19 Stocks Under Investigation This Year, Nearly 70% of Performance Under Pressure

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

Two companies investigated on the same day

On the evening of March 16, ST Keli Da and Xiangyou Technology respectively announced that they received “Notice of Investigation” from the CSRC. Specifically, both companies are under investigation for suspected violations of information disclosure laws and regulations, and the CSRC has decided to investigate 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, the stock price of ST Keli Da increased by 188.97% in 2025. However, since 2026, the stock has been volatile and declining. Data shows that from January 12 to March 17, 2026, over 41 trading days, the company’s stock price declined cumulatively by 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 indicates the company expects a net profit attributable to shareholders of between -2 billion and -1.6 billion yuan, turning from profit to loss compared to the previous year.

Regarding the expected loss, ST Keli Da told Beijing Business Daily that this is mainly due to macroeconomic weakness and tightening market conditions, with significant downward pressure on the domestic construction industry and increasing 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 plans to focus on its core businesses of building curtain walls and architectural decoration, integrate six major business segments to create synergy, and implement 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, the company 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 announced that it was under investigation by the CSRC for suspected violations of information disclosure laws and regulations. On March 17, the company’s stock opened lower and continued to decline. By the close on March 17, Xiangyou Technology’s stock price had fallen 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, the company issued a forecast indicating a loss for 2025, expecting a net profit attributable to shareholders of between -550 million and -370 million yuan, turning from profit to loss compared to the previous year.

19 companies investigated this year, 3 are ST stocks

So far this year, 19 stocks have been investigated by the CSRC. Of 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 released performance forecasts or quick reports for 2025. Among them, Rongbai Technology, Yahui Long, Lierda, Yingjixin, and Bolite have already disclosed their 2025 performance quick reports; Shuangliang Energy Saving, Tianji Shares, Tiansheng New Materials, and others have issued performance forecasts.

Specifically, out of the 18 stocks that “preview” their 2025 performance, 10 are expected to report losses. Based on the upper limit of the forecasted net profit, 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. Five other stocks—Jierong Technology, Xiangyou Technology, Quanyin High-tech, ST Keli Da, and Rongbai Technology—are also expected to have net losses exceeding 100 million yuan. The remaining stocks forecast losses below 100 million yuan.

Additionally, ST Cuihua and Yahui Long are expected to see their net profits decline year-over-year.

Only Tianpu Shares have not released their full-year 2025 performance forecast. 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 investigated stocks, 13 are under financial pressure, accounting for 68.42%.

Furthermore, among the stocks investigated this year, 3 are ST stocks: ST Cuihua, ST Xinhuajin, and ST Keli Da.

Regarding the months when these stocks were investigated, from January to March 2026, 6, 10, and 3 companies respectively were investigated. Compared to the same period last year, the number of investigated stocks in 2026 has increased significantly. From January 1 to March 17, 2026, a total of 8 A-share stocks were investigated.

Additionally, regarding the reasons for investigation, 18 of the 19 stocks are suspected of violating information disclosure laws and regulations, with Rongbai Technology being the only exception, suspected of 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 foundation for investment decisions. If information disclosure is illegal, it can lead to information asymmetry and potentially harm investors’ interests.