Core Viewpoint - *ST Panda is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may impact its stock listing status and financial performance [1][3]. Group 1: Regulatory Actions - On December 29, 2025, *ST Panda received a notice from the CSRC regarding a formal investigation due to alleged information disclosure violations [1]. - The company will cooperate with the CSRC during the investigation and will fulfill its disclosure obligations as required by law [3]. Group 2: Financial Performance - For the first nine months of 2025, *ST Panda reported a revenue of 155 million yuan, a decrease of 25.86% year-on-year [4]. - The net profit attributable to shareholders was 13.56 million yuan, down 53.25% compared to the previous year [4]. - The net profit after excluding non-operating losses was 11.02 million yuan, reflecting a decline of 47.44% year-on-year [4]. Group 3: Stock Market Impact - Due to the issuance of an audit report with a disclaimer of opinion for the 2024 financial statements, *ST Panda's stock has been placed under delisting risk warning [3]. - The stock price reached a limit-up today, trading at 11 yuan per share, with a total market capitalization of 1.826 billion yuan [5]. - The stock has experienced five limit-up days in the last eight trading sessions [5]. Group 4: Shareholder Actions - On December 17, 2025, *ST Panda announced that 2.6 million shares held by its shareholder, Galaxy Bay International, would be subject to judicial auction [4]. - This share disposal will not lead to a change in control of the company and is not expected to affect normal business operations [4].

Group 1 - Changsha has a historical reputation as a consumption city, supported by its rich cultural and commercial history [1][3] - The region's agricultural advantages and favorable climate have historically contributed to its commercial prosperity, allowing residents to consume without worry [3][4] - The development of agriculture and handicrafts, along with advanced transportation, facilitated the emergence of commerce in ancient Changsha [3][4] Group 2 - During the Tang Dynasty, Changsha's trade flourished, with its ceramics being exported widely, indicating a strong commercial network [3][4] - The Song Dynasty saw unprecedented growth in urban commerce, with Changsha ranking fourth in commercial tax revenue in the country [4] - The Ming and Qing Dynasties marked a significant expansion in both agricultural and industrial production, further establishing Changsha as a commercial hub [4][5] Group 3 - The consumption patterns and atmosphere in Changsha have evolved over time, influenced by cultural shifts and the influx of merchants [5] - The opening of Changsha in 1904 led to a diversification of consumer goods and services, reflecting changing social dynamics [5] - Contemporary consumption trends in Changsha are rooted in its historical legacy, emphasizing the importance of integrating nostalgia with modernity in business strategies [5]