Xiangyu Technology Under Investigation, Previous Announcements May Result in ST Status, Rights Protection and Claims Collection Initiated

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（Source: Caowen）

Users who buy Xiangyou Technology after its listing and hold the shares until the close of trading on March 16, 2026, can register for rights protection and claims.

Recently, Hunan Xiangyou Technology Co., Ltd. (Xiangyou Technology (600476.SH)) issued an announcement disclosing that the company received a “Notice of Case Filing” (No.: Zhengjian Case Filing Zi 0132026022) from the China Securities Regulatory Commission (hereinafter referred to as “CSRC”). Due to suspected violations of information disclosure laws and regulations, including the Securities Law of the People’s Republic of China and the Administrative Penalty Law of the People’s Republic of China, the CSRC has decided to file a case against the company. The announcement states that the company’s operations and business activities are currently normal. During the investigation, the company will actively cooperate with the CSRC’s investigation and strictly comply with relevant laws, regulations, and regulatory requirements to fulfill its information disclosure obligations in a timely manner.

On January 30, 2026, Xiangyou Technology issued a risk warning announcement regarding the possible delisting of its stock, showing that, based on preliminary calculations by the company’s finance department, the net assets at the end of 2025 are expected to be between -408.62 million yuan and -228.62 million yuan. This may trigger the delisting risk warning situation specified in Article 9.3.2, Paragraph 1, Item (2) of the Stock Listing Rules: “The net assets at the end of the most recent audited fiscal year are negative, or the net assets at the end of the most recent fiscal year after retrospective restatement are negative.” After the disclosure of the 2025 annual report, the company’s stock may be subject to delisting risk warning by the Shanghai Stock Exchange (with “*ST” prefix before the stock abbreviation).

According to the earnings forecast announced at the same time, the company expects a net profit attributable to the parent company’s owners of between -550 million yuan and -370 million yuan for 2025; and a net profit after deducting non-recurring gains and losses of between -550.14 million yuan and -370.14 million yuan. The main reasons for the expected loss are: some customers’ payments are overdue, involving significant transaction amounts and large accounts receivable; despite multiple communications with customers, the company has not received payments nor obtained written payment commitments. Due to prudence, the company believes that the recoverability of these receivables and long-term receivables is highly uncertain, and an impairment provision of approximately 280 million to 460 million yuan is expected to be recognized. Additionally, influenced by macroeconomic conditions and core customer project investments, the company’s revenue in 2025 will decline sharply. Some customers’ original stable income was impacted due to tightened IT construction budgets and project delays; the external industry also faces slow expansion due to market conditions.

Official start of pre-collection for rights protection and claims:

According to the Securities Law and the Supreme People’s Court’s provisions on civil compensation cases arising from false statements in the securities market, listed companies that cause investor rights and interests to be damaged due to false statements shall bear civil compensation liability.

Platform rights protection lawyers believe that Xiangyou Technology (600476.SH) has a pre-collection period for rights protection as follows:

Users who buy shares after listing and hold them until the close of trading on March 16, 2026, can register for rights protection and claims.

Required fee: Full-risk legal representation, no fees will be charged to investors before compensation is received.

Required materials: During registration, only basic information needs to be provided. After approval, you will receive a text message guiding you to connect with a lawyer. Please prepare the materials according to the lawyer’s instructions and mail them to the law firm’s address.

Materials include reconciliation statements, account proof, power of attorney, etc. These can be prepared in half a day; subsequent matters will be handled by the lawyer, and you do not need to appear in person.

Rights protection registration portal: Click to register

For questions about rights protection, see the rights protection guide: Click to view

Investors can search for “Rights Protection Platform” on the Tonghuashun APP to find the registration portal and participate in claims.

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