Financial fraud! Another photovoltaic cross-border enterprise to be forced to delist

Digital New Energy DataBM.

has been ascertained by the CSRC that in 2021-2023, * ST Changyao Sun Company, Hubei Changjiangyuan Pharmaceutical Co., Ltd., and Hubei Xinfeng Pharmaceutical Co., Ltd. made false warehousing orders and delivery orders , and confirmed revenue without real sales business, which resulted in * ST Changyao's false increase in business income of more than 700 million yuan for three consecutive years. The total amount of false profits is nearly 200 million yuan . At the same time, due to the failure to reasonably recognize the loss of the Changjiang Weichuang Traditional Chinese Medicine City Trading Center project in 2022, the company's total additional profit in 2022 was inflated 455.

According to the relevant rules of Shenzhen Stock Exchange, the above actions of * ST Changyao touched on the situation of major illegal compulsory delisting.

At the same time, * ST Changyao also has the risk of compulsory delisting of trading and financial delisting .

As of January 23, 2026, the closing price of the company's stock was 0. In addition, as of the end of 2024, the net assets of * ST Changyao were -433 million yuan ; By the end of the third quarter of 2025, the net assets attributable to shareholders of listed companies were -6.

According to the data of "photovoltaic dream"

in the past, * ST Changyao, formerly known as Kangyue Science and Technology, was originally engaged in the research and development, production and sales of internal combustion engine parts. In August 2017, Kangyue Science and Technology acquired 100% equity of Hebei Yiheng Science and Technology Co., Ltd. through major asset restructuring. Formally cut into solar photovoltaic " Since then, Yiheng Technology has become a wholly-owned subsidiary of * ST Changyao. It is understood that Yiheng Science and Technology was founded in 2000, focusing on to the end of 2020, Yiheng Science and Technology into 6.

In order to get out of the predicament, in December 2020, * ST Changyao adjusted its direction again and acquired Hubei Changjiang Star Pharmaceutical Co., Ltd.

for 1.414 billion yuan. * ST Changyao announced that its subsidiary, Hebei Yiheng Science and Technology Co., Ltd., would stop production and decide whether to resume production according to market conditions. （ All can be viewed after purchase