Core Viewpoint - *ST Aowei is facing delisting from the Shenzhen Stock Exchange due to its market capitalization falling below 500 million yuan for twenty consecutive trading days, as per the regulations set forth in the revised 2025 Listing Rules [1][2]. Group 1: Delisting Announcement - On March 20, 2026, *ST Aowei received a notice from the Shenzhen Stock Exchange regarding the termination of its stock listing [1]. - The company has engaged Shanxi Securities to assist with the stock transfer services and related procedures following the delisting [2]. Group 2: Financial Performance and Violations - The company projected a revenue of 34 million to 50 million yuan for 2025, with a net loss estimated between 133 million and 266 million yuan, compared to a net loss of 46.11 million yuan in the previous year [4]. - The significant losses are attributed to the suspension of operations at its subsidiary, Donghexin New Materials Industry Co., Ltd., and a reduction in the scale of its communication equipment manufacturing business [4]. - *ST Aowei has also been involved in fund occupation issues, with a total of 197.03 million yuan in funds owed as of December 31, 2024, leading to credit impairment losses [4]. - The company was previously ordered by the Liaoning Securities Regulatory Bureau to recover occupied funds within six months, but significant amounts remain unpaid [5].

Core Viewpoint - *ST Aowei is at risk of being delisted from the Shenzhen Stock Exchange due to its stock price and market capitalization falling below the required thresholds [2][3] Group 1: Stock Performance and Delisting Risk - On January 15, *ST Aowei announced that its stock closed at 0.99 yuan per share, and if it remains below 1 yuan for twenty consecutive trading days, it will face delisting [2] - As of January 15, 2026, the company's total market capitalization has been below 500 million yuan for ten consecutive trading days, which could also lead to delisting if this condition persists for twenty days [2] - Stocks that are delisted due to trading-related mandatory delisting conditions will not enter a delisting adjustment period, highlighting the urgency for investors [2] Group 2: Financial Performance - For the fiscal year 2024, *ST Aowei projected a revenue of approximately 291 million yuan, with a net loss attributable to shareholders of approximately 46.11 million yuan [2] - The company received an audit report from Rongcheng Accounting Firm indicating a disclaimer of opinion for its 2024 financial statements [2] - In the first three quarters of 2025, *ST Aowei reported revenues of about 34.02 million yuan and a net loss of approximately 188 million yuan attributable to shareholders [3] Group 3: Business Overview - *ST Aowei operates in the communication equipment manufacturing and metal products sectors, focusing on military electronic information, audio-video command systems, and network communication [3] - The metal products segment is specifically involved in the metal packaging materials industry, serving the downstream metal packaging container sector [3]