*ST元成（元成环境股份有限公司，股票代码603388）是一家以服务于"大环境"为宗旨，以生态景观、 绿色环保、休闲旅游为核心领域，以规划设计为引领，以产业投资为发展的产业链一体化的环境综合服 务商，其终止上市的具体情况及公司类型分析如下： 终止上市情况 公司类型及业务范围 公司资质与荣誉 终止上市日期：2025年12月5日。 终止上市原因：根据上交所决定，*ST元成股票终止上市的原因是2025年10月14日至11月10日期 间，公司连续20个交易日每日收盘总市值均低于5亿元，触及交易类强制退市情形。此外，公司还 涉嫌年报等定期报告财务数据虚假披露，证监会已对公司及公司控股股东、实际控制人立案调 查，这也可能对其退市产生了影响。 后续安排：公司股票终止上市后，将转入全国中小企业股份转让系统依托原证券公司代办股份转 让系统设立并代为管理的两网公司及退市公司板块挂牌转让。 公司类型：环境综合服务商。 业务范围： 生态景观工程：包括园林绿化工程、园林古建筑工程等，公司具备风景园林工程设计专项甲级、 城市园林绿化壹级等资质。 绿色环保工程：涵盖污染治理及生态修复工程，如水污染治理工程、土壤修复工程、大气污染治 理工程 ...

Core Viewpoint - Yuan Cheng Environment Co., Ltd. is facing a potential delisting from the Shanghai Stock Exchange due to its market capitalization falling below 500 million yuan for 20 consecutive trading days, with its stock price dropping to 0.58 yuan per share and a total market value of only 190 million yuan [1] Group 1: Delisting Risks - The delisting crisis for *ST Yuan Cheng is attributed to three overlapping risks: trading-related, financial-related, and major legal violations [2] - Since May 6, *ST Yuan Cheng has been under financial delisting risk warning from the Shanghai Stock Exchange, and since October 13, it has faced additional major legal violation warnings [2] - In October 2025, the Zhejiang Securities Regulatory Bureau issued a notice revealing that the company’s annual reports from 2020 to 2022 contained false records, and the 2022 private placement of shares constituted fraudulent issuance [2] Group 2: Financial Misconduct - The notice from the Zhejiang Securities Regulatory Bureau identified two main methods of financial fraud by *ST Yuan Cheng: inflating costs and revenues related to the Yue Long Shan project, and failing to account for discrepancies in the Huaiyin project, leading to inflated revenues in the 2022 annual report [2][3] - The company’s 2022 private placement documents were also found to contain significant false information [3] - The Zhejiang Securities Regulatory Bureau plans to impose a fine of 37.45 million yuan on *ST Yuan Cheng and a total of 42 million yuan in fines on five responsible individuals, including the actual controller and former chairman Zhu Changren, who faces a personal fine of 28 million yuan [3][4] Group 3: Failed Business Transformation - Established in 1999, *ST Yuan Cheng originally focused on environmental services but has deviated from its core business by pursuing market trends, including entering the semiconductor sector [5] - The strategic shift did not yield expected results, with annual revenue declining due to market contraction and increased competition, and the semiconductor business failing to provide effective profit support [5] - The company transferred its equity in Silicon Mi Electronics in May 2025, marking a retreat from its semiconductor strategy and an attempt to refocus on its core business [5] - From 2022 to 2024, *ST Yuan Cheng reported cumulative net losses exceeding 500 million yuan, and despite a slight revenue increase of 0.1% in the first three quarters of 2025, it still incurred a net loss of 143 million yuan [5]

