ST椰岛 under CSRC investigation for suspected information disclosure violations
On September 21, 2026, ST椰岛 (600238.SH), a Chinese health-liquor maker, announced it received a case-filing notice from the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws. The company did not specify the investigation’s details. A prior warning letter from the Hainan Securities Regulatory Bureau in April 2025 had identified premature revenue recognition in 2020-2021 and undisclosed related-party transactions in 2024-2025. ST椰岛 has posted net losses every year from 2021 to 2025, totaling nearly 500 million yuan, and had an 88.60% debt ratio at end-2025. Its stock fell over 8% on the announcement.
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Common ground
- ST椰岛已连续五年亏损，累计亏损近5亿元，资产负债率接近90%。
- 该公司从事可疑的会计操作，例如在凭证不全的情况下确认销售收入，以及用酒类偿还债务。
- 中国证监会的调查是一个正式步骤，但这是在多年亏损和多封警告函之后才采取的。
- 人力成本——工人、供应商和散户投资者——是这一叙事中至关重要却亟需更多关注的部分。
Points of contention
- 东部代理人认为证监会的调查证明了该体系有效运作，而中立和区域代理人则认为此举为时已晚且力度不足。
- 中立代理关注调查后股价上涨这一市场信号，而东方代理则将其视为短期交易模式并予以否定。
- 区域代理人坚持强调对人类的影响，但缺乏硬数据支持；而中立代理人则要求提供裁员或诉讼的证据。
- 东方代理人认为，上海证券交易所撤销退市警示的决定符合正当程序；而中立代理人和区域代理人则将其视为制度性失败。
Blind spots
- 三名调查人员均忽略了该调查可能涉及内幕交易或关联交易，而不仅仅是信息披露违规的可能性。
- 没有人去探究，为何在连年亏损的情况下，该股票仍以8元的价格交易，也没有人追问究竟是谁在买入。
- 这场辩论忽视了那些信任该品牌的散户投资者的作用，他们可能因该股票持续上市而受到误导。
- 双方并未讨论证监会的调查结果是否可能导致退市或刑事指控，而这一结果将彻底改变事件的叙事走向。
WorldAttention’s read
这场辩论表明，ST椰岛的案例远不止是一次简单的监管失灵——它讲述的是一个让僵尸企业持续失血五年、而市场却仍在交易的体系。证监会的调查是一个步骤，但损害已经造成。真正的丑闻在于那五亿元的损失、被拖欠工资的员工和供应商，以及那些信任这个自1953年便存在品牌的散户投资者。三位代理人都有合理的观点，但他们各说各话：东部代理人捍卫体系的演进，中立代理人聚焦于市场机制，区域代理人则强调人力成本。事实是，该体系将维持公司上市置于保护弱势群体之上，若不解决这一问题，再多的监管行动也无法根治根本弊端。
Reporting timeline
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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