19 Stocks Under Investigation This Year! Nearly 70% Face Performance Pressure, 3 Are ST Stocks

Log in to Sina Finance App and search for [Disclosure of Information] to see more evaluation levels

（Source: Beijing Business Today）

Since the beginning of the year, the China Securities Regulatory Commission (CSRC) has continued to strengthen its regulatory efforts. On March 16, two more companies were filed for investigation, namely ST Keli Da and Xiangyou Technology. According to Tonghuashun iFinD statistics, since 2026, a total of 19 A-share companies have been filed for investigation by the CSRC, with over 90% suspected of violating information disclosure laws and regulations. Additionally, regarding the performance of these 19 companies under investigation, 13 have poor results, with net losses or year-over-year declines, accounting for nearly 70%.

Two companies filed for investigation on the same day

On the evening of March 16, ST Keli Da and Xiangyou Technology respectively disclosed announcements stating they received notices of investigation from the CSRC.

Specifically, due to suspected violations of information disclosure laws and regulations, the CSRC decided to file cases against ST Keli Da and its chairman, Gu Yiming.

Following this news, on March 17, ST Keli Da hit the daily limit down, with the stock closing at the limit price of 6.35 yuan per share, and a total market value of 3.784 billion yuan. Looking at the longer-term trend, ST Keli Da’s stock price increased by 188.97% in 2025. However, since 2026, the stock has experienced volatility and a downward trend. From January 12 to March 17, 2026, over 41 trading days, the stock price declined by a total of 24.22%.

It is reported that ST Keli Da’s main business involves the design and construction of building curtain walls and architectural decoration projects. Regarding performance, the 2025 earnings forecast shows the company expects a net profit attributable to shareholders of -160 million to -200 million yuan, turning from profit to loss.

Regarding the expected loss, ST Keli Da told Beijing Business Today that this is mainly due to macroeconomic weakness and tightening market conditions, with significant downward pressure on the domestic construction industry and increasingly fierce market competition. To cope with these challenges, the company has actively shrunk its market scope, focusing on local markets, reducing ongoing projects, and decreasing revenue. Due to intensified market competition, project gross margins have further declined. In response to the current performance pressure, the company will focus on its core businesses of building curtain walls and architectural decoration, integrate six major business segments to create synergy, and take multiple measures to boost overall profitability.

It is worth noting that ST Keli Da is planning a change of ownership. On January 10, this year, ST Keli Da announced that its indirect controlling shareholder would change to Shanghai Yingzhong Intelligent Technology Co., Ltd., with the actual controllers changing to Cao Yalian and Liu Chunjian. The chairman under investigation, Gu Yiming, is also one of the company’s actual controllers.

On the evening of March 16, Xiangyou Technology also disclosed an announcement stating that due to suspected violations of information disclosure laws and regulations, the CSRC decided to file a case against the company. On March 17, the stock opened lower and continued to decline. By the close, Xiangyou Technology’s stock price fell sharply by 9.44%, closing at 11.61 yuan per share, with a total market value of about 1.87 billion yuan.

Data shows that Xiangyou Technology’s main business includes information system integration, software development, product sales, platform operation, and maintenance services.

From a fundamental perspective, Xiangyou Technology released a performance forecast for 2025 indicating the company expects a net loss attributable to shareholders of -550 million to -370 million yuan, turning from profit to loss.

Nearly 70% of the 19 companies under investigation have poor performance this year

As of now, a total of 19 stocks have been filed for investigation by the CSRC this year. Among these, 13 have poor performance, accounting for 68.42%.

According to Tonghuashun iFinD statistics, none of these 19 stocks have disclosed their 2025 annual reports yet, but 18 have issued performance forecasts or quick reports for 2025. Among them, five companies—Rongbai Technology, Yahui Long, Lierda, Yingjixin, and Bolite—have disclosed their 2025 performance quick reports; while 13 companies, including Shuangliang Energy Saving, Tianji Shares, Tiansheng New Materials, and others, have issued performance forecasts.

Specifically, out of the 18 stocks that “previewed” their 2025 performance, 10 are expected to report losses. Based on the upper limit of net profit forecasts, Shuangliang Energy Saving is expected to have the largest loss, with an estimated net profit attributable to shareholders of about -1.06 billion to -780 million yuan, compared to a loss of about 2.134 billion yuan in the same period last year. Other companies with net losses exceeding 100 million yuan include Jierong Technology, Xiangyou Technology, Quanyin High-tech, ST Keli Da, and Rongbai Technology. The remaining companies forecast losses below 100 million yuan.

Additionally, ST Cuihua and Yahui Long are expected to see year-over-year declines in net profit.

Only Tianpu Shares have not released a full-year performance forecast for 2025. According to their latest financial report, in the first three quarters of 2025, the company achieved operating revenue of about 230 million yuan, a decrease of 4.98% year-over-year; net profit attributable to shareholders was approximately 17.85 million yuan, down 2.91%.

Overall, among the 19 companies under investigation, 13 are under financial pressure, accounting for 68.42%.

Furthermore, among the companies investigated this year, three are ST stocks: ST Cuihua, ST Xinhuajin, and ST Keli Da.

Regarding the months when these companies were investigated, from January to March 2026, six, ten, and three companies respectively were filed for investigation. Compared to the same period last year, the number of companies under investigation in 2026 has increased significantly. From January 1 to March 17, 2025, a total of 8 A-share stocks were filed for investigation.

Additionally, regarding the reasons for investigation, 18 of the 19 stocks are suspected of violating information disclosure laws and regulations. Only Rongbai Technology was investigated for allegedly misleading statements related to major contract announcements.

Angel investor and senior AI expert Guo Tao stated that information disclosure is the “lifeline” of the capital market. Strict regulation of violations is essential to maintain market stability and protect investors’ rights. True and timely information is the basis for investment decisions. If information disclosure is illegal, it can lead to information asymmetry and potentially harm investors’ interests.

Beijing Business Today reporters: Ma Huanhuan, Li Jiaxue