China's ST Yedao Investigated by CSRC for Suspected Information Disclosure Violations
On September 21, 2026, ST Yedao (600238.SH), a Chinese health liquor maker, announced it received a case filing notice from the China Securities Regulatory Commission (CSRC) for suspected information disclosure violations. The company has posted net losses for five consecutive years, totaling nearly 500 million yuan from 2021 to 2025, and carries an 88.60% debt ratio. Shares fell over 8% following the announcement.
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China's ST Yedao Investigated by Regulator for Information Disclosure Violations; Shares Plunge 8%
ST椰岛 (600238.SH), known as China's 'first stock of health liquor,' announced on the evening of September 21 that it received a 'Case Filing Notice' from the China Securities Regulatory Commission (CSRC) for suspected illegal information disclosure. The company did not specify the investigation's details, but a warning letter from the Hainan Securities Regulatory Bureau in April 2025 revealed two core violations: premature revenue recognition for undelivered goods in 2020-2021, and undisclosed related-party transactions with Hainan Yedao Yufan Food in 2024-2025. ST椰岛 reported a cumulative net loss of nearly 500 million yuan from 2021 to 2025, with a high debt ratio of 88.60% as of end-2025. Although the company's stock was recently removed from delisting risk warning (*ST) in July 2025, it remains under other risk warning (ST). In August 2025, a subsidiary settled a 9 million yuan debt by using liquor as payment. Following the announcement, ST椰岛's share price fell over 8% to 4.30 yuan, giving it a market cap of 1.927 billion yuan.
Read sourceChina's ST Yedao Investigated by Securities Regulator for Information Disclosure Violations
On September 21, ST椰岛 (Yedao) announced it received a case filing notice from the China Securities Regulatory Commission (CSRC) for suspected information disclosure violations. The company's stock closed at 4.68 yuan per share, with a market cap of 2.1 billion yuan, down 26% year-to-date. The investigation reason is unknown, but the company recently appointed Dai Meiou as board secretary, ending a three-month vacancy after Wang Zhiming resigned in June after just over a year in the role. ST椰岛 remains under other risk warnings due to non-standard audit opinions on its 2024 and 2025 internal controls. The company reported a net loss of 34.18 million yuan in 2025, with negative retained earnings of 612 million yuan and an 88.6% debt-to-asset ratio. Accounting errors involving 30.5 million yuan in revenue from 2020-2021 sales to two companies required retrospective adjustments to financial statements from 2020-2024. The company plans to focus on its core health beverage business and implement cost-saving measures. ST椰岛, listed on the Shanghai Stock Exchange since 2000, has posted consecutive net losses from 2023 through the first half of 2026.
ST椰岛 Under CSRC Investigation for Suspected Information Disclosure Violations
On September 21, ST椰岛 (stock code 600238) announced it received a 'Case Filing Notice' from the China Securities Regulatory Commission (CSRC) on the same day. The CSRC decided to open an investigation into the company for suspected violations of information disclosure laws and regulations. ST椰岛 stated that all its business operations are currently normal and that it will cooperate fully with the CSRC investigation while fulfilling its disclosure obligations. The company's main products include deer turtle wine, Haiwang wine, and Maotai-flavor liquor, and it also has a coconut juice and tropical fruit beverage segment. In the first half of 2026, ST椰岛 reported revenue of 173 million yuan and a net loss of 7.538 million yuan. From 2021 to 2025, the company recorded revenues of 809 million, 416 million, 225 million, 175 million, and 371 million yuan respectively, with net losses each year totaling approximately 493 million yuan over the five years. Recently, the Shanghai Stock Exchange agreed to remove the delisting risk warning on ST椰岛's stock but will continue to impose other risk warnings. On September 4, director Ma He resigned from the board and all committee positions, having previously resigned as general manager in April 2025. As of September 21, ST椰岛's stock closed at 4.68 yuan per share, with a total market capitalization of about 2.1 billion yuan.
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ST椰岛 Under CSRC Investigation for Suspected Information Disclosure Violations
On September 21, ST椰岛 (stock code 600238) announced it received a 'Case Filing Notice' from the China Securities Regulatory Commission (CSRC) on the same day. The CSRC decided to open an investigation into the company for suspected violations of information disclosure laws and regulations. ST椰岛 stated that all business operations are proceeding normally and that it will cooperate fully with the investigation while fulfilling disclosure obligations. The company's main products include deer turtle wine, Haiwang wine, and Maotai-flavor liquor, and it also has coconut juice and tropical fruit beverage segments. In the first half of 2026, ST椰岛 reported revenue of 173 million yuan and a net loss of 7.538 million yuan. From 2021 to 2025, the company recorded revenues of 809 million, 416 million, 225 million, 175 million, and 371 million yuan respectively, with net losses each year totaling approximately 493 million yuan over five years. Recently, the Shanghai Stock Exchange agreed to remove the delisting risk warning on ST椰岛 shares but continues to impose other risk warnings. On September 4, director Ma He resigned from the board and all committee positions, having previously resigned as general manager in April 2025. The company has been recruiting a new general manager since August 7.
Read sourceST椰岛 Investigated by China Securities Regulatory Commission for Suspected Information Disclosure Violations
On September 21, ST椰岛 (stock code 600238) announced it received a 'Notice of Case Filing' from the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws. The company's stock closed at 4.68 yuan per share, with a market capitalization of 2.098 billion yuan and 31,260 shareholders as of June 30. The specific reasons for the investigation remain unknown, but the company recently appointed Dai Meiou as board secretary, ending a three-month vacancy. ST椰岛 remains under other risk warnings due to non-standard audit opinions on its 2024 and 2025 internal controls. In 2025, the company reported a net loss of 34.18 million yuan, negative retained earnings of -612 million yuan, and a debt-to-asset ratio of 88.60%. The company also disclosed accounting errors involving revenue recognition of 30.5 million yuan from 2020-2021 sales to two entities, requiring retrospective adjustments to financial statements from 2020-2024. ST椰岛 has been loss-making from 2023 to the first half of 2026, attributing losses to increased market promotion costs and asset impairment charges.
