Core Viewpoint - The article discusses the significant decline in the stock price of Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. (referred to as "*ST Suwu"), which has lost 90% of its market value since the involvement of the Qian siblings, with the stock price dropping from 11 yuan to 1.24 yuan by November 25, 2025 [1][15]. Summary by Sections Company Control and Ownership - In February 2018, Qian Ying, the sister of Qian Qunshan, acquired control of Jiangsu Wuzhong through a share transfer transaction valued at approximately 707 million yuan, gaining a 17.01% stake in the company [5]. - Prior to this acquisition, Jiangsu Wuzhong had nine actual controllers, and the company faced an investigation by the CSRC, which concluded with no wrongdoing found [5]. Financial Misconduct and Penalties - On November 25, 2025, the CSRC issued an administrative penalty against *ST Suwu for concealing the actual controller, financial fraud, and fund occupation, resulting in a fine of 10 million yuan for the company and 1.5 million yuan for Qian Qunshan [2][21]. - The company was found to have inflated revenue and profits through non-commercial trade activities, with inflated revenues of 4.95 billion yuan in 2020, 4.69 billion yuan in 2021, and so on, leading to significant penalties [18]. - By the end of 2023, related parties had occupied 1.693 billion yuan of *ST Suwu's funds, nearly exhausting the company's net assets [19]. Strategic Changes and Business Direction - After Qian Ying took control, Jiangsu Wuzhong shifted its strategy to focus on "pharmaceuticals + medical aesthetics," establishing a medical aesthetics division and investing in related products [14]. - Despite ongoing investigations and financial issues, Qian Qunshan continued to promote the company's medical aesthetics products, claiming significant sales figures [15]. Future Implications - The article highlights the potential for criminal charges against the Qian siblings if their actions are deemed to constitute embezzlement, as seen in similar cases where individuals were prosecuted for misappropriating company funds [22].

Core Viewpoint - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. is facing delisting due to severe violations including concealing the actual controller, financial fraud, and fund occupation, leading to a penalty of 10 million yuan and a forced delisting decision by the Shanghai Stock Exchange [2][13][16]. Group 1: Company Background and Control - Jiangsu Wuzhong was controlled by Qian Qunshan's sister, Qian Qunying, after a share transfer in February 2018, where 60.61% of the shares were sold for approximately 707 million yuan [3][4]. - Prior to the transfer, the company had nine actual controllers, and its revenue dropped significantly to 1.702 billion yuan in 2018, with a net loss of 286 million yuan [4]. - Qian Qunshan was found to be the actual controller despite Qian Qunying being the nominal controller, as he exercised real control over the company [5][8]. Group 2: Violations and Penalties - The China Securities Regulatory Commission (CSRC) issued a penalty on November 25, 2025, for financial fraud, revealing that the company inflated revenues and profits through non-commercial trade activities from 2020 to 2023 [14][15]. - The inflated revenues amounted to 4.95 billion yuan, 4.69 billion yuan, 4.31 billion yuan, and 3.77 billion yuan for the respective years, constituting significant percentages of reported revenues [14]. - The total fund occupation reached 1.693 billion yuan by the end of 2023, nearly exhausting the company's net assets of 1.744 billion yuan [15]. Group 3: Future Implications - The company is set to enter a delisting period on December 9, 2025, with the last trading day expected to be December 29, 2025, under the new name "Delisted Suwu" [2]. - There are ongoing concerns regarding the potential criminal implications for the involved parties, as the actions may constitute embezzlement under Chinese law [16].