In June 2024, *ST Changyao (Changchun Changsheng Pharmaceutical Co., Ltd.) received a ‘Notice of Intention to Delist’ from the Shenzhen Stock Exchange, signaling that its shares may be forcibly delisted. According to the company’s announcement, *ST Changyao has suffered severe financial deterioration for several consecutive years, reporting net losses for three straight fiscal years from 2021 to 2023, with annual revenue falling below RMB 100 million—triggering the financial delisting criteria under the Shenzhen Stock Exchange Listing Rules. Additionally, the company has been plagued by significant internal control deficiencies and violations of disclosure regulations, further heightening its delisting risk. Following receipt of the notice, the company may request a hearing or submit a written defense within a specified period. However, if it ultimately fails to meet the requirements for relisting, its shares will be formally removed from trading. This case underscores the Chinese A-share market’s regulatory emphasis on ‘delisting where appropriate,’ reinforcing strict oversight of listed company quality and serving as a cautionary reminder to investors about the risks associated with high-risk ST-designated stocks.
2024年6月，*ST长药（长春长生药业股份有限公司）收到深圳证券交易所下发的《终止上市事先告知书》，意味着公司股票可能被强制退市。根据公告，*ST长药因连续多年财务状况严重恶化，2021年至2023年连续三个会计年度经审计的净利润为负值，且营业收入低于1亿元，触及《深圳证券交易所股票上市规则》中关于财务类强制退市的相关规定。此外，公司还存在内部控制重大缺陷、信息披露违规等问题，进一步加剧了其退市风险。收到事先告知书后，公司可在规定期限内提出听证或书面申辩，但若最终未能满足恢复上市条件，其股票将被正式终止上市交易。此次事件再次凸显了A股市场“应退尽退”的监管导向，强化了对上市公司质量的严格把关，也提醒投资者关注高风险ST股票的投资风险。
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