Read sourceST椰岛 Investigated by China Securities Regulatory Commission for Information Disclosure Violations
On September 21, ST椰岛 (stock code 600238) announced it received a 'Notice of Case Filing' from the China Securities Regulatory Commission (CSRC) for suspected information disclosure violations. The company's stock closed at 4.68 yuan per share, with a total market value of 2.098 billion yuan and 31,260 shareholders as of June 30. The specific reasons for the investigation remain unknown. The company recently appointed Dai Meiou as board secretary, ending a three-month vacancy after Wang Zhiming resigned on June 1, 2025, having served only about one year. ST椰岛 remains under other risk warnings due to non-standard audit opinions on its 2024 and 2025 internal controls. The company reported a net loss of 34.18 million yuan in 2025, with negative retained earnings of -612 million yuan, shareholder equity of 105 million yuan, and a debt ratio of 88.60%. Accounting errors involving 30.5 million yuan in revenue from 2020-2021 were also corrected. The company focuses on health liquor, baijiu, and plant beverages.
Read sourceST椰岛 Investigated by China Securities Regulatory Commission for Alleged Information Disclosure Violations
On September 21, ST椰岛 (stock code 600238) announced it received a 'Notice of Case Filing' from the China Securities Regulatory Commission (CSRC) for suspected information disclosure violations. The company, which trades at 4.68 yuan per share with a market cap of 2.098 billion yuan, has 31,260 shareholders as of June 30. The specific reasons for the investigation remain unknown, but the company recently appointed Dai Meiou as board secretary, ending a three-month vacancy. ST椰岛 remains under other risk warnings due to non-standard audit opinions on its 2024 and 2025 internal controls. The company reported a net loss of 34.18 million yuan in 2025, with negative retained earnings of 612 million yuan and an 88.60% debt-to-asset ratio. Additionally, accounting errors involving 30.5 million yuan in revenue from 2020-2021 sales to two companies required retrospective adjustments to financial statements from 2020 to 2024. ST椰岛 focuses on health liquor, baijiu, and plant beverages, and has posted consecutive net losses from 2023 through the first half of 2026.
Read sourceST椰岛 Investigated by China Securities Regulatory Commission for Suspected Information Disclosure Violations
On September 21, ST椰岛 (stock code 600238) announced it received a 'Case Filing Notice' from the China Securities Regulatory Commission (CSRC) for suspected illegal information disclosure. The company's stock closed at 4.68 yuan per share with a market cap of 2.098 billion yuan, and had 31,260 shareholders as of June 30. The specific reasons for the investigation remain unknown, but the company recently appointed Dai Meiou as board secretary, ending a three-month vacancy. ST椰岛 remains under other risk warnings due to non-standard audit opinions on its 2024 and 2025 internal controls. The company reported a net loss of 34.18 million yuan in 2025, with negative retained earnings of -612 million yuan, shareholder equity of 105 million yuan, and a debt ratio of 88.60%. Accounting errors involving 30.5 million yuan in revenue from 2020-2021 sales were also corrected. ST椰岛 focuses on health liquor, baijiu, and plant beverages, and has posted consecutive losses from 2023 to the first half of 2026.
Read sourceST椰岛 Investigated by China Securities Regulatory Commission for Suspected Information Disclosure Violations
On September 21, ST椰岛 (stock code 600238) announced it received a 'Notice of Case Filing' from the China Securities Regulatory Commission (CSRC) for suspected information disclosure violations. The company, which trades at 4.68 yuan per share with a market cap of 2.098 billion yuan, has 31,260 shareholders as of June 30. The specific reasons for the investigation remain unknown, but the company recently appointed Dai Meiou as board secretary, ending a three-month vacancy. ST椰岛 remains under other risk warnings due to non-standard audit opinions on its 2024 and 2025 internal controls. The company reported a net loss of 34.18 million yuan in 2025, with negative retained earnings of 612 million yuan and an 88.6% debt ratio. Additionally, accounting errors involving revenue recognition of 30.5 million yuan from 2020-2021 sales transactions have been corrected through retrospective adjustments. The company has posted consecutive net losses from 2023 to the first half of 2026.
Read sourceChina's ST椰岛 Under Investigation by Securities Regulator for Information Disclosure Violations
On September 21, 2026, ST椰岛 (stock code 600238), a Chinese listed company known for its alcoholic beverages and coconut products, announced it received a notice of investigation from the China Securities Regulatory Commission (CSRC). The CSRC has initiated a formal investigation into the company for suspected violations of information disclosure laws, under the Securities Law and Administrative Penalty Law. ST椰岛 stated that its operations are proceeding normally and that it will cooperate fully with the investigation while complying with disclosure obligations. The company has been loss-making for five consecutive years from 2021 to 2025, with total net losses of approximately 493 million yuan. In the first half of 2026, it reported revenue of 173 million yuan and a net loss of 7.538 million yuan. Although the Shanghai Stock Exchange agreed in July 2026 to remove the delisting risk warning on ST椰岛's shares, the stock remains under other risk warnings. Additionally, director Ma He resigned on September 4, 2026, having previously stepped down as general manager in April 2025. The stock closed at 4.68 yuan per share on September 21, with a total market capitalization of 2.098 billion yuan.
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