Last night, *ST Kaiyuan issued an announcement stating that the company's application to withdraw the risk warning of delisting and continue to implement other risk warnings has been approved by the Shenzhen Stock Exchange. According to relevant regulations, the company's stock will be suspended for one day from the opening of the market next Monday and resume trading from the opening of the market next Tuesday. From the opening of the market on June 10, 2025, the stock abbreviation will be changed from "*ST Kaiyuan" to "ST Kaiyuan".
As soon as the news came out, tens of thousands of shareholders of the company were in a state of excitement. Many investors left messages saying that if you can win the stars, you will be half successful, and if you remove the hat later, you will have more hope; but some people say that if you only remove the stars but not the hat, you will have half the taste.
It seems to be two kinds of comments, but in fact it reflects two personalities, one is optimistic and the other is pessimism. Let’s not comment on who is right or wrong first, let’s take a look at the causes and consequences of the company wearing a star-studded hat and removing stars.
*ST Kaiyuan, listed on the GEM on July 26, 2012, with an issue price of 27 yuan. It currently belongs to the education industry and mainly engages in vocational education business. It is a leading enterprise in the field of financial and accounting training in China, and is also the most competitive industry brand.
The company's most profitable business is education and training products. In 2024, the business achieved revenue of 117 million yuan, accounting for 68.31% of the total revenue, contributing profit of 84.48 million yuan, accounting for 81% of the total profit, and a gross profit margin of 72.42%.
However, from a growth perspective, after the company went public, its revenue has declined significantly since 2019. By 2024, only 171 million yuan of revenue remained, a decrease of 80% compared with 2019. The sharp decline in revenue shows that the company's product competitiveness and market positioning have encountered great difficulties.
The company's non-net profit has suffered a significant loss since 2019. Although the loss has narrowed since then, it has not yet achieved profitability.
The continued loss in performance finally caused big trouble to the company. On April 30, 2024, the company issued an announcement stating that since the company's audited net assets at the end of the period in 2023 were negative, in accordance with relevant regulations, the Shenzhen Stock Exchange implemented a delisting risk warning on the company's stock trading
;In addition, The company also has negative values for the lower net profit before and after deducting non-recurring gains and losses in the last three fiscal years, and the audit report in the latest year shows that there is uncertainty in the company's ability to continue operating. According to relevant regulations, the Shenzhen Stock Exchange will implement other risk warnings on its stock trading. Since then, the company has embarked on a star-length journey.
Under negative pressure, the company's stock price also fell from a maximum of 44.95 yuan to 1.02 yuan in 2024, almost falling below 1 yuan's face value, falling into the embarrassment of delisting on the face value.
Fortunately, after the company's efforts for the next year, it has finally improved a little, cancelled the delisting risk warning, and bought valuable time for the company to improve its operating performance. But it is not a complete success to just take the stars but not the hat. The company needs to achieve this goal with real results in the future. However, with this good news about Zhaixing, the company should be happy this weekend after the company has joined shareholders.
