On May 20th, four companies collectively had their special treatment status removed, with several others applying to have their delisting risk warnings withdrawn. A number of firms have met performance criteria, with one stock surging over 335% during its period under the *ST designation.
On May 20th, Beijing Telesound Electronics Co.,Ltd. (003004.SZ), Jiangsu Sihuan Bioengineering Co.,Ltd. (000518.SZ), and Zhejiang Chengchang Technology Co.,Ltd. (001270.SZ) had their *ST status removed, with their stock abbreviations changing to Beijing Telesound Electronics, Jiangsu Sihuan Bioengineering, and Zhejiang Chengchang Technology, respectively. Among them, Beijing Telesound Electronics and Jiangsu Sihuan Bioengineering saw their share prices hit the daily limit-up on the day.
Previously, these three companies had been placed under delisting risk warning (*ST) as they met the condition of "the lowest value among total profit, net profit, and net profit after deducting non-recurring gains and losses for the most recent fiscal year being negative, and the revenue after deductions being below 300 million yuan." After auditing, their 2025 financial indicators all met the requirements for having the *ST status revoked.
Beijing Telesound Electronics' main business includes intelligent security solutions and urban safety operation services. In 2025, its audited operating revenue was 376 million yuan, with revenue after deductions at 359 million yuan. Its net profit attributable to shareholders was -11.6204 million yuan, and the net profit after deducting non-recurring gains and losses was -13.1775 million yuan. Although it remained in a loss position, its revenue exceeded the 300 million yuan threshold. The company stated that it completed the acquisition of Zhejiang Zhongchen in 2025, leading to revenue growth after consolidation. Furthermore, the company intensified efforts to collect accounts receivable, resulting in reduced impairment losses and a narrowing of the loss margin.
Jiangsu Sihuan Bioengineering primarily operates in biological pharmaceutical products, as well as the planting, sales, and landscaping projects of seedlings. In 2025, its operating revenue was 344 million yuan, with revenue after deductions at 339 million yuan. Its net profit attributable to shareholders was -37.0923 million yuan, and the net profit after deducting non-recurring gains and losses was -41.3483 million yuan. The company attributed the year-on-year revenue growth to a significant increase in seedling sales revenue from its wholly-owned subsidiary, Chenwei Ecological Park. Simultaneously, reduced asset impairment losses and non-operating expenses at Chenwei Ecological Park, alongside decreased period expenses at its controlling subsidiary Beijing Sihuan, contributed to a reduction in losses compared to the previous year.
Zhejiang Chengchang Technology focuses on microwave and millimeter-wave phased array T/R chips, a core component of phased array antenna systems widely used in analog, digital, and hybrid phased arrays, with performance directly impacting key indicators of the entire system. In 2025, the company achieved an operating revenue of 405 million yuan and a net profit attributable to shareholders of 117 million yuan, turning a profit. Zhejiang Chengchang Technology stated that, alongside a recovery in downstream industries and sustained demand growth, it leveraged its technological strengths, solidified customer relationships with its strong industry reputation, and actively expanded its business layout, achieving significant results.
As a stock within the commercial aerospace sector, Zhejiang Chengchang Technology's share price experienced a significant rally. The company was designated with *ST status on April 24, 2025. By the time of its status removal, the stock's price had increased by 335.44% during that period, recording 47 daily limit-up sessions, and reaching an all-time high of 167.37 yuan per share on February 3, 2026.
Similarly, due to meeting financial indicators, other companies such as Zhe Jiang Dali Technology Co.,Ltd. (002214.SZ), Chengdu Lihang Technology Co.,Ltd. (603261.SH), and Guangdong Gensho Logistics Co.,Ltd. (603813.SH) are currently applying to have their delisting risk warnings withdrawn.
Separately, Jilin Sino-Microelectronics Co.,Ltd. (600360.SH) had its delisiong risk warning removed on May 20th due to meeting audit opinion requirements, with its stock abbreviation changing from "*ST Huawi" to "Jilin Sino-Microelectronics."
Jilin Sino-Microelectronics' 2024 financial report received an audit opinion of "unable to express an opinion" from Beijing Guofujiaying Certified Public Accountants (Special General Partnership) (hereinafter referred to as Guofujiaying), triggering the *ST condition related to "the financial accounting report for the most recent fiscal year receiving an audit report with an opinion of unable to express an opinion or an adverse opinion." The basis for the auditor's inability to express an opinion involved non-operational fund occupation by the former controlling shareholder, Shanghai Pengsheng Technology Industrial Co., Ltd. (hereinafter referred to as Shanghai Pengsheng).
Since 2015, Jilin Sino-Microelectronics had transferred funds to Shanghai Pengsheng through intermediaries in forms such as prepayments for construction-in-progress procurement, resulting in non-operational fund occupation. As of the end of April 2025, the outstanding balance of non-operational fund occupation was nearly 1.5 billion yuan. The auditors stated they were unable to assess the recoverability of these occupied funds or the provision for credit impairment losses.
In June 2025, Shanghai Pengsheng signed a Share Transfer Agreement with Jilin Yadong State-owned Capital Investment Co., Ltd. (hereinafter referred to as Yadong Investment) and others. Shanghai Pengsheng intended to transfer 214 million shares of Jilin Sino-Microelectronics (representing 22.32% of the company's total shares) to Yadong Investment, with the transfer proceeds prioritized for repaying the funds occupied by Shanghai Pengsheng and its affiliates.
In August 2025, Jilin Sino-Microelectronics received the full repayment of the occupied funds plus interest, totaling 1.567 billion yuan, from Shanghai Pengsheng. In the same month, Guofujiaying issued a special verification opinion, confirming that Jilin Sino-Microelectronics had completed the rectification of the fund occupation as required.
Currently, the controlling shareholder of Jilin Sino-Microelectronics has changed to Yadong Investment, and the actual controller has changed to the State-owned Assets Supervision and Administration Commission of Jilin Province. In 2025, the company received an audit report with an unqualified opinion. Zhongxinghua Certified Public Accountants (Special General Partnership) considered that the matters involved in the non-standard audit opinion in the prior period's financial statement audit report had been resolved.
Jilin Sino-Microelectronics possesses multiple power semiconductor discrete device and IC chip production lines for 4-inch, 5-inch, 6-inch, and 8-inch wafers, with an annual chip processing capacity of 3.15 million pieces, annual packaging resources of 2.4 billion units, and annual module capacity of 100 million units. The company's products are widely applicable in strategic emerging industries such as clean energy, automotive electronics, and rail transportation.
In the first quarter of 2026, Jilin Sino-Microelectronics achieved operating revenue of 667 million yuan, a year-on-year increase of 3.61%, and a net profit attributable to shareholders of 57.9019 million yuan, a year-on-year increase of 5.44%.
Similarly, due to meeting audit opinion requirements, companies like Zhengping Road&Bridge Construction Co.,Ltd. (603843.SH) are applying to exchanges to have their delisting risk warnings withdrawn.
However, as Zhengping Road&Bridge Construction meets the condition of "the lower of net profit before and after deducting non-recurring gains and losses being negative for three consecutive recent fiscal years, and the audit report for the most recent fiscal year's financial statements indicating uncertainty regarding the company's ability to continue as a going concern," its stock may continue to be subject to other risk warnings and will likely retain the "ST" prefix.
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