The Shenzhen Stock Exchange on July 10 publicly censured *ST Xiangxue, its chairman and general manager Wang Yonghui, and former chief financial officer Lu Feng. The relevant violation records will be entered into the securities and futures market integrity archive database. The penalty stems from a material discrepancy between the company's 2025 annual performance forecast and its audited figures, as well as its failure to disclose within the statutory deadline a warning notice that its shares could be subject to delisting risk alert. The company forecast a net loss of 635 million to 934 million yuan in January 2026, revised that in April to a loss of 1.264 billion to 1.464 billion yuan, and ultimately reported an audited annual loss of 1.392 billion yuan, with year-end net assets of negative 360 million yuan. Its shares have been under delisting risk alert since April 30. The exchange determined that the company failed to disclose its performance forecast truthfully, accurately, and completely as required, and also failed to issue a risk warning announcement within one month after the end of the accounting year. Chairman and general manager Wang Yonghui and former CFO Lu Feng failed to perform their duties diligently and bear significant responsibility for the violations.
Xiangxue PharmaceuticalShenzhen Stock Exchange publicly censured the company for inaccurate performance forecast and failure to disclose delisting risk warning.