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from 153 yuan per share in january 2016 to 0.13 yuan per share today, the smallest a-share stock has received its final judgment.

on september 13, *st meishang received an announcement from the shenzhen stock exchange. as the closing price had been below 1 yuan for 20 consecutive trading days, the stock triggered the forced delisting situation. the shenzhen stock exchange decided to terminate its listing, will not enter the delisting settlement period, and will be delisted within 15 trading days.

at the same time, the shenzhen stock exchange also issued a letter of concern stating that *st meishang's prospectus, periodic reports and issuance documents contained false records, failed to disclose related transactions and capital occupation in accordance with regulations, and the company and related parties were suspected of violating performance forecasts and providing external guarantees in violation of regulations. disciplinary procedures have been initiated in accordance with regulations. the china securities regulatory commission also opened an investigation into the company's suspected information disclosure violations as early as april 19.

the smallest stocks are about to be delisted

after being suspended for more than four months, *st meishang was delisted by the shenzhen stock exchange. from april 8 to may 8 this year, the stock's closing price was less than 1 yuan for 20 consecutive trading days, triggering the shenzhen stock exchange's delisting regulations, and was suspended from the opening of the market on may 9.

*st meishang stated that it has hired pacific securities as the lead underwriter and signed a "stock transfer entrustment agreement" with it, entrusting it to provide share transfer services for the company and handle matters related to share withdrawal registration, stock reconfirmation, and delisting segment registration and settlement in the stock exchange market registration and settlement system.

wind data shows that *st meishang currently has the smallest stock price and market value among a-shares - the latest closing price is 0.13 yuan per share, the lowest among a-shares, even less than half of the second-to-last place; the latest market value is 87.66 million yuan, less than one-third of the second-to-last place.

*st meishang, formerly known as "meishang ecology", is an ecological landscape construction company. it was listed on the growth enterprise market at the end of 2015. it was once a "bull stock" with 14 consecutive daily limit increases since its listing. on january 11, 2016, the stock price once reached 153 yuan per share (unadjusted), and the total market value of a shares also exceeded 10 billion yuan.

however, in may 2021, because an audit report with no opinion was issued for the 2020 financial report, and there were problems such as the controlling shareholder and related parties occupying nearly 900 million yuan of the company's funds, meishang ecology triggered a risk warning situation and its stock abbreviation was changed to "*st meishang".

since then, *st meishang has been plagued by negative news, and its stock price has plummeted. the latest closing price is only 1.3 cents per share, which is 99.5% lower than the historical highest price (adjusted). the first quarter report shows that as of the end of march, the company still has 21,002 shareholders, a decrease of 1,212 from the previous month, and the average shareholding value per household is 32,400 yuan. after delisting, these stocks will most likely become paper.

the company also wrote in its latest announcement, "for judicial freeze businesses that will expire between the delisting of stocks and the completion of the initial registration of the delisted sector, it is recommended that the competent authorities complete the renewal procedures in advance through the original assistance execution channels before the stocks are delisted."

regulatory authorities work together to pursue accountability

on september 13, the shenzhen stock exchange also issued a letter of concern to *st meishang. prior to this, the china securities regulatory commission had already filed investigations into relevant persons in charge, controlling shareholders, and companies in december 2021, july 2022, and april 2024, respectively.

"we have initiated disciplinary procedures in accordance with regulations for the violations of your company, relevant institutions and related parties." shenzhen stock exchange said that according to the facts found by the china securities regulatory commission, the company's eight directors, supervisors and senior executives at the time, the sponsor, accounting firm, law firm and related personnel were also responsible for the above-mentioned violations. in daily supervision, it was also noted that the company and related parties were suspected of violating performance forecasts and providing external guarantees.

in june 2023, the china securities regulatory commission ordered *st meishang to correct its illegal information disclosure and fraudulent issuance, gave the company a warning, and imposed a fine of 13.3 million yuan; gave a warning to wang yingyan, who was the chairman of the company and one of the actual controllers at the time, and imposed a fine of 15.1 million yuan; gave a warning to xu jing, who was the director and one of the actual controllers at the time, and imposed a fine of 530,000 yuan.

in february this year, wang yingyan also received an "administrative penalty decision" issued by the china securities regulatory commission for colluding with private equity to manipulate the stock price of her own company. the china securities regulatory commission determined that wang yingyan was the initiator and decision maker of the manipulation, arranged the trading margin, was responsible for the borrowing of some accounts, and played a leading role; private equity legal person ji yun was the implementer of the manipulation, was responsible for the borrowing of some accounts, and should bear secondary responsibility. the two were eventually fined 5 million yuan and 3 million yuan respectively.

in april this year, due to false records in the prospectus, periodic reports and issuance documents, and failure to disclose related transactions and capital occupation as required, the shenzhen stock exchange publicly determined that wang yingyan was lifelong unfit to serve as a director, supervisor or senior manager of a listed company, and publicly condemned *st meishang, wang yingyan and xu jing.

in addition, due to the involvement of *st meishang, the sponsor and signing sponsor of the company's private placement of shares in 2018 were ordered to correct and warned by the china securities regulatory commission in july 2023, and fined more than 10 million yuan; the auditing agency and signing accountant of the annual reports from 2012 to 2016 were also issued a warning letter by the jiangsu securities regulatory bureau in august 2024.