Tianlong Retreat will be officially delisted from the ChiNext board on July 10, ending a nearly 17-year capital market career. During the one-year shell-preservation observation period, the company failed to reverse its negative net assets. At the end of 2025, net assets stood at negative 24.65 million yuan, and its internal control over financial reporting received an adverse opinion, triggering the termination of listing. Previously, the company had attempted to boost its capital reserve by accepting an unconditional cash donation of 25 million yuan from Beijing Yuli Investment Management, but after self-inspection and audit confirmation, the funds were ultimately recognized as other payables, and the shell-preservation effort was declared a failure. On June 10, the Shenzhen Stock Exchange issued a delisting decision. Although the company submitted a review application, the delisting decision was not suspended. Within 45 trading days after delisting, the company's shares will be transferred to the delisted sector of the National Equities Exchange and Quotations for trading. Well-known retail investor Xu Kaidong has held the company's shares since 2013. As of the delisting, his 4.7 million shares were worth only 564,000 yuan.
Jiangsu Huasheng Tianlong PhotoCompany failed to reverse negative net assets and received adverse internal control opinion, leading to delisting.