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?

How can AI restructuring landings drive stock prices to hit nine consecutive daily limit-ups?

Source: Times Weekly Reporter: Lin Yunxiao

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, resulting in a “7 limit-up 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 triggered by the court’s acceptance of its 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 letter confirming that the company’s restructuring plan has been fully executed.

Two years ago, *ST Jingfeng was on the brink 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 “Determining 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 temporary management firm Zhonglun Law Firm in Beijing, 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 approved the creditor’s restructuring application for Jingfeng Pharmaceutical and appointed Zhonglun Law Firm as the restructuring administrator on the same day.

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

Finally, on February 3, 2026, Jingfeng Pharmaceutical received a civil ruling document (2025) Xiang 07 Po No. 15 from Changde Court, which approved the “Restructuring Plan of Hunan Jingfeng Pharmaceutical Co., Ltd.” (hereinafter referred to as the “Restructuring Plan”) and terminated the company’s restructuring process.

Regarding the recent surge in the company’s stock price and post-restructuring business development, Times Weekly reporters contacted *ST Jingfeng by phone and email, but as of press time, no response has been received.

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 procedures. As of the announcement date, the Restructuring Plan has been fully implemented. According to Shenzhen Stock Exchange regulations, the delisting risk warning triggered by the court’s acceptance of 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 stock continues to be under other risk warnings.

*ST Jingfeng also issued the “Completion Announcement” on the evening of March 16, with legal opinion from Hunan Qiyuan Law Firm confirming the full execution of the restructuring plan. The company stated that during the restructuring process, it resolved its debt crisis and improved its asset-liability structure by introducing restructuring investors and adjusting shareholder rights. After completing the restructuring, 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 all been transferred and registered into the special account for bankruptcy estate disposal opened by the administrator. The total share capital increased from 880 million to 1.76 billion shares.

The release of these updates also triggered market reactions. From March 5 to March 18, *ST Jingfeng recorded 7 limit-up days.

Source: Wind

On March 15 and March 17, *ST Jingfeng issued “Announcement of Abnormal Fluctuations in Stock Trading,” stating that the closing prices on March 11, 12, and 13, 2026, had a cumulative deviation of 16.87%; and on March 16 and 17, a deviation of 12.02%.

One and a half years of restructuring

As early as July 2, 2024, Changde 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, the company announced that it had signed a restructuring investment agreement with the restructuring investor, including CSPC Holdings and Deyuan Merchants.

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 under delisting risk warning, to April 29, 2025, the company issued 40 announcements of abnormal trading fluctuations or serious anomalies.

Source: Wind

These abnormal events also involved insider trading, which was heavily penalized by the CSRC earlier this year. On January 9, the China Securities Regulatory Commission 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’s decision to participate in the restructuring may also be motivated by its interest in the core product of its subsidiary Dalian Dezhe—an anti-tumor plant extract called Lianxiangxian. According to the PDB drug database, Lianxiangxian is the second most market-share anti-tumor plant drug after paclitaxel in China. Data from MoE drug screening shows that only CSPC Yuanda (Dalian) and Dalian Dezhe’s wholly owned subsidiary Dalian Huali Jinhang Pharmaceutical have approved Lianxiangxian products. If the restructuring succeeds, CSPC could gain control over the Lianxiangxian 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. Since December 2023, Dalian Dezhe has been excluded from *ST Jingfeng’s consolidated financial statements, 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 was assigned to acquire Wu Yi Huijun’s equity in Dalian Dezhe, allowing Dalian Dezhe to continue operations and be included again in *ST Jingfeng’s consolidated statements. 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” to clarify the investment price and payment schedule.

Previously, CSPC Holdings, as the leading restructuring investor, and Deyuan Merchants, as a consortium member, acquired shares worth 648 million yuan. After the signing of the “Supplementary Agreement,” 17 new investors, including China Great Wall Asset Management, joined, increasing *ST Jingfeng’s share capital to 879.8 million shares, with the total transfer price rising to 2.061 billion yuan. CSPC’s shareholding decreased from 526 million to 457 million shares, but the total consideration increased from 526 million to 663 million yuan.

2025 performance turns loss again

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

The company explained that the loss in 2024 was mainly due to the exemption of 110 million yuan principal of the “16 Jingfeng 01” bonds and all accrued but unpaid fees related to these bonds before December 31, 2024, totaling 266 million yuan, which turned the company’s 2024 results positive.

The forecast also states that in 2025, due to pharmaceutical industry policies, the sales prices of *ST Jingfeng’s main products declined, and sales did not significantly recover, resulting in continued operational losses.

Post-restructuring operations, the “Restructuring Plan” states that Jingfeng Pharmaceutical will focus on existing businesses mainly in traditional Chinese medicine and chemical drugs, with new growth 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 Lianxiangxian, the plan mentions conducting systematic research on Lianxiangxian, improving quality standards, and utilizing by-products. It also aims to develop derivatives and formulations to expand applications in anti-tumor and other disease treatments, while optimizing extraction processes to improve resource utilization.

In the field of anti-tumor R&D, the plan emphasizes advancing the development of anti-cancer products and addressing capacity and sales issues of drugs like Irinotecan injection, Gemcitabine injection, and Cyclophosphamide injection.

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