12, Changyao Retreat (300391. SZ) announced that the stock had been terminated by Shenzhen Stock Exchange , and the company's stock entered the delisting consolidation period on March 20, 2026, and traded for 15 trading days during the delisting consolidation period. The last trading date is April 10, 2026, and it will be delisted on April 13, 2026.
The company has engaged Zhongshan Securities Co., Ltd. as the sponsor securities dealer, and signed the Agreement on Entrusted Stock Transfer with it to provide share transfer services, act as an agent for the company to register the withdrawal of shares in the stock exchange market registration and clearing system, and handle the reconfirmation of shares and the registration and clearing of shares in the national share transfer system. The information disclosure from the delisting to the listing of the delisting plate will be disclosed by the sponsor securities firm. Kangyue Technology, the predecessor
of Changjiang Pharmaceutical Holdings Co., Ltd. (Hereinafter referred to as "Changjiang Pharmaceutical"), whose main business is the research and development, production and sales of internal combustion engine parts, acquired 100% equity of Hebei Yiheng Technology Co., Ltd. in 2017. Changjiang Pharmaceutical Holding Co., Ltd. has formally entered the field of solar photovoltaic module equipment manufacturing.
But since then, Changjiang Pharmaceutical has not only failed to achieve performance growth with the help of "chasing light", but also suffered losses year after year, with a huge loss of 670 million yuan in 2019. Since then, the company has continued to shrink its photovoltaic business, and in December 2025 , it announced that its subsidiary, Hebei Yiheng Science and Technology Co., Ltd., would stop production. In the first three quarters of 2025, Changyao realized a revenue of 105 million yuan and a net profit of-210 million yuan.
The core reason for the termination of listing and delisting is that in 2021-2023, Changjiang Pharmaceutical Sun Company, Hubei Changjiangyuan Pharmaceutical Co., Ltd., and Hubei Xinfeng Pharmaceutical Co., Ltd., made false entry and exit orders, and confirmed revenue without real sales business. As a result, * ST Changyao has falsely increased its business income by more than 700 million yuan for three consecutive years, with a total profit of nearly 200 million yuan. At the same time, due to the failure to reasonably confirm the loss of the Yangtze River Weichuang Traditional Chinese Medicine City Trading Center project in 2022, the company's total additional profit in 2022 was 4.5524 million yuan.
According to the relevant rules of Shenzhen Stock Exchange, the above actions of * ST Changyao touch on the situation of major illegal compulsory delisting.
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