A stock about to be delisted, down more than 70% this year, with 4 stocks issuing delisting risk warnings

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Reporter | Jiang Peixia, trainee reporter Lin Qianwei

Editor | Zhang Nan

On April 3, *ST Jinglun announced that it plans to terminate its listing, and four A-share listed companies consecutively issued announcements about delisting risk warnings.

*ST Jinglun plans to terminate its listing

Late on April 3, *ST Jinglun said in an announcement that the company’s stock’s total market value at the close on April 3 was 285 million yuan. From March 9 to April 3, for 20 consecutive trading days, the total market value at the close was below 500 million yuan, which has reached the mandatory delisting situation for trading types as stipulated in the “Stock Listing Rules.” On the same day, the company also announced that it received a regulatory work letter for termination of listing issued by the SSE.

Data from Wind shows that on April 3, *ST Jinglun’s stock price closed at 0.58 yuan per share, down 4.92%. Since the beginning of this year, *ST Jinglun’s cumulative decline in stock price has reached 74.11%.

The company’s stock will be suspended from trading starting from the opening of trading on April 7 (Tuesday). The SSE will delist it within five trading days after the date on which the SSE makes the decision to terminate the company’s listing. The company’s stock will be terminated from listing. According to relevant provisions, stocks of mandatory delisting companies for trading-type situations do not enter the delisting period.

The performance forecast for 2025 disclosed by *ST Jinglun earlier shows that the company expects net profit attributable to owners of the parent company in 2025 to be -39.50 million yuan to -45.50 million yuan. Net profit after deducting non-recurring gains and losses is expected to be -40.00 million yuan to -46.00 million yuan. Operating revenue is expected to be around 338 million yuan, and operating revenue after deducting business income unrelated to the main business and income without commercial substance is expected to be about 86.22 million yuan. Net assets at the end of 2025 are expected to be around 89.00 million yuan.

Four companies issue delisting risk warnings in succession

On April 3, Chunxing Precision Machinery announced that, based on preliminary calculations by the company’s finance department, the company expects net assets at the end of 2025 to be negative. Pursuant to Article 9.3.1, Item (2) of the “Stock Listing Rules of the Shenzhen Stock Exchange,” if an listed company’s audited net assets at the end of the most recent accounting year are negative, the Shenzhen Stock Exchange will issue a delisting risk warning for trading of its stock (with “*ST” prefixed to the stock abbreviation).

On April 3, Bangjie Co., Ltd. announced that, based on preliminary calculations by the company’s finance department, it expects net assets attributable to shareholders of the listed company at the end of 2025 to be between -90,015.51 million yuan and -60,015.51 million yuan (unaudited). According to Article 9.3.1, paragraph 1, item (2) of the “Stock Listing Rules of the Shenzhen Stock Exchange (2025 Revised),” if the company’s audited net assets at the end of 2025 are negative, the company’s stock will be subject to a delisting risk warning after the disclosure of the 2025 annual report (with “*ST” prefixed to the stock abbreviation).

The company has already disclosed three risk-prompt announcements on January 31, 2026, March 4, and on this occasion, respectively. At present, the audit work for the 2025 annual report is still ongoing. Whether it ultimately triggers a delisting risk warning situation will be determined by the official audit report issued by Lixin Certified Public Accountants.

Late on April 3, Yihualu issued a pre-warning, predicting that net assets at the end of 2025 will be negative, and that the company’s stock trading may be subject to a delisting risk warning.

On April 3, 365.com also issued an announcement saying it expects the company’s operating revenue for 2025 to possibly be below 100 million yuan, and it issued a second delisting risk warning regarding the possibility that its stock trading may be subject to a delisting risk warning.

(Statement: The article is for reference only and does not constitute investment advice. Investors act at their own risk.)

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Reviewed by: Shi Xiuzhen SF183