，下称"*ST吉药"）发布公告，称截至2025年4月23日，公司因股票连续20个交易日收盘价低于1 元，触发深交所终止上市规则，公司股票将被终止上市。 同时，公司股票将于4月24日开市起停牌，因触及交易类强制退市情形，而被深圳证券交易所作出终止上市决定的股票，不进入退市整理期。 五年亏损超32亿 就业绩层面来看，*ST吉药自2019年起连续5年亏损，2019年至2023年，公司归母净利润累计亏损超32亿元，2024年前三季度再亏2.31亿元。 截至2024年年末，净资产预计为-11.8亿至-8.3亿元，同时存在财务类退市风险。并且截至2024年9月30日，公司负债率攀升至161.77%，流动比率仅0.16。 制图：李昕 根据东方财富Choice数据，公司前身为通化双龙化工股份有限公司，主营国防化工用白炭黑生产。2014年通过收购金宝药业转型医药领域，形成"化工+医 药"双主业模式。 2017年更名为吉药控股后，公司便开启了激进并购的模式，三年内收购普华制药、亚利大胶丸等十余家企业， ...

Group 1 - *ST Jiyao has triggered the delisting condition due to its stock price closing below 1 yuan for 20 consecutive trading days, with the latest price at 0.21 yuan per share, reflecting an 83.59% decline year-to-date [2][5][6] - The stock will be suspended from trading starting April 24, 2025, and will not enter a delisting transition period [5][7] - The company has been experiencing continuous losses, with a projected net loss of 500 million to 850 million yuan for the fiscal year 2024, and an estimated net asset deficit of 1.18 billion to 830 million yuan [8] Group 2 - There has been a noticeable increase in cases of delisting due to stock prices falling below 1 yuan in the A-share market, with companies like *ST Xulan, *ST Jiayu, *ST Dongfang, and *ST Furun also receiving notices for potential delisting [3][10] - Other companies are also approaching the 1 yuan threshold, with *ST Pengbo's stock price at 0.76 yuan, *ST Jiu You at 1.18 yuan, and *ST Longjin fluctuating between 1.1 and 1.3 yuan [11][12]

Core Viewpoint - The number of companies facing delisting due to their stock prices falling below par value has significantly increased in the A-share market, with specific cases highlighting the trend [1][8]. Group 1: Company Specifics - *ST Jiyuan (300108.SZ) has seen its stock price drop to 0.30 yuan, marking the 18th consecutive trading day below 1 yuan, indicating a potential early lock on par value delisting [2][4]. - The company has reported continuous losses in recent years, with a projected net loss of 500 million to 850 million yuan for the fiscal year 2024, and an expected negative net asset value of -1.18 billion to -830 million yuan [6][10]. - As of April 21, 2023, *ST Jiyuan's market capitalization was less than 300 million yuan, posing a risk of delisting based on market value as well [7]. Group 2: Industry Trends - Recent statistics indicate a rise in A-share companies that have received notices for potential delisting due to their stock prices remaining below 1 yuan for 20 consecutive trading days, including *ST Xulan, *ST Jiayu, *ST Dongfang, and *ST Furun [9]. - *ST Furun has been flagged for both par value and market value delisting, having received a notice from the Shanghai Stock Exchange on April 10, 2025, due to its stock price and market capitalization falling below the required thresholds [9]. - Companies like *ST Jiayu are facing significant operational challenges, with a reported 59.94% decline in sales revenue to 482 million yuan, and a net loss of 356 million yuan for 2024 [10].