Core Viewpoint - On August 22, the A-share market saw a total of 81 stocks hitting the daily limit up, indicating strong market activity and investor interest in specific sectors [1] Group 1: Stock Performance - Kosen Technology led with 6 consecutive limit-up days in the consumer electronics sector [1] - Yuanlin Co. achieved 5 consecutive limit-up days, focusing on cloud computing and landscaping [1] - Yuyin Co. recorded 4 consecutive limit-up days in the fintech sector [1] Group 2: Other Notable Stocks - ST Dongshi, Shimao Energy, and ST Zhongdi each had 4 consecutive limit-up days, with focuses on driving training, photovoltaic, and real estate respectively [1] - Chengfei Integration, Huijia Times, and Zhongyou Capital had 3 consecutive limit-up days, involved in sectors such as aerospace, retail, and cross-border payments [1] - Tianrongxin, Daon Co., and *ST Suwu each had 2 consecutive limit-up days, focusing on cloud computing, PEEK materials, and innovative pharmaceuticals respectively [1]

8月20日，东方时尚驾驶学校股份有限公司与日本御云文化发展株式会社、爱宕驾驶学校正式签约。双 方将重点在三个核心领域展开合作，一是共同开展右舵车驾驶培训，二是开辟中国驾驶员日本就业新通 道，三是共享智慧驾培成果。 ...

Core Viewpoint - The A-share market saw significant activity with 58 stocks hitting the daily limit up, indicating strong investor interest and market momentum [1] Group 1: Stock Performance - Kosen Technology, a consumer electronics stock, achieved a five-day consecutive limit up [1] - Yuyin Technology, a financial technology stock, recorded a three-day consecutive limit up [1] Group 2: Other Notable Stocks - ST Erya, in the apparel sector, achieved four consecutive limit ups [1] - Garden Shares, involved in landscaping, also saw four consecutive limit ups [1] - ST Dongshi, related to driving training, and Shimao Energy, in the photovoltaic sector, both recorded three consecutive limit ups [1] - ST Zhongdi, in real estate, and Renhe Pharmaceutical, focusing on innovative drugs, each achieved two consecutive limit ups [1] - Chengfei Integration, in the military industry, and Rifeng Shares, in robotics, also saw two consecutive limit ups [1] - Huasheng Shares, involved in liquid cooling servers, and Huijia Times, in retail, both recorded two consecutive limit ups [1]

Core Viewpoint - The trading price of the convertible bond "Dongshi Convertible Bond" of Dongfang Shifang Driving School Co., Ltd. has experienced an abnormal fluctuation, with a cumulative closing price increase exceeding 30% over two consecutive trading days [2][5]. Group 1: Convertible Bond Trading Situation - The price of "Dongshi Convertible Bond" reached 162.643 yuan per bond as of August 20, 2025, representing a premium of 62.643% over the face value and a conversion premium rate of 506.18% [2][12]. - The bond was approved for public issuance by the China Securities Regulatory Commission on December 27, 2019, with a total issuance of 4.28 billion yuan and a maturity period of six years [3]. Group 2: Company Operations and Financial Matters - The company confirmed that its production and operations are normal, with no significant changes in its main business or market environment [7]. - The company disclosed that its controlling shareholder and related parties have fully repaid non-operating fund occupations amounting to approximately 387.34 million yuan [8]. - The company has applied to the Shanghai Stock Exchange to revoke certain risk warnings related to its stock, as the non-operating fund occupation issue has been resolved [9]. Group 3: Market and Media Influence - The company has not identified any media reports or market rumors that could significantly impact the trading price of its convertible bonds [10]. - There have been no significant events that could affect the trading price of the convertible bonds during the abnormal fluctuation period [11].

