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.
Suzhou QingYue Optoelectronics Technology Co. Ltd. AFabricated IPO prospectus content and inflated profits triggered a CSRC penalty and forced delisting for closing below 1 yuan for 20 straight days.
