*ST Changyao announced that the company's shares may be subject to mandatory financial delisting. Since the restructuring was not completed before December 31, 2025, the net assets at the end of the 2025 period are expected to be negative. Furthermore, the company is suspected of regularly reporting false financial data and has been investigated by the China Securities Regulatory Commission. There is a risk of serious illegal and forced delisting. The closing price of the company's stock was less than 1 yuan for 4 consecutive trading days, and the closing price on January 6, 2026 was 0.88 yuan/share. If it falls below 1 yuan for 20 consecutive trading days, the listing will be terminated. The company reminds investors to be aware of investment risks.

*ST Changyao announced that the company's shares may be subject to mandatory financial delisting. Since the restructuring was not completed before December 31, 2025, the net assets at the end of the 2025 period are expected to be negative. Furthermore, the company is suspected of regularly reporting false financial data and has been investigated by the China Securities Regulatory Commission. There is a risk of serious illegal and forced delisting. The closing price of the company's stock was less than 1 yuan for 4 consecutive trading days, and the closing price on January 6, 2026 was 0.88 yuan/share. If it falls below 1 yuan for 20 consecutive trading days, the listing will be terminated. The company reminds investors to be aware of investment risks.