Group 1 - The new "National Nine Articles" emphasizes strict rectification of financial fraud and fund occupation in key areas [1][7] - Since the implementation of the new delisting rules, a total of 8 companies have resolved fund occupation issues, recovering over 8 billion yuan [1][7] - The new delisting regulations include fund occupation as a reason for delisting, aiming to address non-operational illegal fund occupation in the A-share market [2][6] Group 2 - ST Dongshi and *ST Huamei completed their fund occupation rectification, recovering a total of 19.54 billion yuan [2][4] - ST Dongshi's controlling shareholder used various methods, including debt compensation and equity transfer, to clear 3.87 billion yuan of non-operational fund occupation [3][4] - *ST Huamei's controlling shareholder repaid 15.67 billion yuan, including interest, through share transfer and dividend compensation [4][6] Group 3 - The new delisting rules have created a strong regulatory deterrent, prompting companies to clear large amounts of occupied funds before deadlines [6][8] - Regulatory authorities are committed to improving corporate governance rules and increasing penalties for illegal activities [8][9] - Suggestions for further addressing fund occupation issues include enhancing governance, monitoring fund flows, and implementing stricter approval processes for related transactions [9]

Core Viewpoint - The new "National Nine Articles" emphasizes strict rectification of financial fraud and fund occupation, with a focus on the implementation of delisting rules to address non-operational fund occupation issues in listed companies [1][5][6]. Summary by Relevant Sections Regulatory Changes - The China Securities Regulatory Commission (CSRC) issued opinions on strict enforcement of delisting systems, with the Shanghai and Shenzhen Stock Exchanges revising delisting rules to include fund occupation as a delisting condition [1][6]. - Since the implementation of the new delisting rules, a total of 8 companies have resolved fund occupation issues through various means, recovering over 8 billion yuan [1][6]. Company Actions - On August 18, 2023, ST Dongshi and *ST Huamei announced the completion of their fund occupation rectification, allowing their stocks and convertible bonds to resume trading [1][4]. - ST Dongshi's controlling shareholder and related parties repaid 1.954 billion yuan through investor compensation and equity transfer [1][3]. - *ST Huamei's controlling shareholder repaid 1.567 billion yuan, including 110.593 million yuan through dividend compensation and 1.556 billion yuan from the sale of all shares [1][4]. Impact of New Regulations - The new delisting rules have created a strong regulatory deterrent, compelling companies to clear large amounts of occupied funds before the deadline [5][6]. - The cases of ST Dongshi and *ST Huamei demonstrate the effectiveness of the "strict delisting for non-compliance" policy in urging controlling shareholders to repay debts [5][6]. Future Directions - The CSRC plans to enhance corporate governance rules and increase penalties for financial misconduct, aiming to improve the effectiveness of independent directors and encourage institutional investors to exercise their rights [7][8]. - Experts suggest a multi-faceted approach to prevent fund occupation, including improving corporate governance, enhancing monitoring systems, and implementing strict penalties for actual controllers [8].

Core Viewpoint - ST Dongshi has fully repaid the non-operating fund occupation of 387 million yuan, allowing its stock to resume trading on August 19 [1][2]. Group 1: Fund Repayment - As of August 17, the controlling shareholder, Dongshi Investment Co., and its affiliates repaid a total of 387 million yuan, resulting in a remaining balance of 0 yuan [2]. - The repayment was confirmed by Beijing Dehao International Accounting Firm through a special audit report [2]. - The repayment was part of a regulatory requirement to recover occupied funds by June 19, 2025, following a suspension of trading on June 20 [2]. Group 2: Restructuring Investment - On August 15, the company signed a restructuring investment agreement with 11 investors, including Shenzhen Fuli Industrial Development Co. and Beijing Zhongcheng Hehe Technology Development Center, committing to purchase a total of 500 million shares for 670 million yuan, at a price of 1.34 yuan per share [4]. - Beijing Daxing Investment Group, a state-owned enterprise, is participating in the restructuring investment and holds a total of 8,664,000 shares, representing 12.12% of the company's total shares [4]. Group 3: Uncertainties in Restructuring - The company is currently in the pre-restructuring phase, with uncertainties regarding its entry into formal restructuring procedures [5]. - The company has received a notice from the China Securities Regulatory Commission regarding an investigation into information disclosure violations, with no conclusive opinions or decisions received to date [5]. - There are risks associated with the restructuring investment agreement, including potential failure to fulfill investment obligations by the investors [5].

