After 32 years of ups and downs in the capital market, “*ST Rock” (*ST岩石), also known as the “Phoenix of A-shares,” has finally delisted and become the first white liquor stock in China to be delisted. On April 30th, the company’s stock was officially suspended from trading since the opening, and the Shanghai Stock Exchange issued a notice of intention to delist. As of March 31st, the total number of shareholders of *ST Rock was 21,700.
On the evening of April 29th, *ST Rock released its 2025 annual report and announced that its stock would be suspended from trading starting April 30th. On the same evening, the Shanghai Stock Exchange simultaneously issued a notice of intention to delist *ST Rock and made the decision to delist its stock. This marks the first delisting of a white liquor stock.
According to a report by “21st Century Economic News,” following the usual process for delisting stocks, once *ST Rock completes its exit from the A-share mainboard, goes through all delisting procedures, and completes delisting filing, the stock code 600696 will be officially reclaimed and archived by the exchange.
The annual report disclosed by the company on the 29th showed that the net profit attributable to the parent company in 2025 was -266 million yuan (RMB), with a negative adjusted net profit as well. During the same period, the operating income was only 39.3395 million yuan, far below the revenue threshold of 300 million yuan.
The report mentioned that compounding the issue was the audit firm, United Chartered Verity Green CPA Firm, issuing a “qualified opinion” on this annual report, while also issuing a negative opinion on internal controls, with audit non-standard matters directly triggering delisting provisions.
By the close of trading on April 29th, *ST Rock’s stock price was reported at 1.31 yuan, plummeting nearly 98% from its historical highs, with a total market value of 438 million yuan, remaining below the 500 million yuan market value threshold for 18 consecutive trading days. The “market value delisting” was imminent.
As reported by “Financial Community” on April 30th, since its listing on the A-share market in 1993, *ST Rock underwent frequent name changes along with changes in its actual controller. Initially engaged in ceramic-related business, the company was known as Fujian Haosheng; it subsequently changed its name to Lijia Shares, Duolun Shares, Pitopito, Rock Shares, Shanghai Guijiu, and Jundao Jiuye. Behind each name change, the main business direction shifted frequently, each time attempting to capitalize on the hottest trends of the moment, but the results were far from ideal.
In 2024, the performance of *ST Rock plummeted dramatically, recording a net loss of 217 million yuan for that year. The company stated in its annual report that in 2024, it faced financial pressure and reduced market exposure. Coupled with events such as the company’s actual controller being taken into custody by the authorities, the company’s controlling shareholder and its concerted action actors’ shares being judicially frozen, distributors adopted a more cautious attitude towards replenishment and stocking, leading to a significant decrease in the company’s operating income compared to the same period last year, and operational cash flow showed a negative value for the first time.
The report mentioned that to make matters worse, in October 2025, a final judgment was reached in a trademark infringement case involving *ST Rock and Guizhou Guijiu. *ST Rock lost the case and was ordered to pay 4.1885 million yuan in damages, and was prohibited from using the “Guijiu” company name.
On April 10, 2026, twenty days before delisting, the company changed its name for the sixth time, transitioning from “Shanghai Guijiu” to “Jundao Jiuye.”
On April 30th, topics such as “First white liquor stock delisted, stock price plummets by 98%,” and “Actual controller of first delisted white liquor stock arrested” surged in popularity on Weibo.
Financial blogger “Gutaifu” posted, “After 30 years, the shell king is gone, leaving 20,000 shareholders in complete ruins. Who could have imagined? Once fervently pursued by capital, riding the wave of ‘white liquor,’ has now directly become the first delisted white liquor stock in A-shares, with its stock price plunging 98%, a 32-year cycle of capital finally exits at a loss!
“…What’s even more ironic is that this stock was simply a capital game from beginning to end. With no core capacity or brand barriers, it relied on frequent name changes, riding the white liquor trend, hyping up expectations for restructuring to harvest retail investors, leading to perennial hollowness in its core business. During the bull market in the white liquor industry, it told thrilling stories riding the trend; once the tide receded, the actual controllers exploded, business performance was exposed, and all the bubbles burst instantly.”
Financial blogger “Xiaoliu Zhongcheng” stated, “*ST Rock, with over thirty years of listed experience, changing its stock abbreviation several times, ultimately ending up as a target for market value delisting, with its stock price plummeting by 98%, plunging 20,000 shareholders into a deep pit of losses. This company had long been hollowed out, with its actual controllers implicated and apprehended, its fund chain completely broken, years of huge losses, halved revenues, losing trademark lawsuits, consecutive non-distribution and non-increases, never providing shareholders with real dividends.”
Mao Qinghai, the planning director of Yangzhou Zengli Trading and Development Co., said, “In addition to *ST Rock, the stock code 600696 has changed names multiple times, including Fujian Haosheng, Lijia Shares, Duolun Shares, Pitopito, Rock Shares, over thirty years, causing a succession of A-share investors to stumble.”