Core Viewpoint - The company Yuan Cheng Environment Co., Ltd. is facing a potential delisting due to its stock market value falling below 500 million yuan for 20 consecutive trading days, triggering the delisting conditions set by the Shanghai Stock Exchange [1][2]. Group 1: Delisting Risks - Yuan Cheng Environment is confronted with three types of delisting risks: trading-related, financial-related, and major legal violations [5]. - Since May 6, the company has been under financial delisting risk warning by the Shanghai Stock Exchange, and from October 13, it has been subjected to additional warnings for major legal violations [6]. Group 2: Financial Misconduct - The Zhejiang Securities Regulatory Bureau issued a notice revealing that the company’s annual reports from 2020 to 2022 contained false records, and the 2022 non-public stock issuance constituted fraudulent issuance [7]. - The company employed two main methods for financial fraud: inflating project costs and revenues for the years 2020 to 2022, and failing to account for discrepancies in project pricing in the 2022 annual report [8]. Group 3: Penalties and Consequences - The company is facing a fine of 37.45 million yuan for its violations, and five responsible individuals, including the actual controller and former chairman, are subject to a total fine of 42 million yuan, with the chairman personally fined 28 million yuan [9]. - The regulatory authority also plans to impose a 10-year market ban on the chairman [10]. Group 4: Business Transformation Challenges - Originally established in 1999 as an environmental service provider, the company has strayed from its core business, pursuing market trends and attempting to enter the semiconductor sector without success [12]. - The anticipated revenue from the semiconductor business has not materialized, with its contribution expected to remain below 40% by 2024, failing to provide effective profit support [14]. Group 5: Financial Performance - The company reported a cumulative net loss exceeding 500 million yuan from 2022 to 2024, and its stock has been under delisting risk warning since the 2024 annual report [15]. - In the first three quarters of 2025, despite a slight revenue increase of 0.1%, the company still incurred a net loss of 143 million yuan [16].

Core Viewpoint - *ST Yuancheng has received a notice from the Shanghai Stock Exchange regarding the proposed termination of its stock listing due to its market capitalization falling below 500 million yuan for 20 consecutive trading days [1][5]. Group 1: Stock Performance - On November 10, *ST Yuancheng's stock opened at a limit down, marking its 21st consecutive day of decline, with the share price dropping to 0.58 yuan per share and the market capitalization falling to 190 million yuan [3]. - The company has been under scrutiny due to its financial performance, with a reported net loss exceeding 500 million yuan over the past three years [8]. Group 2: Regulatory Actions - The company received a regulatory letter from the Shanghai Stock Exchange requiring it to disclose risks and manage the termination of its stock listing appropriately [5]. - Earlier, *ST Yuancheng was issued an administrative penalty notice by the China Securities Regulatory Commission for false reporting in its annual reports and significant falsifications in its non-public stock issuance documents, with a proposed fine of 37.4546 million yuan [8]. Group 3: Business Overview - Founded in 1999, *ST Yuancheng focuses on environmental services, leisure tourism, and green environmental protection, while also exploring the semiconductor sector to diversify its revenue streams [8]. - For the first three quarters of this year, the company reported revenue of 102 million yuan, a year-on-year increase of 0.1%, but incurred a net loss of 143 million yuan [8].

Group 1 - The core point of the article is that *ST Yuancheng has received a notice from the Shanghai Stock Exchange regarding the proposed termination of its stock listing due to its market capitalization falling below 500 million yuan for 20 consecutive trading days as of November 10, 2025 [2][6] - On November 10, *ST Yuancheng's stock opened at a limit down, marking its 21st consecutive day of decline, with the stock price dropping to 0.58 yuan per share and the company's market value falling to 190 million yuan [4] - The company has been instructed by the Shanghai Stock Exchange to disclose risks and manage the termination of its stock listing appropriately, following previous notices regarding administrative penalties for false reporting in its annual reports from 2020 to 2022 [6][8] Group 2 - In October, *ST Yuancheng received an administrative penalty notice from the China Securities Regulatory Commission, which included a fine of 37.45 million yuan due to false reporting and fabrication of documents related to non-public stock issuance [8] - Founded in 1999, *ST Yuancheng is an environmental service provider focused on leisure tourism, ecological landscape, and green environmental protection, while also exploring the semiconductor sector for diversified profit models [8] - The company has reported losses for three consecutive years from 2022 to 2024, with a total net loss exceeding 500 million yuan, and for the first three quarters of this year, it achieved a revenue of 102 million yuan, a slight increase of 0.1% year-on-year, but incurred a net loss attributable to shareholders of 143 million yuan [8]

