Suzhou QingYue Optoelectronics Technology Co. Ltd. A

Lan鲸 News, September 10: ST Qingyue announced on the evening of September 10 that its shares had triggered trading-related mandatory delisting conditions and would be suspended from the next trading day. As of the close on the 10th, ST Qingyue closed at 0.58 yuan per share, down 20.55%, with a total market value of 261 million yuan, making it the lowest-priced stock on the STAR Market. The company's shares had previously closed below 1 yuan for 20 consecutive trading days, triggering trading-related mandatory delisting, and shares of companies subject to trading-related mandatory delisting do not enter a delisting consolidation period. On September 1, ST Qingyue received an advance notice of administrative penalty from the China Securities Regulatory Commission, which determined that the company may have triggered mandatory delisting for major violations. Its financial fraud began as early as the IPO application stage, with inflated total profit in the first half of 2022 accounting for 131.74% of disclosed total profit. The CSRC plans to impose a fine of 171.88 million yuan on the company, including 164.88 million yuan for fraudulent issuance and 7 million yuan for information disclosure violations, and to impose fines totaling 33 million yuan on four responsible individuals, along with market entry bans of 4 to 8 years. As risks continued to surface, Goldman Sachs entered the top ten tradable shareholders of ST Qingyue in the fourth quarter of 2025, holding 1.1696 million shares, increased its holding to 1.2762 million shares in the first quarter of 2026, and then substantially increased it by another 1.3824 million shares in the second quarter, bringing its total holding to 2.6586 million shares, up 108.32% from the previous period, accounting for 1.12% of total share capital, jumping from the ninth-largest tradable shareholder to the fourth-largest. Based on a rough average share price of 6.5 yuan in the fourth quarter of 2025, Goldman Sachs' position cost was approximately 17.3 million yuan, while the current market value of its holding is only about 1.542 million yuan, a loss of more than 90%.

On September 10, *ST Qingyue closed at its daily limit-down price of 0.58 yuan, down 20.55%, with a total market value of about 261 million yuan. The company's shares have closed below 1 yuan for 20 consecutive trading days, triggering the trading-related mandatory delisting condition under the Shanghai Stock Exchange STAR Market listing rules. The company announced that day that its shares would be suspended from the market open on September 11. Under the rules, shares of companies delisted for trading-related reasons do not enter a delisting consolidation period, and the Shanghai Stock Exchange will delist the shares within five trading days after announcing the termination of listing. This is the company's 12th risk warning announcement about possible termination of listing since August 15, 2026. On September 1, 2026, the company received a revised prior notice of administrative penalty from the China Securities Regulatory Commission. The investigation found that the company fabricated major false content in its IPO prospectus, inflated profits from 2020 through the first half of 2022 by understating inventory write-down provisions and making false chip sales, and continued to inflate profits in its 2022 annual report and 2023 semi-annual report after listing. It also failed to promptly disclose major matters such as repayment of export tax rebates, and is suspected of fraudulent issuance and illegal information disclosure. The commission plans to order the company to make corrections, issue a warning, and impose a fine of 172 million yuan. It also plans to impose fines totaling 30.5 million yuan on four responsible persons including then chairman Gao Yudi, and to bar them from the securities market for periods ranging from three to eight years. Based on the findings, the company may trigger the major violation mandatory delisting condition for the STAR Market. If the final administrative penalty decision confirms the relevant circumstances, the company's shares will be terminated from listing. Previously, on April 29, 2026, the company disclosed that Beijing Dehao International Certified Public Accountants had issued an adverse opinion audit report on the company's internal control over financial reporting for fiscal year 2025. The company's shares were placed under other risk warning from April 30, and the abbreviation was changed from Qingyue Technology to ST Qingyue. After receiving the first prior notice of administrative penalty on May 8, the company was additionally placed under delisting risk warning from May 12, and the abbreviation was further changed to *ST Qingyue. Founded in 2010 and listed on the STAR Market in December 2022, *ST Qingyue focuses on PMOLED, electronic paper, and silicon-based OLED display businesses for IoT terminals, with research and development centers and production lines in Jiangsu, Zhejiang, and Jiangxi. According to its 2026 semi-annual report, first-half revenue was 276 million yuan, down 16.26% year on year. Net loss attributable to the parent company was 229 million yuan, compared with a loss of 30.76 million yuan in the same period last year. Net loss attributable to the parent company after deducting non-recurring items was 59.18 million yuan. Net cash flow from operating activities was negative 66.31 million yuan.

