Anhui Fuhuang Steel Structure Co Ltd

On September 8, due to the freezing of major bank accounts causing the stock to be put under special treatment, ST Fuhuang became the only stock in the market to hit the daily limit down. That day, ST Fuhuang's share price opened sharply lower, plunged straight to the limit down in early trading, and although the limit-down board was opened several times during the session, it ultimately failed to reverse the decline. At the close, ST Fuhuang reported 4.4 yuan per share, down 10.02%, with a full-day turnover rate of 17.54% and a latest market value of 1.915 billion yuan. According to public information, ST Fuhuang's full name is Anhui Fuhuang Steel Structure Co., Ltd., one of the earlier domestic enterprises integrating steel structure design, construction, fabrication, installation, and general contracting. On the evening of September 4, ST Fuhuang issued an announcement stating that after verification, as of September 3, the company and its subsidiaries had a total of 411 bank accounts with a balance of 162.9956 million yuan, of which 280 accounts were frozen due to contract disputes and overdue loans, with a frozen balance of 104.19 million yuan, accounting for 68.13% and 63.92% of the total number and balance respectively. ST Fuhuang said the above situation has triggered the other risk warning condition of 'major bank accounts being frozen' stipulated in the Shenzhen Stock Exchange Listing Rules. The company's shares were suspended for one day on September 7, resumed trading on September 8 with other risk warnings implemented, and the stock abbreviation was changed from Fuhuang Steel Structure to ST Fuhuang. ST Fuhuang also stated that it will strive to take effective measures, actively communicate and coordinate with relevant courts, and seek to lift the account freeze as soon as possible. The semi-annual report disclosed on August 28 showed that ST Fuhuang achieved operating revenue of 227 million yuan in the first half of this year, down 86.83% year-on-year; net loss attributable to the parent company was 386 million yuan, turning from profit to loss year-on-year, compared with a profit of 30.63 million yuan in the same period last year. It is worth noting that in mid-August this year, due to failure to repay matured debts, ST Fuhuang was applied by creditors for pre-reorganization and reorganization, and on August 25 it received the Decision Letter from the Hefei Intermediate People's Court to initiate pre-reorganization. ST Fuhuang said it is fully promoting relevant financing plans specifically to ensure the company's production and operation capital needs.

Fuhuang Steel Structure has released its 2026 interim report, showing a swing from profit to loss. Net profit attributable to the parent company was negative 386 million yuan, a decrease of 416 million yuan compared with the same period last year, down 1,359.73 percent year on year. Total operating revenue was 227 million yuan, down 86.83 percent year on year. Net cash outflow from operating activities was 409 million yuan, down 287.04 percent year on year. The company's asset-liability ratio rose to 75.35 percent, gross margin was negative 37.27 percent, and diluted earnings per share were negative 0.89 yuan.

Fuhuang Steel Structure announced that the company received a warning letter from the Anhui Securities Regulatory Bureau due to misstatements in its 2025 semi-annual and third-quarter reports, irregular information disclosure for certain items in 2024, and inadequate internal control management. The then-chairman and president Cao Jing, 2025 chairman Yang Junbin, 2025 president Zheng Maorong, board secretary Dou Ming, and chief financial officer Li Hanbing bear primary responsibility for the corresponding violations. The Anhui Securities Regulatory Bureau has decided to impose administrative regulatory measures by issuing a warning letter to the company and the aforementioned responsible persons, and to record this in the securities and futures market integrity archives.