Log in to the Sina Finance app and search for "Information Disclosure" to view more rating levels. From October 20 to 22, by the banks of Shanghai's Huangpu River, the 2026 Sustainable Global Leaders Conference will return once again. Nobel Prize and Turing Award winners will take the stage to discuss the future and trends of technology, and the internet-famous professor who "rescues" people from anxiety and the era of involution, Macfarlane, will hold a live dialogue with Xiang Biao!
Limited seats, first come first served. Let us join together for the appointment with sustainability! [Click to register] Aggrieved investors can register for rights protection for this company on the Sina Investor Rights Protection Platform: http://wq.finance.sina.com.cn/ Follow @Sina Securities, follow Sina Brokerage Fund on WeChat, search Sina Investor Rights Protection on Baidu, or visit the Sina Finance client and Sina Finance homepage to find me. *ST Cuihua (rights protection), code 002731. On the evening of October 15, a termination of listing decision from the Shenzhen Stock Exchange brought an end to this former "century-old brand's" journey on the A-share market. The delisting consolidation period begins on October 23, lasting fifteen trading days, with the expected final trading day being November 12. Before this company was delisted, it had been investigated by the China Securities Regulatory Commission. And filing an investigation means compensation claims. Delisting is the company's ending; claiming compensation is the investor's right. The team of lawyer Liu Peng from Shanghai Huzi Law Firm is still soliciting aggrieved investors. (Lawyer Liu Peng column)
Why did it end up being delisted
In the final analysis, it was because it could not disclose its annual report. The statutory deadline for the 2025 annual report was disclosure before April 30, 2026. Cuihua did not submit it. Trading was suspended starting May 6. After two months of suspension, it still had not submitted. On July 7, trading resumed, and at the same time the company was labeled "*ST," formally placing it under delisting risk warning. After being warned, it was given another two months. By early September, it still had not submitted an annual report "guaranteed by more than half of the directors to be true, accurate, and complete." Because within two months from the date of the delisting risk warning it still had not disclosed a 2025 annual report guaranteed by more than half of the directors to be true, accurate, and complete, the Shenzhen Stock Exchange decided to terminate the listing of the company's shares. For a listed company to be unable to even produce an annual report already says enough about the problem. When the accounting firm went to take inventory, it found a "major discrepancy" between the actual quantity on hand and the balance quantity in the financial statements.
Repeated investigations by the China Securities Regulatory Commission
Delisting is a "technical death," but Cuihua still carries something heavier on its back. On February 9, 2026, Cuihua was investigated by the China Securities Regulatory Commission for the first time, due to "suspected violations of laws and regulations in information disclosure." At that time, the company had already revealed cumulative overdue loans of 254 million yuan, and its main bank accounts had been frozen. In May 2026, because it failed to submit its annual report on time, Cuihua was investigated for the second time, on the grounds of "failure to disclose periodic reports as required." In August 2026, a third wave came. The company's two successive actual controllers, Guo Yingjie and Chen Siwei, were both investigated by the China Securities Regulatory Commission for suspected violations of laws and regulations in information disclosure. Regarding the first investigation, in August the regulator disclosed that it had initially found that some of the annual financial information disclosed by the company was suspected of false records and might trigger mandatory delisting for major violations. In other words, if it had not triggered the above regulatory-type delisting, the company would ultimately have triggered mandatory delisting for major violations.
Delisting does not affect compensation claims
Many retail investors have a misunderstanding: they think that once a company is delisted and the stock becomes worthless, there is no hope for compensation claims. But in fact that is not the case. Lawyer Liu Peng of Shanghai Huzi Law Firm stated that Cuihua was investigated by the China Securities Regulatory Commission before delisting, and regulators had already initially identified facts suspected of false records. Investors who suffered losses because of the company's information disclosure violations have the right to file civil compensation lawsuits against the company and relevant responsible persons. Currently, those who preliminarily bought on or before February 9, 2026 (including that day), and sold after February 10, 2026, or still hold shares at a loss, may register to claim compensation. The final compensation conditions and payment standards shall be based on the effective judgment of the court. (*ST Cuihua rights protection entry) The company has been delisted, but the company entity still exists, and the compensation liability it should bear cannot be escaped.
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