Core Viewpoint - The report provides a special audit on the non-operating fund occupation and repayment situation of the controlling shareholder and other related parties of Dongfang Shishang Driving School Co., Ltd, confirming that the financial information meets regulatory requirements [1][2]. Group 1: Audit Responsibilities - The management of Dongfang Shishang is responsible for the accurate and complete preparation and disclosure of the fund occupation and repayment situation [1]. - The registered accountants are responsible for providing a special audit opinion based on the audit procedures performed [1]. Group 2: Fund Occupation Summary - As of December 31, 2024, the total non-operating fund occupation by the controlling shareholder and other related parties amounts to 387.3445 million yuan [1][2]. - The occupation includes amounts from various related parties, with a significant portion attributed to Dongfang Shishang Investment Co., Ltd [2]. Group 3: Repayment Situation - The repayment of the non-operating fund occupation was completed through cash payments totaling 387.3445 million yuan by August 15, 2025 [3][4]. - The repayment involved multiple parties, including Beijing Jinhui Dingming Investment Management Co., Ltd, which contributed 60 million yuan, and Shenzhen Shenyuan Asset Management Co., Ltd, which contributed 8 million yuan [3][4].

Core Viewpoint - The company, Oriental Fashion Driving School Co., Ltd., has applied to the Shanghai Stock Exchange to revoke certain risk warnings after resolving issues related to non-operational fund occupation by its controlling shareholder, Oriental Fashion Investment Co., Ltd. [1][4] Summary by Sections Company Risk Warnings - The company has been subject to three types of risk warnings, including negative opinions on internal control audits for the fiscal years 2023 and 2024, leading to its stock being labeled as "ST Dongshi" since May 6, 2024 [2][5] - The non-operational fund occupation reached approximately 387.34 million yuan, exceeding 5% of the company's latest audited net assets, which resulted in the implementation of risk warnings [2][3] Application for Revocation of Risk Warnings - The company has completed the rectification of non-operational fund occupation issues, with all funds returned, resulting in a balance of 0 yuan [3][4] - The company has submitted an application to the Shanghai Stock Exchange to revoke the risk warnings related to non-operational fund occupation, pending approval [5] Continuing Risk Warnings - Despite the resolution of the non-operational fund occupation issue, the company still faces two other risk warning situations, including ongoing concerns regarding its ability to continue as a going concern [5][6] - The company is actively taking measures to address these continuing risk warnings and will disclose progress updates [5] Uncertainty Regarding Restructuring - The company is currently in a pre-restructuring phase and has not yet received court documents regarding formal restructuring, leading to uncertainty about its future [2][6] - If the court accepts the restructuring application, the company's stock may face delisting risk warnings [6]

转债代码：113575 转债简称：东时转债 东方时尚驾驶学校股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 东方时尚驾驶学校股份有限公司（以下简称"公司"或"东方时尚"）第五 届董事会第三十次会议的会议通知于 2025 年 8 月 17 日以电话、电子邮件等形式 送达公司全体董事，会议于 2025 年 8 月 17 日以通讯表决方式召开。本次会议由 董事长孙翔女士主持。会议应参加董事 11 人，实际参加董事 11 人。本次会议的 召开符合有关法律、行政法规、部门规章、其他规范性文件和《东方时尚驾驶学 校股份有限公司章程》的有关规定，会议的召集、召开合法有效。 二、董事会会议审议情况 示的议案》 证券代码：603377 证券简称：ST 东时 公告编号：临 2025-146 方时尚驾驶学校股份有限公司控股股东及其他关联方非经营性资金占用及清偿 情况的专项审核报告》（德皓核字〔2025〕00001475 号），公司控股股东及其 关联方非经营性资金占用款项已全部清偿。 根据《上海证券交易所股票上市 ...