On September 10, *ST Qingyue (688496) shares hit the 20% down limit at the open, falling to 0.58 yuan per share. The previous evening, the company announced that its stock price had closed below 1 yuan for 19 consecutive trading days, meaning that even a limit-up on the final day would trigger mandatory delisting under trading rules. Under relevant regulations, stocks forced into delisting on trading criteria do not enter a delisting arrangement period, signaling that September 10 marks the last trading session for the stock on the A-share market.
Meanwhile, *ST Zhuoran has also sounded the alarm. In a September 9 evening announcement, the company said that regulatory investigations had preliminarily found that some of its annual financial information contained suspected false records, which could trigger mandatory delisting for major violations. The company's shares plunged more than 6% during the day.
*ST Qingyue faces penalties exceeding 200 million yuan for the company and four responsible individuals
The delisting risk for *ST Qingyue is not limited to the share price falling below the 1 yuan threshold. On October 31, 2025, the company received a case filing notice from the China Securities Regulatory Commission (CSRC) regarding suspected false records in periodic reports and other financial data. On September 1, 2026, the CSRC issued an advance notice of administrative penalties. According to the notice, the company and four responsible individuals face combined penalties exceeding 200 million yuan, and the company may face mandatory delisting for major violations.
The violations identified in the notice center on two main areas. First, the company fabricated major false content in its securities issuance documents. From 2020 to the first half of 2022, the company inflated total profits by deliberately under-provisioning inventory write-downs and engaging in fictitious chip sales, with the relevant financial data directly cited in its securities issuance documents. Second, the company failed to disclose major matters as required. From 2022 to the first half of 2023, the company overstated total profits for 2022 by more than 47 million yuan, representing 108.53% of the disclosed profit for that period, and overstated first-half 2023 profits by more than 47 million yuan, accounting for 145.10% of the disclosed figure. This was achieved through under-provisioning inventory write-downs, under-accruing accounts receivable impairment losses, fictitious display module sales, and failing to properly account for supplementary tax payments. Additionally, the company failed to disclose in a timely manner the supplementary payment of 44.4199 million yuan in export tax rebates.
Based on these findings, the CSRC plans to impose a fine of 164.88 million yuan for the fraudulent issuance, representing 20% of the illegally raised funds, plus a 7 million yuan fine for information disclosure violations. Combined, the company faces penalties totaling 171.88 million yuan. Meanwhile, the then chairman and general manager, Gao Yudi, faces a 10.5 million yuan fine and an 8-year market ban; the former executive vice general manager, Mu Xinju, faces a 9 million yuan fine and a 6-year ban; the former CFO and board secretary, Zhang Xiaobo, faces a 7 million yuan fine and a 5-year ban; and the former supervisory board chair, Wu Lei, faces a 4 million yuan fine and a 3-year ban. As of September 9, the company had not yet received the final penalty decision regarding the investigation.
Established in 2010, *ST Qingyue specializes in integrated IoT terminal display solutions. The company listed on the STAR Market in December 2022 at an issue price of 9.16 yuan per share; its current share price now stands at only 6.3% of that level. By the end of June, its shareholder base had fallen to fewer than 6,000.
*ST Zhuoran also faces delisting risk
In its September 9 evening announcement, *ST Zhuoran stated that it was placed under CSRC investigation in December 2025 for suspected information disclosure violations. Regulatory probes have now preliminarily established that some annual financial information contained suspected false records, potentially triggering mandatory delisting for major violations. If the findings are confirmed, the company's shares would be subject to compulsory delisting, with the investigation still ongoing. The stock plunged immediately after the open on September 10, closing at 1.55 yuan per share, pushing its market value down to 362 million yuan and expanding its year-to-date decline to 85.7%.
Earlier, the Shanghai Securities Regulatory Bureau reported on August 5 that its preliminary investigation found suspected false records in some of *ST Zhuoran's annual financial information, which may trigger major violation delisting. On the same day, the Shanghai Stock Exchange issued a regulatory work letter highlighting that the company's 2025 annual financial report received a disclaimer of opinion audit, its internal control was rated as ineffective, and there were material deficiencies in related-party transaction approvals and disclosures. The exchange urged the company to strengthen internal control rectification and conduct thorough self-inspections of its financial information and other disclosure documents.
*ST Zhuoran primarily engages in modular, integrated manufacturing of large-scale oil refining and chemical equipment, while also expanding into green, low-carbon chemical integration services. Its business spans three segments: oil refining, petrochemicals, and emerging support services. In the first half of this year, the company reported revenue of 345 million yuan, down 64.32% year-on-year, with net losses widening to 98.61 million yuan.