Shenyang Cuihua Gold and Silver Jewelry Co Ltd

*ST Cuihua announced on the evening of September 8 that the company had received a Prior Notice of Termination of Listing from the Shenzhen Stock Exchange. Because it failed to disclose its 2025 annual report within the statutory period, and subsequently still failed to disclose an annual report guaranteed by a majority of directors as true, accurate, and complete, it triggered the circumstances for termination of listing, and the Shenzhen Stock Exchange intends to decide to terminate the listing and trading of its shares. If the final decision is to terminate listing, the company's shares will be transferred to the delisting board for listing and transfer. In addition, the company is also unable to complete the disclosure of its 2026 semi-annual report on schedule, and its shares have been suspended from trading since September 1. It is worth noting that *ST Cuihua also faces market-value delisting risk. As of August 31, the company's total closing market value had been below 500 million yuan for eighteen consecutive trading days, and delisting had long been locked in. Cuihua Jewelry dates back to 1895 and is one of the first time-honored brands certified by the Ministry of Commerce. In 2022, it acquired a 51% stake in Sitirui Lithium for 612 million yuan to cross into the lithium salt sector, which led to tight liquidity. As of the close on August 31, *ST Cuihua's share price was 0.77 yuan per share, with a total market value of 197 million yuan.

*ST Cuihua has been suspended from trading since September 1 after failing to disclose its 2026 half-year report on time, putting it at risk of delisting. The company has now missed three consecutive periodic reports. If it still cannot publish an annual report endorsed by a majority of directors before September 6, it will trigger regulatory delisting. At the same time, the company has already met the conditions for trading-related delisting and major violation-related delisting, and it has multiple overdue loans, with cumulative overdue principal reaching 1.072 billion yuan.

*ST Cuihua's share price hit limit-down again on August 28, marking its seventh limit-down in the past eight trading sessions, closing at 0.85 yuan per share with a total market value of 218 million yuan. The company has now closed with a total market value below 500 million yuan for 16 consecutive trading days. If it remains below 500 million yuan for 20 consecutive trading days, the Shenzhen Stock Exchange will terminate its listing. Based on the current share price, even if the stock hits limit-up for the next four trading days, its market value cannot return to 500 million yuan, so delisting has been locked in ahead of schedule. In addition, the company's share price fell below 1 yuan for the first time on August 27. If it stays below 1 yuan for 20 consecutive trading days, it will also trigger mandatory trading-related delisting. The company also faces regulatory delisting risks because it failed to disclose its 2025 annual report within the statutory period and is expected to be unable to disclose it before September 6, with trading expected to be suspended from September 7. Meanwhile, some of the company's annual financial information is suspected of false records and may trigger mandatory delisting for major violations, while the China Securities Regulatory Commission investigation is still ongoing.

*ST Cuihua is suspected of financial misstatements and may trigger mandatory delisting for major violations. The Liaoning Bureau of the China Securities Regulatory Commission reported on August 6 that a preliminary investigation has found suspected false records in some of Cuihua Jewelry's disclosed annual financial information, and the case is under investigation. The company had previously been placed on file by the CSRC twice, for suspected illegal information disclosure and failure to disclose periodic reports on time. This week, controlling shareholder and actual controller Chen Siwei, along with concert party Guo Yingjie, were also placed on file. The company has yet to disclose its 2025 annual report and 2026 first-quarter report. If these reports remain undisclosed within two months from the date the stock trading is subject to delisting risk warning, the Shenzhen Stock Exchange will decide to terminate listing. In addition, the company's total market capitalization at the close on August 6 was only 482 million yuan, already below the 500 million yuan listing threshold, exposing it to market-cap delisting risk. The Shenzhen Stock Exchange has issued a letter of concern, requiring the company to cooperate with supervision and fully disclose risks.

ST Cuihua announced that its controlling shareholder and actual controller Chen Siwei, as well as Guo Yingjie, a concert party of Shenzhen Cuiyi Investment Co., Ltd., a shareholder holding more than 5% of the shares, have been placed under investigation by the China Securities Regulatory Commission for suspected illegal information disclosure. The company itself had previously been investigated twice, on February 10 and May 7, and the investigations are still ongoing. The company also faces multiple delisting risks. If it is subsequently found to have triggered mandatory delisting for major violations, it will be subject to mandatory delisting for major violations. In addition, as of the close on August 4, the company's total market capitalization was 497 million yuan, once again falling below the 500 million yuan threshold. If the total market capitalization remains below 500 million yuan for 20 consecutive trading days, the Shenzhen Stock Exchange will terminate its listing.

