9 days 7 consecutive limit-ups, demon stock *ST Jingfeng takes off again! Shiyi restructuring lands, application to delist A-share marks already on track?

Recently, *ST Jingfeng (000908.SZ) has continuously announced updates on restructuring progress, applications to revoke delisting risk warnings, and other developments. The capital market responded strongly, leading to a “7 limit-ups in 9 days” trend.

On the evening of March 17, *ST Jingfeng announced that the company had applied to the Shenzhen Stock Exchange to revoke the delisting risk warning imposed due to the court’s acceptance of the restructuring.

One day earlier, *ST Jingfeng issued an announcement titled “Completion of Company Restructuring Plan Execution” (hereinafter referred to as the “Completion Announcement”), stating that Hunan Qiyuan Law Firm issued a “Legal Opinion on the Completion of the Restructuring Plan of Hunan Jingfeng Pharmaceutical Co., Ltd.,” which concluded that the company’s restructuring plan had been fully executed.

Two years ago, *ST Jingfeng was on the verge of delisting. During the pre-restructuring process, the market reacted strongly, and the stock became the “limit-up king” of A-shares in 2024. As early as August 27, 2024, Jingfeng Pharmaceutical issued an “Announcement on Confirming Pre-Restructuring Investors and Risk Warning,” ultimately selecting a consortium led by CSPC Holdings as the restructuring investor.

After eight months, on April 29, 2025, Jingfeng Pharmaceutical announced that it had signed a restructuring investment agreement with the restructuring investor, including the company, the interim administrator Beijing Zhonglun Law Firm, CSPC Holdings, and Deyuan Merchants, a member of the consortium. The agreement detailed the number of shares to be subscribed and the price terms.

On October 21, 2025, Changde Intermediate Court accepted the company’s restructuring application and appointed Beijing Zhonglun Law Firm as the restructuring administrator for Jingfeng Pharmaceutical.

Subsequently, on January 9, 2026, the administrator, Jingfeng Pharmaceutical, CSPC Holdings, and Deyuan Merchants signed a “Supplementary Agreement to the Restructuring Investment Agreement,” further clarifying the investment price and payment schedule.

Finally, on February 3, 2026, Jingfeng Pharmaceutical received a civil ruling document (2025) Xiang 07 Po 15 from Changde Intermediate Court, which approved the “Restructuring Plan of Hunan Jingfeng Pharmaceutical Co., Ltd.” and terminated the company’s restructuring process.

Regarding the recent surge in the company’s stock price and future business development after restructuring, Times Weekly reporters contacted *ST Jingfeng by phone and email but had not received a response as of press time.

On March 19, *ST Jingfeng’s stock opened with another limit-up, reaching 6.14 yuan per share.

Source: TuChong Creative

Restructuring Completed, Application for Star Removal, Stock Price Soars

According to the announcement on the evening of March 17, *ST Jingfeng applied to revoke the delisting risk warning. The Changde Intermediate Court has ruled to end the company’s restructuring process. As of the announcement date, the “Restructuring Plan” had been fully implemented. According to Shenzhen Stock Exchange regulations, the delisting risk warning triggered by the court’s acceptance of the restructuring has been eliminated. The company has applied to the exchange to revoke the warning.

The announcement also pointed out that due to *ST Jingfeng’s net profits before non-recurring gains and losses being negative in 2022, 2023, and 2024, the company’s stock remains under other risk warnings.

*ST Jingfeng also issued a “Completion Announcement” on the evening of March 16, stating that the legal opinion from Hunan Qiyuan Law Firm confirmed the completion of the restructuring plan. The company indicated that during the restructuring process, it resolved its debt crisis by introducing restructuring investors and adjusting shareholder rights, improving its asset-liability structure. After the plan’s execution, Jingfeng Pharmaceutical’s fundamentals will undergo a fundamental improvement.

The “Completion Announcement” also mentioned that on March 10, 2026, the 880 million shares of capital reserve converted into stock as part of the implementation of the “Restructuring Plan” had been fully transferred and registered into the bankruptcy estate account opened by the administrator. The company’s total share capital increased from 880 million to 1.76 billion shares.

The release of these updates was accompanied by market reactions, with *ST Jingfeng recording seven limit-ups from March 5 to March 18.

Source: Wind

On March 15 and 17, *ST Jingfeng issued announcements on “Abnormal Fluctuations in Stock Trading,” noting that the closing prices on March 11-13, 2026, had deviated by a total of 16.87% over three consecutive trading days; and on March 16-17, 2026, by 12.02% over two days.

A Year and a Half of Restructuring

On July 2, 2024, Changde Intermediate Court decided to initiate pre-restructuring for *ST Jingfeng. On August 27, 2024, the company announced that CSPC Holdings was selected as the leading investor in the restructuring.

Later, on April 29, 2025, *ST Jingfeng announced that it had signed a restructuring investment agreement with CSPC Holdings and Deyuan Merchants, the consortium member.