*ST Qingyue announced on the evening of September 1 that, due to suspected fraudulent issuance and illegal information disclosure violations, the China Securities Regulatory Commission intends to order the company to make corrections, issue a warning, and impose a fine of 171.88 million yuan. The company's stock may trigger mandatory delisting for major violations. According to the prior notice of administrative penalty, the company fabricated major false content in its prospectus for listing on the STAR Market. From 2020 to the first half of 2022, by deliberately understating inventory write-down provisions and falsely selling chips, it inflated total profits by 3.374 million yuan, 7.645 million yuan, and 23.582 million yuan respectively, accounting for 5.56%, 15.58%, and 131.74% of the disclosed total profits for each period. In addition, the 2022 annual report and the 2023 semi-annual report contained false records. In 2023, the company failed to promptly disclose the repayment of 44.4199 million yuan in export tax rebates. In 2022, it inflated total profits by 47.116 million yuan, accounting for 108.53% of that year's disclosed total profits. In the first half of 2023, it inflated total profits by 47.536 million yuan, accounting for 145.10% of the absolute value of the disclosed total profits for that period. The China Securities Regulatory Commission intends to issue warnings and fines to multiple senior executives including then-chairman Gao Yudi, and to impose market entry bans. In the first half of this year, the company's revenue was 276 million yuan, down 16.26% year-on-year, with a net loss attributable to the parent company of about 229 million yuan, mainly due to an estimated liability of about 173 million yuan for the administrative fine.

ST Qingyue released its 2026 interim report. As of June 30, total operating revenue was 276 million yuan, down 16.26 percent year on year. Net profit attributable to the parent company was a loss of 229 million yuan, a decrease of 198 million yuan compared with the same period last year, with the loss widening. Net cash flow from operating activities was negative 66.31 million yuan, down 221.95 percent year on year. The asset-liability ratio was 43.19 percent, gross margin was 12.26 percent, return on equity was negative 32.34 percent, and diluted earnings per share was negative 0.51 yuan. The company had 5,781 shareholders, and the top ten shareholders held 79.01 percent of total share capital.

ST Qingyue issued a risk warning on August 14, stating that its stock closed at 0.92 yuan that day, with a total market value of 414 million yuan. The daily closing price fell below 1 yuan for the first time, triggering trading-related mandatory delisting risk. Combined with the major illegal mandatory delisting risk arising from suspected false financial data records, the company now faces dual delisting pressure. The company was placed on file by the China Securities Regulatory Commission on October 31, 2025, for suspected false records in periodic reports and other financial data, and received a prior notice of administrative penalty on May 8, 2026. It may trigger the STAR Market's major illegal mandatory delisting circumstances, and the stock has been subject to a delisting risk warning since May 12. As of the announcement date, the company has not yet received a formal penalty decision. If it is ultimately confirmed to meet the major illegal delisting criteria, the stock will be suspended from trading and terminated from listing starting from the date the penalty decision is disclosed. The company's stock price had already fallen below 1 yuan at the close on July 7, and as of August 12, it had closed below 1 yuan for 10 consecutive trading days. According to STAR Market rules, if the closing price remains below 1 yuan for 20 consecutive trading days, the stock will be terminated from listing without entering the delisting consolidation period. ST Qingyue mainly engages in PMOLED, electronic paper modules, and silicon-based OLED products. In 2025, its operating revenue was 669 million yuan, down 11.16 percent year on year, with a net loss attributable to the parent company of 98.8434 million yuan, and the loss widened year on year. In the first quarter of 2026, operating revenue was 140 million yuan, down 18.57 percent year on year, with a net loss attributable to the parent company of 32.4486 million yuan, and the loss continued to expand.

On the evening of August 12, ST Zhuoran and ST Qingyue separately disclosed announcements warning that the companies may face mandatory delisting for major violations. ST Zhuoran may trigger mandatory delisting for major violations because some annual report financial information is suspected of false records. The company and its actual controller Zhang Jinhong have already been placed on file for investigation by the China Securities Regulatory Commission, and the audit report on its 2025 financial statements expressed a disclaimer of opinion. ST Qingyue has been placed on file for investigation over suspected false records in financial data such as periodic reports, and has already received a prior notice of administrative penalty. At the same time, its share price has been below 1 yuan for 10 consecutive trading days, facing the dual risk of mandatory delisting for major violations and trading-related mandatory delisting. Both companies said they will cooperate with regulatory work and fulfill their information disclosure obligations.

ST Qingyue shares have fallen below 1 yuan, prompting the company to issue an urgent warning that it may trigger trading-related mandatory delisting. On July 30, ST Qingyue shares closed at 0.9 yuan, down 13.46 percent, with a total market value of just 405 million yuan. Under Shanghai Stock Exchange rules, if a company's stock closes below 1 yuan for 20 consecutive trading days, it will be delisted without entering a delisting review period. In addition, the company is under investigation by the China Securities Regulatory Commission for suspected false financial data in periodic reports, and received an advance notice of administrative penalty in May 2026, proposing a fine of 173 million yuan. If it is ultimately determined that the company meets the criteria for mandatory delisting due to major violations, the stock will also be delisted. As of the announcement date, the company has not yet received a formal penalty decision.