On September 30, Yuandao Delisting (formerly Yuandao Communications) (301139) resumed trading. As of today's close, the company's share price stood at 0.91 yuan, plunging 72.51%.
On the evening before, the company issued an announcement stating that it entered the delisting consolidation period on September 30, which lasts for fifteen trading days, with the expected final trading date being October 27, 2026. The company's shares will be delisted on the next trading day after the expiration of the delisting consolidation period, and the company's shares will terminate their listing. The company's securities abbreviation also changed from "*ST Yuandao" to "Yuandao Delisting."
Tracing back to the origins of this case, as early as July 11, 2025, the company received a "Notice of Filing" issued by the China Securities Regulatory Commission, as the company was suspected of illegal acts such as false records in financial data in annual reports and other information disclosure documents. The CSRC decided to file a case against the company. On May 8 of this year, Yuandao Communications received a "Prior Notice of Administrative Penalty" issued by the CSRC.
According to the latest "Decision on Administrative Penalty" received by the company, from October 2020 to July 2022, Yuandao Communications successively disclosed the draft, review draft, and registration draft of its "Prospectus," with the relevant reporting periods ultimately covering 2019 to 2021. Upon investigation, from 2019 to 2021, Yuandao Communications inflated operating revenue by 65.9026 million yuan, 160.6883 million yuan, and 263.6321 million yuan respectively through methods such as fabricating workload confirmation forms, accounting for 8.75%, 13.12%, and 16.23% of the operating revenue for 2019 to 2021 as disclosed in the "Prospectus," respectively. In 2022, Yuandao Communications inflated operating revenue by 166.2184 million yuan through methods such as fabricating workload confirmation forms, accounting for 7.87% of the operating revenue disclosed in its 2022 annual report.
According to reports, Yuandao Communications is a communications technology service enterprise, mainly providing communications technology services including communications network maintenance and optimization, and communications network construction, to communications equipment manufacturers. On July 8, 2022, the company was listed and traded on the ChiNext Board of the Shenzhen Stock Exchange, with total funds raised from the issuance amounting to 1.169 billion yuan. Compared with the initially declared IPO planned financing amount of 843 million yuan, this created approximately 326 million yuan in excess raised funds.
In other words, Yuandao Communications committed financial fraud for four consecutive years, covering the period before and after its IPO, constituting fraudulent issuance. Based on Yuandao Communications' illegal acts of fraudulent issuance and information disclosure violations, the CSRC decided to order Yuandao Communications to make corrections, issue a warning, and impose a fine of 238.8368 million yuan.
On September 21, the company received the "Decision on Termination of Listing of Yuandao Communications Co., Ltd. Shares" from the Shenzhen Stock Exchange, and the Shenzhen Stock Exchange decided to terminate the company's share listing and trading. According to incomplete statistics, since the beginning of 2026, 21 listed companies have completed delisting, among which four companies were subject to mandatory delisting for touching major violations, one company voluntarily applied for delisting, three companies were subject to delisting for touching market value thresholds, and 13 companies were subject to mandatory delisting for touching financial criteria. However, there has not yet been a case of delisting triggered by a share price remaining below 1 yuan for 20 consecutive trading days, which is markedly different from the situation in previous years.