Core Viewpoint - *ST Yuancheng has received a notice from the Shanghai Stock Exchange regarding the potential termination of its stock listing due to its market capitalization falling below 500 million yuan for 20 consecutive trading days [2][3]. Group 1: Stock Listing Status - As of November 10, 2025, *ST Yuancheng's stock has been below the 500 million yuan threshold for 20 consecutive trading days, triggering the termination listing condition according to the Shanghai Stock Exchange's regulations [3]. - Following the announcement, *ST Yuancheng's stock price dropped to 0.58 yuan per share, with a market capitalization of 190 million yuan after 21 consecutive days of trading at the limit down [3][4]. Group 2: Regulatory Actions - The company received a regulatory letter from the Shanghai Stock Exchange requiring it to disclose risks and manage the termination of its stock listing appropriately [5]. - Earlier, *ST Yuancheng was issued an administrative penalty notice by the China Securities Regulatory Commission for false disclosures in its annual reports from 2020 to 2022, with a proposed fine of 37.45 million yuan [7]. Group 3: Financial Performance - *ST Yuancheng has reported losses for three consecutive years from 2022 to 2024, totaling over 500 million yuan in net losses [7]. - In the first three quarters of the current year, the company achieved a revenue of 102 million yuan, a slight increase of 0.1% year-on-year, but incurred a net loss attributable to shareholders of 143 million yuan [7].

Core Viewpoint - *ST Yuancheng is facing potential delisting due to its market capitalization falling below 500 million yuan and stock price below 1 yuan per share, with a current stock price of 0.61 yuan and a total market value of only 199 million yuan after 20 consecutive trading days of a "limit down" [2][6]. Financial Performance - In the first three quarters of this year, *ST Yuancheng reported revenue of 102 million yuan, a slight increase of 0.1% year-on-year, but continued to incur losses with a net profit attributable to shareholders of -143 million yuan [8]. - For the first half of the year, the company had an operating income of 82.34 million yuan and a net profit of -126.80 million yuan, indicating ongoing financial distress [7]. Regulatory Issues - The company has been issued a notice of administrative penalty by the China Securities Regulatory Commission (CSRC) for false reporting in its annual reports from 2020 to 2022, which included inflated project costs and revenues [8][9]. - The CSRC's findings may lead to a significant violation that could trigger mandatory delisting under stock listing rules, with potential penalties including fines totaling 37.45 million yuan for the company and 42 million yuan for responsible individuals, including a 28 million yuan fine for the actual controller [9]. Future Risks - *ST Yuancheng has been under a risk warning for its stock since October 13, 2025, and if it fails to meet the delisting criteria after the 2025 annual report, it may face termination of its listing [9].

Core Viewpoint - *ST Yuancheng has been found guilty of systematic financial fraud for three consecutive years, leading to severe penalties and potential delisting from the stock market [1][4][5]. Group 1: Financial Misconduct - The China Securities Regulatory Commission (CSRC) has issued a notice regarding *ST Yuancheng's serious financial fraud, which includes inflated revenue and profits over three years [1][2]. - The company is accused of inflating its operating costs by 158 million yuan, operating revenue by 209 million yuan, and total profit by 50.46 million yuan from 2020 to 2022 [3]. - In 2022, *ST Yuancheng reported inflated operating revenue of 14.16 million yuan and inflated total profit of 13.45 million yuan, which represented 4.33% and 24.6% of the disclosed amounts, respectively [3]. Group 2: Regulatory Actions - The CSRC plans to impose a fine of 37.45 million yuan on *ST Yuancheng and a total of 42 million yuan on five responsible individuals, including a 10-year market ban for the actual controller [1][4]. - The company is facing mandatory delisting procedures due to serious violations of securities laws, as it has triggered conditions for forced delisting under the Shanghai Stock Exchange rules [4][5]. - The company has acknowledged the risks of major violations leading to delisting, alongside financial risks and uncertainties regarding its ability to continue operations [4]. Group 3: Legal Implications - The CSRC has stated that it will transfer any criminal evidence related to *ST Yuancheng to the public security authorities, adhering to the principle of "should transfer all" [6][7]. - In 2024, the CSRC has sent 178 cases of suspected criminal activities to the police, marking a 51% increase from the previous year [6].

