*ST Changyao announced that the closing price of the company's stock fell below 1 yuan for the first time, and the listing may be terminated due to the closing price of the stock falling below 1 yuan for 20 consecutive trading days. At the same time, the company was investigated by the Securities Regulatory Commission for suspected false records of financial data such as regular reports, which may have involved major illegal forced delisting situations. Furthermore, the company's net assets at the end of the 2024 period are negative. If the net assets at the end of the 2025 period continue to be negative, it will be subject to mandatory financial delisting. The company also faces the risk of lawsuits and arbitration cases, the risk of overdue large interest-bearing debts, the risk of account freezing, and the risk of large tax arrears.

*ST Changyao announced that the closing price of the company's stock fell below 1 yuan for the first time, and the listing may be terminated due to the closing price of the stock falling below 1 yuan for 20 consecutive trading days. At the same time, the company was investigated by the Securities Regulatory Commission for suspected false records of financial data such as regular reports, which may have involved major illegal forced delisting situations. Furthermore, the company's net assets at the end of the 2024 period are negative. If the net assets at the end of the 2025 period continue to be negative, it will be subject to mandatory financial delisting. The company also faces the risk of lawsuits and arbitration cases, the risk of overdue large interest-bearing debts, the risk of account freezing, and the risk of large tax arrears.