Multiple A-share companies warn of delisting risk

As the annual report disclosure season approaches, a group of ST companies in the A-share market face a “big test.” Some are about to exit quietly, while others are fighting hard for a “rebirth.”

On March 9, companies like *ST Jinglun and *ST Haiyuan issued announcements warning investors of delisting risks. Among them, *ST Jinglun has already “booked” delisting after releasing its earnings forecast.

On the same day, *ST Dasheng, *ST Dongyi, and *ST Jinke issued third risk alerts about possible delisting. However, due to improved performance or restructuring progress, these three companies may temporarily lift the delisting warning.

*ST Jinglun Preemptively “Booked” Delisting

Notably, some of the companies issuing risk alerts already face clear delisting risks.

On the evening of March 9, *ST Jinglun (600355) announced that its stock may be delisted due to a market value below 500 million yuan.

The announcement shows that on March 9, *ST Jinglun closed at 1.01 yuan, with a total market value of 497 million yuan, below 500 million yuan on the first day. According to Article 9.2.1, Item (5) of the Shanghai Stock Exchange Listing Rules, if a listed company’s daily closing market value remains below 500 million yuan for 20 consecutive trading days on the Shanghai Stock Exchange, the exchange will decide to delist the stock. Stocks delisted due to mandatory trading suspension do not enter the delisting restructuring period.

It is worth noting that *ST Jinglun has already clearly reached financial delisting indicators and is expected to be delisted after the 2025 annual report is disclosed.

Public information shows that *ST Jinglun barely survives on revenue from new computing power servers, but this business relies heavily on a single customer, involves simple assembly, and adds little commercial value. Related income should be deducted according to regulations. The company expects a net loss for 2025 after audit, with operating revenue of 86.22 million yuan after deducting non-core and non-substantive income, below 300 million yuan. After the annual report, it will trigger delisting rules, and the stock will be delisted.

As of September 30, 2025, *ST Jinglun has 37,300 shareholders.

*ST Haiyuan’s Revenue After Deduction Exceeds the 300 Million Yuan “Red Line”

On the evening of March 9, *ST Haiyuan also issued a risk warning about possible delisting.

Due to a negative total profit, net profit, and net profit after deducting non-recurring gains and losses for 2024, and revenue below 300 million yuan after deductions, *ST Haiyuan (002529) will be under delisting risk warning starting April 29, 2025.

According to its 2025 performance forecast, the company expects revenue between 350 million and 380 million yuan; after deductions, revenue between 340 million and 370 million yuan; total assets attributable to shareholders between 75 million and 110 million yuan; total profit between -214 million and -178 million yuan; net profit attributable to shareholders between -216 million and -180 million yuan; and net profit after deducting non-recurring gains and losses between -196 million and -160 million yuan.

*ST Haiyuan states that the financial data in this forecast has not been audited and is uncertain. Final figures will be based on the audited 2025 annual report.

Preemptive “Success” in Maintaining Listing?

On March 9, *ST Dasheng, *ST Dongyi, and *ST Jinke also issued third risk alerts about possible delisting. However, based on their performance forecasts, these companies might breathe a sigh of relief early.

For example, *ST Dasheng (600892) announced that its audited total profit, net profit, and net profit after deducting non-recurring gains and losses for 2024 are all negative, and revenue after deducting unrelated income is below 300 million yuan. Starting May 6, 2025, its stock will be under delisting risk warning.

The latest forecast shows *ST Dasheng expects revenue of 335 million to 350 million yuan in 2025. Meanwhile, the auditor’s special statement on the 2025 annual report indicates that the delisting risk warning related to financial indicators is expected to be eliminated, as the relevant issues have been resolved.

However, *ST Dasheng reminds that the audit of the 2025 annual report is ongoing, and final data will be based on the audited report.

Similarly, *ST Dongyi (002713), due to negative net assets at the end of 2024, is under delisting risk warning. Its forecast for 2025 shows net assets between 720 million and 1.067 billion yuan. Additionally, in December 2025, Beijing First Intermediate Court approved its restructuring plan. After restructuring, *ST Dongyi will incorporate computing assets owned by restructuring investors and undertake new orders for data center integration services.

*ST Dongyi was once a well-known domestic decoration company, listed on the Shenzhen Stock Exchange in 2014, and known as the “First Home Decoration Stock.” Its March 9 announcement stated that whether it can inject computing industry assets depends on compliance with laws and regulations and obtaining necessary approvals. The timing, scale, and profitability of asset injection are uncertain. Also, the donation of the Helinger Intelligent Computing Center by its controlling shareholder, Huazhuo Technology, has not yet been completed, posing risks of insufficient investment, extended construction time, and unfulfilled order expectations.

*ST Jinke (000656), due to negative net assets at the end of 2024, is also under delisting risk warning. Its forecast indicates that in 2025, net profit attributable to shareholders will be between 30 billion and 35 billion yuan; after deducting non-recurring gains and losses, between -35 billion and -29 billion yuan; revenue between 6 billion and 7.5 billion yuan; and net assets at year-end between 5 billion and 7 billion yuan.

On March 9, *ST Jinke announced that if its audited net assets at the end of 2025 are positive, and the auditor issues an unqualified opinion on the 2025 financial report, and no other delisting risk conditions exist, it will apply to the Shenzhen Stock Exchange to revoke the delisting warning. As of this announcement, the revocation remains uncertain.

(Article source: Shanghai Securities News)