*ST Changyao announced that its shares may be subject to mandatory delisting on financial grounds, as the company failed to complete its restructuring by December 31, 2025, and its net assets at the end of 2025 are expected to be negative. In addition, the company is suspected of falsifying financial data in its periodic reports and is currently under investigation by the China Securities Regulatory Commission (CSRC), posing a significant risk of mandatory delisting due to material violations. The company’s stock has closed below RMB 1 for four consecutive trading days, with a closing price of RMB 0.88 per share on January 6, 2026. If the price remains below RMB 1 for twenty consecutive trading days, the company will be delisted. The company reminds investors to be aware of investment risks.