Wintao Communications Co. Ltd

On September 30, Yuandao Communication, now trading under the abbreviated name Yuandao Delisting with stock code 301139, resumed trading on the first day of its delisting consolidation period with a sharp gap down. It briefly triggered a trading halt during the session and closed down 72.51 percent. The company's delisting stems from fabricating major false content in its securities issuance documents. According to the China Securities Regulatory Commission's administrative penalty decision, from 2019 to 2021 Yuandao Communication inflated operating revenue by a total of about 490 million yuan through methods such as fabricating workload confirmation forms. The commission also determined that then-chairman Li Jin seriously failed to perform his duties diligently and that the violations were serious. The company had already corrected expressions such as diligent and responsible in its earlier announcement on the evening of September 29. On the same day, ST Lingnan, stock code 002717, which faces face-value delisting risk, opened at the daily limit down again, with its share price at 0.62 yuan per share. From September 7 to September 29, its closing price had been below 1 yuan for 16 consecutive trading days. Based on the September 30 closing price, even if it hit the daily limit up for the next three trading days, it would still be unable to return above 1 yuan. ST Lingnan has been under delisting risk warning since April 30 this year, and other risk warnings have continued to apply, because its net assets at the end of 2025 were negative, its audit report contained a disclaimer of opinion, and its main bank accounts were frozen. On June 3, additional other risk warnings were imposed again. Recently, ST Lingnan and relevant parties received an administrative penalty decision from the Guangdong branch of the China Securities Regulatory Commission. The company was given a warning and fined 8 million yuan for failing to disclose fund occupation matters as required, for major omissions and false records in its 2021 annual report, and for failing to promptly disclose that it was under investigation on suspicion of criminal activity.

*ST Yuandao announced that it has received an Administrative Penalty Decision from the China Securities Regulatory Commission, finding that from 2019 to 2021 the company inflated operating revenue by 65.9026 million yuan, 161 million yuan, and 264 million yuan respectively through methods such as fabricating workload confirmation forms, accounting for 8.75%, 13.12%, and 16.23% of the operating revenue disclosed in the prospectus for the corresponding years, thereby triggering mandatory delisting for major violations. Trading in the company's shares will be suspended from market open on August 31, and the Shenzhen Stock Exchange will issue a prior notice of termination of listing within 15 trading days after the suspension.

ST Yuandao released its 2026 interim report, showing first-half operating revenue of 492 million yuan, down 15.8% year on year, and a loss of 54.99 million yuan, down 444.1% year on year. Second-quarter operating revenue was 131 million yuan, down 52.8% year on year, with a net loss attributable to the parent company of 55.78 million yuan, down 1,143.4% year on year. As of the end of the second quarter, the company's total assets stood at 2.783 billion yuan, down 8.3% from the end of the previous year, while net assets attributable to the parent company were 1.889 billion yuan, down 2.8%. The company said the decline in operating revenue was mainly due to the termination of an operating contract by an important client, and it also faces risks from intensifying market competition and high customer concentration. In addition, because of suspected illegal information disclosure, the company's shares have been placed under delisting risk warning and it may face compulsory delisting.

ST Yuandao stock closed with a market cap below 300 million yuan for the first time, triggering a trading-related delisting warning. On July 24, the stock closed at 2.39 yuan per share, with a closing market cap of 291 million yuan. If the market cap remains below 300 million yuan for 20 consecutive trading days, the company will be delisted. Previously, the company was placed under delisting risk warning from May 12, 2026, after the China Securities Regulatory Commission found it had systematically inflated revenue for four consecutive years from 2019 to 2022, and it faces investor compensation lawsuits. In addition, the company has been given an additional other risk warning due to substandard dividend distributions, major business contracts have been terminated, and performance continues to decline, leaving dual delisting risks hanging over it.