300391, delisting!

Log in to Sina Finance App and search for [Disclosure of Information] to see more evaluation levels.

On March 12, the Shenzhen Stock Exchange issued an announcement regarding the termination of listing of Changjiang Pharmaceutical Holdings Co., Ltd.

The announcement states that on January 23, 2026, Changjiang Pharmaceutical Holdings Co., Ltd. (abbreviated as “*ST Changyao”, stock abbreviation: 300391) received an “Administrative Penalty Decision” issued by the China Securities Regulatory Commission. According to the facts stated in the decision, the company’s annual report disclosures from 2021 to 2023 contained false records.

*ST Changyao has reached the conditions for delisting as specified in Article 10.5.1, Item 1, and Article 10.5.2, Item 6 of the Shenzhen Stock Exchange’s “Growth Enterprise Market Stock Listing Rules (2025 Revision).”

According to Article 10.5.10 of the same rules and the review opinions of the Shenzhen Stock Exchange’s Listing Review Committee, the exchange has decided to delist the company’s stock, which will enter a delisting restructuring period starting from March 20, 2026. The restructuring period lasts for fifteen trading days. On the next trading day after the period ends, the stock will be delisted and removed from trading.

The Shenzhen Stock Exchange requires *ST Changyao to strictly follow relevant regulations and properly handle all matters related to the delisting restructuring period and the termination of listing.

On the same day, *ST Changyao (300391) announced that the company received the Shenzhen Stock Exchange’s “Decision on the Termination of Listing of Changjiang Pharmaceutical Holdings Co., Ltd.” The exchange has decided to terminate the company’s stock trading.

According to the announcement, the company’s stock will resume trading on March 20, 2026, and enter the delisting restructuring period, which lasts for fifteen trading days, with the last trading date expected to be April 10, 2026. After the restructuring period, the stock will be delisted and removed from trading on the next trading day. During the restructuring period, the stock will be traded on the risk warning board. On the first day of trading, there is no price limit; afterward, the daily price fluctuation limit is 20%. In principle, the stock will not be suspended during the restructuring period. If the company applies for a full-day suspension due to special reasons, the suspension period will not be counted toward the restructuring period, and the total suspension days cannot exceed five.

After delisting, the company’s stock will be transferred to the National Equities Exchange and Quotations (NEEQ) for transfer on a designated delisting board. According to the “Shenzhen Stock Exchange Growth Enterprise Market Stock Listing Rules” and the “Implementation Measures for the Transfer of Delisted Companies to the Delisting Board,” the company should hire a securities firm to entrust it with services such as listing transfer to the NEEQ delisting board, registration of share exit, re-confirmation of shares, initial registration of shares on the delisting board, and share transfer services. The company will promptly hire a securities firm to handle all relevant matters after the stock’s termination of listing, in accordance with regulations.

*ST Changyao (300391) previously announced receiving an “Administrative Penalty Decision” issued by the China Securities Regulatory Commission. It was found that *ST Changyao committed the following violations:

In November 2020, *ST Changyao acquired a 52.75% stake in Hubei Changjiang Xing Medical Co., Ltd. (“Changjiang Xing”) through cash payment. In December of the same year, Changjiang Xing was included in *ST Changyao’s consolidated financial statements. The actual controller of Changjiang Xing, Luo and others, made performance commitments regarding net profit and other indicators from 2020 to 2022. After the acquisition, Luo continued to serve as chairman and general manager of Changjiang Xing, fully responsible for its operations.

From 2021 to 2023, subsidiaries of Changjiang Xing—Hubei Changjiang Yuan Pharmaceutical Co., Ltd. and Hubei Xinfeng Pharmaceutical Co., Ltd.—faked inbound and outbound warehouse receipts, etc., and recognized revenue without actual sales transactions, resulting in *ST Changyao’s annual reports for 2021-2023 falsely inflating operating income by 215.3238 million yuan, 283.7366 million yuan, and 233.6346 million yuan respectively, accounting for 9.12%, 17.57%, and 19.51% of the disclosed revenue for each year; and inflating total profits by 56.4014 million yuan, 63.3752 million yuan, and 43.705 million yuan respectively, accounting for 35.62%, 88.23%, and 6.42% of the disclosed profits. Additionally, due to the failure to reasonably recognize losses on the 2022 Changjiang Weichuang Chinese Medicine City project, *ST Changyao’s 2022 annual report falsely increased profits by 4.5524 million yuan, accounting for 6.34% of the disclosed profits. In summary, the annual reports from 2021 to 2023 contained false records.

As of now, *ST Changyao’s stock price is 0.92 yuan per share, with a total market value of 322 million yuan.