证券日报网讯12月4日晚间，园林股份（605303）发布公告称，公司股票于2025年12月2日、12月3日、 12月4日连续三个交易日内收盘价格跌幅偏离值累计超过20%，根据《上海证券交易所交易规则》的有 关规定，属于股票交易异常波动情况。经公司自查并向控股股东、实际控制人书面发函查证，截至本公 告披露日，确认不存在应披露而未披露的重大事项或重要信息。 ...

Core Viewpoint - The recent investment by Hangzhou Garden Landscape Co., Ltd. in semiconductor company Hangzhou Hualan Microelectronics Co., Ltd. raises concerns due to the high valuation and the target company's ongoing losses, leading to scrutiny from regulatory bodies [2][3][4]. Group 1: Investment Details - Hangzhou Garden Landscape plans to invest 112 million yuan to acquire a 6.4969% stake in Hualan Micro, becoming its largest shareholder [3]. - The valuation of Hualan Micro shows a significant premium, with a market value of 1.725 billion yuan, reflecting a 265.23% increase over its book value [3][4]. - Despite the investment being labeled as "financial investment," the choice of a loss-making company raises questions about the rationale behind the investment [4][5]. Group 2: Financial Performance of Hualan Micro - Hualan Micro's revenue has been declining, with 2022 revenue at 565 million yuan, dropping to 221 million yuan in the first nine months of 2023, and projected to further decline in 2025 [4][5]. - The company has consistently reported losses, with no positive net profit during the specified periods [4][5]. Group 3: Market Reactions and Regulatory Scrutiny - Prior to the announcement, Hangzhou Garden Landscape's stock price surged, hitting the daily limit on November 28, raising suspicions of insider trading [6][7]. - Following the announcement and subsequent regulatory inquiries, the stock price fell by 10% on December 2, indicating market skepticism about the investment's viability [6][7]. Group 4: Financial Implications for Hangzhou Garden Landscape - The investment will be financed through a combination of self-owned funds and bank loans, which may strain the company's cash flow, as it only had 253 million yuan in cash reserves as of September 2025 [7]. - The ongoing losses in Hangzhou Garden Landscape's core business, with a 33.4% revenue decline in the first three quarters of 2025, further complicate its financial situation [7].

Core Viewpoint - The company has experienced a significant stock price decline, with a cumulative drop exceeding 20% over three consecutive trading days, triggering an abnormal trading fluctuation notice from the Shanghai Stock Exchange [1] Group 1: Stock Performance - The company's stock closed with a price drop exceeding 20% over three consecutive trading days on December 2, 3, and 4, 2025 [1] Group 2: Investment Activity - The company is involved in a reported acquisition of a 6.4969% stake in Hangzhou Hualan Microelectronics Co., Ltd. through its wholly-owned subsidiary, Hangzhou Yunhe Technology Development Co., Ltd. [1] - The investment in Hualan Microelectronics has undergone the necessary internal approval processes and complies with relevant laws and regulations [1] Group 3: Regulatory Compliance - The company has received an inquiry letter from the Shanghai Stock Exchange regarding the equity purchase and will respond within the approved timeframe as per legal and regulatory requirements [1]

Core Viewpoint - Beijing Oriental Garden Environment Co., Ltd. has completed the registration and transfer of 700 million reserved shares to investors as part of its restructuring plan, aimed at supporting the company's main business development [2][3]. Group 1: Share Issuance and Investor Participation - The company plans to use the reserved 700 million shares to attract investors, with the funds intended to support its main business operations [2]. - On October 30, 2025, the company held a temporary shareholders' meeting where it approved the introduction of nine investors, including Tianjin Yunxin Anying New Energy Equity Investment Partnership, to subscribe for the reserved shares [2]. - As of the announcement date, all subscription payments from the investors have been received, and the shares have been fully registered and transferred to the designated accounts of the investors, who have committed to a 24-month lock-up period [2][3]. Group 2: Shareholder Structure and Rights - The equity change will not result in a change of the company's controlling shareholder or actual controller [2]. - The company has a total of 662,157,619 unrestricted circulating shares remaining, which accounts for 11.04% of the total share capital [4]. - During the period when the capital reserve for the restructuring plan is registered in the special account, the corresponding shareholder rights (including voting rights and distribution rights) will not be exercised [4]. Group 3: Compliance and Documentation - The company has completed the stock transfer to the investors' designated securities accounts as per the restructuring plan and shareholder resolution on December 2, 2025 [3]. - The company will continue to monitor relevant developments and fulfill its information disclosure obligations in accordance with regulations [4]. - The announcement includes a reference to the securities transfer registration confirmation issued by the Shenzhen branch of China Securities Depository and Clearing Corporation Limited [5].

