*ST Jiuding under investigation for alleged information disclosure violations, posts three consecutive years of losses
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According to a report from Shenzhen Business Daily via East Money, *ST Jiuding, once known as 'China's first PE stock' after its backdoor listing in 2015, is under investigation for suspected information disclosure violations. The Shanghai Stock Exchange had already publicly reprimanded the company and its former executives in June 2025 for inaccurate earnings forecasts. The company has suffered sustained operating losses from 2023 to 2025, with net losses attributable to shareholders widening from RMB 118 million to RMB 358 million. In the first half of 2026, losses continued to increase by 85.39% year-on-year to RMB 88.15 million, while revenue fell 25.48%. Due to negative profits and revenue below RMB 300 million in fiscal 2025, the SSE imposed a delisting risk warning, changing the stock abbreviation to '*ST Jiuding' on April 30, 2026. The share price has fallen sharply from over RMB 26 in early 2026 to around RMB 7.12 by September 18, a year-to-date decline of 64.17%.
Source report
Duchuang Finance reports that *ST Jiuding has previously encountered issues with its information disclosures.
On June 5 this year, the Shanghai Stock Exchange (SSE) publicly reprimanded *ST Jiuding and its then-Chairman Wang Liang, then-General Manager Wang Xin, and then-Chief Financial Officer and Board Secretary Yi Lingjie. The reprimand was issued due to inaccurate disclosure of the company’s 2025 annual earnings forecast and untimely corrections.
Company Background
*ST Jiuding is a veteran domestic private equity (PE) investment firm that went public via a backdoor listing in 2015, earning it the reputation as “China’s first PE stock.”
Financial Performance
In recent years, the company has suffered sustained operating losses due to a significant contraction in its PE investment business, compounded by drag from its real estate operations. Key financial data includes:
- Net profits attributable to shareholders:
- 2023: -RMB 118 million
- 2024: -RMB 135 million
- 2025: -RMB 358 million
- (Three consecutive years of widening losses)
- First half of 2026:
- Revenue: RMB 59.8901 million (down 25.48% year-on-year)
- Net loss attributable to shareholders: RMB 88.1507 million (up 85.39% year-on-year)
Delisting Risk Warning
Because the lowest value among the company’s audited total profit, net profit, or net profit after deducting non-recurring gains and losses for fiscal year 2025 was negative, and its operating revenue—after excluding income unrelated to core businesses and lacking commercial substance—fell below RMB 300 million, the SSE implemented delisting risk warnings on the company’s shares.
Effective April 30, 2026, the stock abbreviation changed from “Jiuding Investment” to “*ST Jiuding.”
Stock Performance
Since early February this year, *ST Jiuding’s share price has plummeted sharply, falling from over RMB 26 at one point to just over RMB 6. On September 18, the stock closed at RMB 7.12 per share, reflecting a year-to-date decline of 64.17%.
(Source: Shenzhen Business Daily · Duchuang)
Source
东方财富网-A股公司Eastern
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China’s *ST Jiuding under CSRC investigation for disclosure violations, faces delisting risk