Core Viewpoint - The company *ST Yuan Cheng (603388.SH)* is facing a severe crisis due to financial fraud, leading to a potential delisting and significant penalties imposed by the regulatory authorities [2][7]. Financial Fraud and Penalties - The China Securities Regulatory Commission (CSRC) has identified that *ST Yuan Cheng* engaged in financial fraud from 2020 to 2022, resulting in a proposed total fine of nearly 80 million yuan, including 37.45 million yuan for the company itself [2][6]. - The fraudulent activities included inflating project costs and revenues, with a total of 1.58 billion yuan in inflated operating costs and 2.09 billion yuan in inflated revenues during the fraudulent period [3][5]. - The company’s financial reports for 2020, 2021, and 2022 showed inflated profits of 38.48 million yuan (36.60%), 11.09 million yuan (19.32%), and 0.886 million yuan (1.62%) respectively [3][4]. Regulatory Actions - The CSRC has classified the case as a serious financial fraud, triggering a mandatory delisting process due to the continuous nature of the fraud over three years [7][8]. - The regulatory body has indicated that any potential criminal elements will be referred to law enforcement agencies for further investigation [7]. Impact on Investors - Investors who suffered losses due to the financial fraud may file for compensation, as the penalties imposed on the company can be used to reimburse affected shareholders [2][11]. - The company has been in a state of continuous losses, with reported revenues of 294 million yuan, 274 million yuan, and 146 million yuan from 2022 to 2024, and a net loss of 66.49 million yuan in 2022 [9][10]. Market Performance - Following the announcement of the fraud and penalties, the stock price of *ST Yuan Cheng* dropped by 4.07% to 1.65 yuan per share, marking a cumulative decline of over 86% from its peak in December 2023 [9][10].

Core Viewpoint - The company *ST Yuancheng (元成股份)* faces a severe crisis due to financial fraud, leading to a potential delisting and significant penalties from regulatory authorities [2][7]. Financial Fraud and Penalties - The China Securities Regulatory Commission (CSRC) has identified that *ST Yuancheng* engaged in financial fraud from 2020 to 2022, resulting in a proposed total fine of nearly 80 million yuan, including 37.45 million yuan for the company itself [2][6]. - The fraudulent activities included inflating project costs and revenues, with a total of 1.58 billion yuan in inflated costs and 2.09 billion yuan in inflated revenues reported [3][4]. - The company’s financial reports for 2020, 2021, and 2022 showed inflated profits of 38.48 million yuan (36.60%), 11.09 million yuan (19.32%), and 0.886 million yuan (1.62%) respectively [4]. Impact on Investors - Investors are facing significant losses due to the company's fraudulent activities, with the stock price dropping over 86% from its peak in December 2023 [9]. - The company has approximately 10,200 shareholders, and those who suffered losses due to the fraud may file for compensation [9][10]. - Legal experts indicate that the fines imposed could be used to compensate affected investors, as per regulations prioritizing civil compensation over administrative fines [11]. Regulatory Actions and Future Outlook - The CSRC has classified the case as a serious financial fraud, initiating delisting procedures for *ST Yuancheng* [7][8]. - The company has the right to appeal the proposed penalties and defend itself in hearings [7]. - If the regulatory findings are upheld, delisting appears inevitable, reflecting a strict stance on financial misconduct in the market [8].