*ST Hu Ke Issues Fourth Delisting Risk Warning, May Face Compensation Claims from Damaged Investors Due to Information Disclosure Issues

How will the AI information disclosure violation investigation affect the company’s delisting process?

Radar Finance Article | Yang Yang, Edited by Li Yihui

On March 20, *ST Huke (Stock Code: 600608) issued its fourth risk warning announcement regarding the possible termination of its stock listing. The company’s financial indicators for 2024 triggered the conditions specified in Article 9.3.2, Paragraph 1 of the Shanghai Stock Exchange Listing Rules, leading to a delisting risk warning effective April 30, 2025. If the company’s 2025 annual report also meets any of the conditions in Article 9.3.1 of the Shanghai Stock Exchange Listing Rules, its stock will be delisted.

Additionally, the company is currently under investigation by the China Securities Regulatory Commission for suspected information disclosure violations, which may result in administrative penalties ranging from over 1 million yuan to below 10 million yuan. The company has not yet accrued estimated liabilities, and additional provisions could turn net profit negative. The annual audit firm still needs to further verify the commercial substance, independence, and sustainability of the company’s flower-related business in 2025, and it cannot yet confirm whether the related financial indicators are positive. The company reminds investors to be aware of investment risks.

It is also noteworthy that *ST Huke may face investor compensation claims due to disclosure issues.

In response, Song Lianmin, director of Jiangsu Shengheng Law Firm, which has handled numerous stock compensation claims, told Radar Finance that according to the Securities Law and related regulations, if a listed company’s misconduct causes losses to investors, the affected investors can seek legal compensation. Investors who bought *ST Huke stock between the listing date and December 13, 2025, and held the stock as of the close of December 13, 2025, can register via the public account “LeiZhuBa” (LeiZhu Code: 99) to participate in free compensation claims. There are no fees before receiving compensation.

According to Tianyancha data, *ST Huke was established on March 26, 1992, with a registered capital of 328.861441 million yuan. The legal representative is Wang Tianyang, and the registered address is Room 5110, Building C, No. 555 Dongchuan Road, Minhang District, Shanghai. Its main business involves trading plastic granules, with secondary operations in non-ferrous metals, edible agricultural products, and daily necessities.

Currently, the company’s chairman is Wang Tianyang, who also serves as the secretary to the board (acting). It has 18 employees, and the actual controller is the State-owned Assets Supervision and Administration Commission of Kunming Municipal People’s Government.

The company has one affiliated company, including Shanghai Yixuan International Trade Co., Ltd.

In terms of performance, the company’s revenue for 2022, 2023, and 2024 was 367 million yuan, 149 million yuan, and 17.22 million yuan, respectively, with year-on-year growth of 13.73%, -53.37%, and -88.42%. Net profit attributable to the parent was 4.0188 million yuan, -22.015 million yuan, and -5.6828 million yuan, with year-on-year changes of +175.31%, -645.68%, and +74.19%. During the same period, the company’s asset-liability ratios were 64.10%, 69.57%, and 67.59%.

Regarding risks, Tianyancha information shows the company has 107 internal Tianyan risks, 476 surrounding risks, 86 historical risks, and 109 warning risks.