*ST Wanfang hits 16 consecutive limit-downs with "one" character! Delisting high-risk stock exposed

The 2025 annual report previews are all out; be cautious with these types of stocks.

Since January, major A-share indices have rebounded sharply, with the Shanghai Composite Index approaching the 4200-point mark at one point. However, the overall market structure remains clearly trend-driven. As of February 3, five first-level industry indices under Shenwan have experienced declines this year, with the Banking Index dropping over 7%. From a market style perspective, low Price-to-Book (P/B) ratio indices have fallen more than 2% against the trend.

In individual stocks, over 1,600 stocks have seen their prices decline. Notably, *ST Aowei and *ST Wanfang both fell over 50%, mainly due to facing significant delisting risks.

Recently, *ST Aowei announced that as of January 29, 2026, the closing price of the company’s stock was 0.60 yuan per share, with a total market value of 208 million yuan. The stock has been trading below 500 million yuan for twenty consecutive trading days, reaching the delisting threshold. The company has received a notice of potential delisting, and its stock has been suspended from trading. At suspension, the closing price was 0.6 yuan, with a market value of 208 million yuan. Looking at the stock performance this year, the company has hit 17 limit-down days, with a total decline of over 57%.

*ST Wanfang (000638) is expected to break *ST Aowei’s record for most limit-down days this year. As of February 3, *ST Wanfang has also experienced 17 limit-down days, tying for first place.

Today (February 4), in the morning session, the stock opened with a continuous limit-down; by the close, it remained at the limit-down, with over 380,000 orders queued. It has now experienced 16 consecutive limit-down days. The company has issued two risk warning notices about the possibility of delisting.

Previously, *ST Wanfang announced that, based on preliminary calculations by the company’s finance department, it is expected that the operating revenue for 2025 will be below 3 billion yuan, and that the lower of total profit, net profit, or net profit after deducting non-recurring gains and losses will be negative. According to the relevant regulations of the Shenzhen Stock Exchange’s Listing Rules, if the audited operating revenue for 2025 is below 3 billion yuan and the lower of total profit, net profit, or net profit after deducting non-recurring gains and losses is negative, the company’s stock will be delisted due to financial reasons.

High-Risk Delisting Stocks Revealed

The peak period for disclosing 2025 annual report previews has passed, and the performance of a batch of *ST stocks has come to light, clarifying the delisting risks for these companies.

According to Securities Times·Data Treasure, among the main boards of Shanghai and Shenzhen, five *ST stocks are expected to have revenue below 3 billion yuan in 2025, with the lower of net profit attributable to shareholders and net profit after non-recurring gains and losses being negative. These are *ST Wanfang, *ST Yanshi, *ST Aowei, *ST Jinlun, and *ST Guohua.

*ST Jinlun recently issued a risk warning about the possibility of delisting. The company expects its audited net profit for 2025 to be negative, and its operating revenue after deducting non-core business income and non-substantive income to be below 3 billion yuan. After the annual report is disclosed, the company will meet the conditions specified in Article 9.3.7 of the Shanghai Stock Exchange’s Listing Rules, risking delisting.

Additionally, *ST Guohua also issued a risk warning about the potential delisting of its stock. *ST Hengjiu expects its 2025 revenue after deductions to be at least 280 million yuan, also facing delisting risks. The company recently issued a similar risk warning regarding its stock.

Companies that may face delisting also carry significant stock price correction risks.

According to Data Treasure, among non-*ST stocks on the main board, 14 stocks are expected to have revenue below 3 billion yuan in 2025, with the lower of net profit attributable to shareholders and net profit after non-recurring gains and losses being negative. Notably, companies like Caixin Development, Tianjian Technology, and Liyuan Shares are expected to report losses exceeding 100 million yuan.

Caixin Development recently issued a warning about the potential delisting risk of its stock.

(Source: Securities Times Web)