During this process, *ST Jingfeng’s stock experienced a speculative rally in 2024-2025. Times Weekly statistics show that from May 10, 2024, when the stock was subjected to a delisting risk warning, until the signing of the investment agreement on April 29, 2025, the company issued 40 announcements related to abnormal trading or severe abnormal fluctuations.

Source: Wind

These abnormal trading activities also involved insider trading, which led to heavy penalties by the China Securities Regulatory Commission (CSRC) earlier this year. On January 9, the CSRC issued two administrative penalty decisions, confiscating all illegal gains from individuals Jiang Wei and Zhao Wei for insider trading, with total fines and confiscations amounting to approximately 26.4 million yuan.

According to the penalty decisions, both cases involved pre-restructuring information of a listed company. Based on the timeline, the pre-restructuring company is *ST Jingfeng.

CSPC Group’s decision to participate in the restructuring may also be motivated by its interest in the core product of *ST Jingfeng’s subsidiary, Dalian Dezhe—an anti-tumor plant-derived drug, Lanxangene. According to the PDB drug database, Lanxangene ranks second in market share among anti-tumor plant medicines after paclitaxel in China. Data from MoE drug screening shows that only CSPC Yanda (Dalian) and Dalian Huali Jinhang Pharmaceutical, a wholly owned subsidiary of Dalian Dezhe, have approved Lanxangene products. If the restructuring succeeds, CSPC could gain control over the Lanxangene market.

This product’s patent was once embroiled in disputes, affecting the restructuring process. Previously, Dalian Dezhe and Jinhang Pharmaceutical faced patent and shareholder disputes. Dalian Dezhe was no longer included in *ST Jingfeng’s consolidated reports from December 2023, adding uncertainty to the restructuring.

However, on September 15, 2025, *ST Jingfeng received a civil ruling from Jinzhou Court, which approved the withdrawal of the compulsory liquidation application against Dalian Dezhe by Wu Yi Huijun Investment Partnership (Limited Partnership). Changde Jingze Pharmaceutical Technology Co., Ltd. acquired Wu Yi Huijun’s equity in Dalian Dezhe, allowing the company to continue operations and be re-included in *ST Jingfeng’s consolidated reports. This resolved the uncertainty.

After signing the agreement in April 2025 and over more than eight months of negotiations, on January 9, 2026, the administrator, *ST Jingfeng, CSPC Holdings, and Deyuan Merchants signed a “Supplementary Agreement,” clarifying the investment price and payment schedule.

Initially, CSPC Holdings, as the leading restructuring investor, and Deyuan Merchants, as a consortium member, acquired shares for a total consideration of 648 million yuan. After the signing of the supplementary agreement, 17 new investors, including China Great Wall Asset Management, joined, increasing the total share transfer to 879.8 million shares and raising the total consideration to 2.061 billion yuan. CSPC’s shareholding was reduced from 526 million to 457 million shares, but the total consideration increased from 526 million to 663 million yuan.

2025 Performance Turns Losses Again

According to *ST Jingfeng’s 2025 performance forecast, the company expects revenue of 360 million to 420 million yuan, compared to 416 million yuan in the same period last year; net profit attributable to shareholders of -90 million to -60 million yuan, turning from profit to loss; net profit after non-recurring gains and losses of -64 million to -43 million yuan, narrowing losses compared to last year.

The company explained that in 2024, bondholders waived 110 million yuan of principal on the “16 Jingfeng 01” bonds and all accrued but unpaid fees related to these bonds as of December 31, 2024, amounting to 266 million yuan, which contributed to the turnaround from loss to profit in 2024.

However, the forecast also states that in 2025, due to pharmaceutical industry policies, sales prices of key products declined, and sales did not significantly recover, leading to continued operational losses.

Post-restructuring operations, as outlined in the “Restructuring Plan,” will include a main focus on traditional Chinese medicine and chemical drugs, along with new growth areas in biopharmaceuticals and synthetic biology.

The plan indicates that the company will gradually phase out uncompetitive products, focus on cardiovascular products based on potential and current product structure, and continuously optimize its portfolio.

Regarding CSPC’s focus on the oncology sector and Lanxangene, the plan states that systematic research will be conducted on Lanxangene, including quality standard improvements and resource utilization of extraction by-products; derivatives and formulations will be developed to expand applications in oncology and other diseases; resource extraction processes will be optimized to improve efficiency.

In terms of oncology R&D, the plan emphasizes advancing anti-tumor product development and addressing capacity and sales issues related to products like Irinotecan injection, Gemcitabine injection, and Cyclophosphamide injection.

In the second growth curve of biopharmaceuticals, the plan mentions collaboration with CSPC subsidiaries, prioritizing the transformation and production of biopharmaceutical projects in Changde, and leveraging CSPC’s integrated sales resources across Hubei, Hunan, Guangdong, and Guangxi to establish a sales headquarters in Changde, strengthening overall management.