ST Changyao: Stocks may be delisted, with several subsidiary companies changing bankruptcy managers.

ST Changyao announced that the company's stock may be delisted. On January 15, 2026, its stock price was 0.68 yuan/share, trading below 1 yuan for eleven consecutive trading days with a market value of 238 million yuan, trading below 3 billion yuan for five consecutive days, triggering a mandatory delisting for trading class reasons; the year-end net assets for 2025 are expected to be negative, triggering a mandatory delisting for financial reasons; the annual reports from 2021 to 2023 contain false records, respectively inflating revenue by 215.32 million yuan, 283.74 million yuan, and 233.63 million yuan, triggering a mandatory delisting for significant violations. In addition, on December 30, 2025, the Shiyan Intermediate Court appointed Beijing Tianda Gonghe Law Firm as the substantive bankruptcy liquidator for seven subsidiaries of Changjiang Xing.