Core Viewpoint - The company *ST Yuancheng is set to be delisted from the Shanghai Stock Exchange on December 5, 2025, due to a continuous market capitalization drop below 500 million yuan for 20 consecutive trading days, triggered by serious financial fraud allegations [1][7]. Group 1: Delisting Decision - *ST Yuancheng received the delisting notice from the Shanghai Stock Exchange on November 28, 2025, after failing to meet market capitalization requirements [1][7]. - The company has been under scrutiny since October 2023 for suspected major violations leading to mandatory delisting [1][7]. - Unlike most delisted companies, *ST Yuancheng will not have a delisting transition period and will directly transfer to the National Equities Exchange and Quotations system [1][7]. Group 2: Financial Fraud Scandal - The company has been found to have engaged in systematic financial fraud over three years, from 2020 to 2022, under the direction of its chairman and actual controller, Zhu Changren [3][9]. - The fraudulent activities included inflating project costs and revenues, resulting in a total inflated operating cost of 158 million yuan, operating income of 209 million yuan, and total profit of 50.46 million yuan [3][9]. - The fraudulent financial data led to a deceptive private placement in 2022, raising 285 million yuan based on false financial statements [3][9]. - The China Securities Regulatory Commission plans to impose a fine of 37.45 million yuan on the company and a total of 42 million yuan on five responsible individuals, including a 10-year market ban for Zhu Changren [3][9]. Group 3: Investor Rights Protection - Investors who suffered losses due to the company's false statements are encouraged to pursue legal action against the company and responsible individuals [4][11]. - Hundreds of investors have already registered for compensation claims, which are being processed in the courts [4][11]. - Eligible investors can claim compensation if they purchased shares between April 15, 2021, and January 30, 2024, or between April 29, 2023, and April 27, 2024, and sold or still hold shares at a loss after specified dates [5][6][11].

长江商报消息 ●长江商报记者 徐佳 跨界布局半导体芯片行业，园林股份（605303.SH）一笔对外投资引发多方质疑。 12月1日晚间，园林股份抛出资产购买计划，园林股份及其全资子公司拟作价1.12亿元，收购杭州华澜微电子股份 有限公司（以下简称"华澜微"）6.4969%股权。 对于园林股份而言，本次参股华澜微，是其跨界布局半导体芯片行业的重要举措。 值得关注的是，此笔收购很快引起监管部门高度注意。 收购案发布当日晚间，上交所火速对园林股份下发问询函，就华澜微的业绩、本次交易目的合理性、交易估值、 交易支付安排、内幕交易等五个方面进行详细问询。 然而，长江商报记者注意到，2022年12月，华澜微曾申报科创板IPO，但2024年5月撤单。但近年来，华澜微营收 规模下滑且一直未能盈利。本次交易中，华澜微整体估值17.25亿元，评估增值率达265.23%。在自身主业持续亏 损的背景下，园林股份购买持续未盈利的华澜微股权，是否具备商业合理性？是否有助于提高上市公司持续经营 能力？ 收购案发布后，当日晚间，上交所火速对园林股份下发问询函，对华澜微的业绩、本次交易目的合理性、交易估 值等多个方面进行详细问询。 需要注意的是 ...

Core Viewpoint - The stock of Garden Co. (605303) experienced a significant decline, hitting the daily limit down with a trading volume of 3.07 billion yuan and a turnover rate of 8.77% [2] Trading Activity - The stock was listed on the Shanghai Stock Exchange's watch list due to a daily price deviation of -9.58%, with a total net sell of 50.86 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction of 106 million yuan, with a buying amount of 27.64 million yuan and a selling amount of 78.51 million yuan, resulting in a net sell of 50.86 million yuan [2] - The largest buying brokerage was Dongya Qianhai Securities, Shanghai branch, with a purchase amount of 9.83 million yuan, while the largest selling brokerage was CITIC Securities, Beijing branch, with a selling amount of 28.51 million yuan [2][3] Financial Performance - For the first three quarters, Garden Co. reported a total revenue of 325 million yuan, reflecting a year-on-year decline of 33.40%, and a net profit of -109 million yuan [3]

格隆汇12月2日丨棕榈股份(002431.SZ)公布，公司于2017年10月18日对外披露《关于签署上饶市十里槠 溪·国际生态旅游度假区项目投资协议书的公告》，公司与江西省上饶县人民政府签署了"上饶市十里槠 溪·国际生态旅游度假区项目投资协议书"，双方约定公司为"上饶市十里槠溪·国际生态旅游度假区项 目"成立项目公司，负责统筹本项目的总体规划以及开发范围内的产业项目策划、开发、建设、运营等 工作，并依据本项目的产业策划，通过市场化运作的方式整合运营资源，通过独立开发、合资、合作、 引进等方式引入优秀的战略合作方共同完成本项目的开发、建设和经营管理。公司于近日收到各方签署 的《关于解除<上饶市十里槠溪·国际生态旅游度假区项目投资协议书>、<上饶市十里槠溪·国际生态旅 游度假区项目投资协议书之补充协议书>的协议书》。 此次解除协议签署系根据上饶市广信区人民政府整体规划、政府政策变化以及公司投资综合考量后审慎 开展，且经各方协商一致的结果。自投资协议签署以来，上饶县槠溪河综合治理PPP项目已正常实施， 后续公司及项目公司将积极与地方政府加强沟通协调，督促上饶县槠溪河综合治理PPP项目回款，维护 公司利益。江西棕榈已 ...

证券日报网讯12月2日，金埔园林（301098）在互动平台回答投资者提问时表示，截至2025年11月28日 公司合并普通账户和融资融券信用账户的在册股东总数为10600户。 ...

问询函要求公司详细说明华澜微连续亏损的原因，并对比同行业可比公司情况，提示后续业绩风险。此 外，问询函还要求公司分析收购的合理性，特别是在持续亏损的情况下购买未盈利标的的商业合理性， 以及交易估值的公允性。 业绩方面，2025年前三季度，园林股份实现收入3.25亿元，归母净利润-1.09亿元。 园林股份(605303.SH)大幅下跌触及跌停，午间收报21.55元，总市值34.75亿元。 消息上，根据上交所在2025年12月1日发布的公告，园林股份收到了上海证券交易所的问询函。该函主 要涉及公司拟以1.12亿元购买杭州华澜微电子股份有限公司6.4969%股权的事项。 ...