ST Cuihua announced that its controlling shareholder and actual controller Chen Siwei, along with Guo Yingjie, a concert party of Shenzhen Cuiyi Investment Co., Ltd., a shareholder holding more than 5% of the shares, have been placed under investigation by the China Securities Regulatory Commission for suspected illegal information disclosure. The company stated that both individuals will actively cooperate with the investigation and fulfill their information disclosure obligations. Since the beginning of this year, ST Cuihua has been subject to intensive regulatory investigations, having previously been placed under investigation in February and May for suspected information disclosure violations and failure to disclose periodic reports as required. The company has not yet disclosed its 2025 annual report, has been subject to a delisting risk warning, and faces multiple risks including regulatory, major illegal, and trading-related market value delisting. As of the close on August 4, its total market value had fallen below 500 million yuan.

This evening, two A-share companies, STAR Cuihua and Lianchuang Optoelectronics, separately announced that their actual controllers have been placed under investigation by the China Securities Regulatory Commission for suspected violations of laws and regulations. STAR Cuihua's controlling shareholder and actual controller, Chen Siwei, has been placed under investigation for suspected illegal information disclosure. The company was previously placed under investigation for similar reasons in February and May 2026, and those investigations are still ongoing. Meanwhile, Guo Yingjie, a concert party of a shareholder holding more than 5% of the shares, has also been placed under investigation for suspected disclosure violations. Lianchuang Optoelectronics and its actual controller, Wu Rui, have been placed under investigation for suspected illegal activities including failure to disclose non-operating capital transactions as required. The company stated that all business operations are currently proceeding normally.

Shares of *ST Cuihua hit their 13th consecutive trading day of limit-down. As of the midday close on July 10, *ST Cuihua traded at 2.86 yuan per share, down 10.06 percent, with sell orders exceeding 500,000 lots, leaving its market capitalization at just 733 million yuan. The company and its subsidiaries have accumulated overdue loan principal of approximately 950 million yuan. Affected by the freezing of major bank accounts, its gold-related business has largely ground to a halt. Because it failed to disclose its 2025 annual report within the statutory deadline, trading in *ST Cuihua shares was suspended for two months starting May 6, 2026, and the stock resumed its streak of limit-downs after trading recommenced. If the annual report is still not disclosed within two months from the date the delisting risk warning was imposed, the Shenzhen Stock Exchange will decide to terminate the listing of the company's shares. In addition, in February and May of this year, *ST Cuihua was placed under investigation by the China Securities Regulatory Commission twice, on suspicion of illegal information disclosure and failure to disclose periodic reports as required. The investigations are still ongoing.

ST Cuihua will be placed under a delisting risk warning by the Shenzhen Stock Exchange for failing to disclose its 2025 annual report within the statutory deadline. Trading in the company's shares has been suspended since May 6, 2026, and as of the announcement date, two months have passed without the annual report being released. The stock will remain suspended for one more trading day on July 6, then resume trading on July 7, with its name changed from ST Cuihua to *ST Cuihua.

ST Cuihua and Zhuoran Co. will be placed under delisting risk warning from July 7 after failing to disclose their 2025 annual reports on time. Their stock abbreviations will be changed to *ST Cuihua and *ST Zhuoran respectively. Trading in both stocks has been suspended since May 6, and as of July 6 the suspension has lasted two full months without the annual reports being released, triggering delisting risk warning rules of the Shenzhen Stock Exchange and Shanghai Stock Exchange. ST Cuihua said the preparation of its annual report involves extensive verification of inventory, revenue and other items with a heavy workload and has not yet been completed. Zhuoran Co. said its three independent directors unanimously voted against submitting the annual report to the board for review, citing doubts over related-party transactions and the substance of business, as well as the fact that the company and its actual controller are under investigation by the China Securities Regulatory Commission. Both companies received case filing notices from the CSRC on May 6. If they still fail to disclose compliant annual reports within two months after the delisting risk warning is imposed, they will face termination of listing.