Core Viewpoint - The A-share market is experiencing significant divergence, with some stocks reaching new highs while others are continuously declining, leading to several stocks falling below the 1 yuan face value, thus facing delisting risks [1][2]. Group 1: Stock Performance - *ST Aowei (002231) recently closed at 0.99 yuan per share, marking the first time its stock price has fallen below 1 yuan [1]. - Other stocks such as *ST Changyao (300391) and *ST Lifang (300344) have also seen their prices drop below 1 yuan, with *ST Changyao currently at 0.68 yuan after a decline of over 60% in the past month [2]. - *ST Lifang's stock price has plummeted from over 5 yuan to 0.83 yuan, representing a cumulative decline of over 80% in less than two months [2]. Group 2: Market Trends - In contrast to the declining stocks, over 200 stocks in the A-share market have reached historical highs in the past month, with more than 160 stocks achieving this milestone in less than 10 trading days since 2026 began [3]. Group 3: Company Issues - Many companies that have fallen into the low-price stock category face various operational issues, leading to multiple delisting risks [4]. - *ST Changyao received a notice from the China Securities Regulatory Commission regarding false records in its annual reports for 2021, 2022, and 2023, which could lead to forced delisting [4]. - Similarly, *ST Lifang has also been notified of potential delisting due to false records in its financial reports [4]. Group 4: Market Insights - Market expert Gui Haoming noted that even in a bullish market, not all stocks will perform well; some may decline due to poor company performance or delisting pressures, indicating a shift from the past trend of simultaneous stock movements [5]. - The decline in stock prices and trading volumes below listing requirements is primarily attributed to operational issues within the companies, emphasizing that performance remains the top priority for investors [5].

Core Viewpoint - The A-share market is experiencing significant divergence, with some stocks continuously rising to new highs while others are plummeting, with several stocks falling below the 1 yuan face value, indicating potential delisting risks [1][2]. Group 1: Stock Performance - *ST Aowei (002231) recently announced a risk of delisting due to its stock price falling below the face value, closing at 0.99 yuan per share, marking its first drop below 1 yuan [1][7]. - *ST Changyao (300391) has seen its stock price drop to 0.68 yuan, having fallen over 60% in the past month, and has closed below 1 yuan for 11 consecutive trading days [3]. - *ST Lifang (300344) has experienced a dramatic decline from over 5 yuan to 0.83 yuan, with an 80% drop in less than two months, and has closed below 1 yuan for 3 consecutive trading days [5]. Group 2: Market Context - In contrast to the decline of certain stocks, over 200 stocks in the A-share market have reached historical highs in the past month, with more than 160 stocks achieving new highs in less than 10 trading days since 2026 began [9]. - The disparity in stock performance highlights a shift from the previous trend where most stocks moved in tandem, indicating that not all stocks benefit from a bullish market environment [12]. Group 3: Underlying Issues - Many companies that have fallen into the low-price stock category face various issues, including potential delisting risks due to operational irregularities or poor performance [11]. - *ST Changyao has received a notice from the China Securities Regulatory Commission regarding false disclosures in its annual reports for 2021, 2022, and 2023, which could lead to forced delisting [11]. - *ST Lifang is also facing similar risks due to false disclosures, while *ST Aowei's market capitalization has fallen below 5 billion yuan, putting it at risk of delisting if it remains below this threshold for 20 consecutive trading days [11].

Core Viewpoint - The company *ST Lingyun B is facing potential delisting due to its stock price being below 1 yuan for 20 consecutive trading days, marking it as the first B-share to potentially delist for this reason in 2025 [2][4][6]. Group 1: Company Announcement - On June 9, 2025, *ST Lingyun B received a notice from the Shanghai Stock Exchange regarding the proposed termination of its stock listing [4][6]. - The company will suspend trading of its stock starting June 10, 2025, following the receipt of the delisting notice [6][7]. - The company has the right to request a hearing and make statements regarding the delisting decision [6][7]. Group 2: Historical Context - Historically, B-share delistings are rare, and instances of delisting due to a stock price falling below 1 yuan for 20 consecutive trading days are even less common [8][9]. - The last recorded B-share to be delisted for similar reasons was ST Dongxu B, which was delisted on October 11, 2024 [9]. - Another B-share, Jianche B, was delisted due to market value regulations on August 22, 2024 [10].