In-Depth Analysis of the Impact of the Shanghai Stock Exchange Regulatory Work Letter on Ruimaotong and Supply Chain Management Enterprises

Ruimaotong Supply Chain Management Co., Ltd. (Stock Code: 600180) received a regulatory work letter issued by the Shanghai Stock Exchange on January 19, 2026, clarifying regulatory requirements regarding the company’s information disclosure matters. The recipients of this regulatory work letter include the listed company itself, its directors, senior management, as well as controlling shareholders and actual controllers [1].

According to previously disclosed information, the core concern of the regulator is:

. Specifically, as of November 22, 2025, the total amount of overdue debts that the company failed to repay had reached the disclosure threshold, but the company did not disclose it in a timely manner and only disclosed the debt default situation on December 5 [2].

Time Node	Event Content	Impact Level
November 19-22, 2025	Overdue debt principal exceeds 10% of net assets, triggering disclosure obligations	Starting point of information disclosure violation
December 5, 2025	The company discloses debt defaults for the first time (principal of RMB 1.093 billion, accounting for 13.86% of net assets)	Release of negative information
January 15, 2026	Shandong Regulatory Bureau issues a warning letter, and the Shanghai Stock Exchange imposes a regulatory warning	Implementation of regulatory penalties
January 17, 2026	The company releases a 2025 annual performance pre-loss announcement	Confirmation of performance risks
January 19, 2026	Shanghai Stock Exchange issues a regulatory work letter	Signal of regulatory escalation

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According to market data, the current share price of Ruimaotong is RMB 3.60, representing a 1.69% increase from the previous trading day [0]. However, from a longer-term perspective, the company’s share price shows a significant downward trend:

Statistical Period	Return	Market Comparison
Past 5 days	-1.64%	Underperforms the market
Past 1 month	-9.55%	Significantly underperforms the market
Past 3 months	-22.25%	Substantially underperforms the market
Past 6 months	-20.53%	Substantially underperforms the market
Past 1 year	-13.46%	Significantly underperforms the market

From a technical analysis perspective, Ruimaotong’s current Beta coefficient is 0.52, indicating lower volatility relative to the Shanghai Composite Index [0]. The 50-day moving average is RMB 4.16, and the 20-day moving average is RMB 3.66. The current price is below the short-term moving average, showing a short-term bearish trend. The KDJ indicator shows a dead cross (K:43.3, D:48.1, J:33.8), indicating a bearish short-term technical outlook [0].

: From November 2025 to January 2026, the Shanghai Composite Index rose from 3954 points to 4114 points, with an increase of approximately 4.04% [0].

: Against this backdrop, Ruimaotong’s share price fell by more than 22%, with a relative return of over -26%, indicating that the regulatory event has had a significant excess negative impact on the company’s share price.

Historical data shows that Ruimaotong’s average daily trading volume is approximately 20-21 million shares, with a 52-week trading range of RMB 3.44-6.06. The current share price is close to the 52-week low, reflecting the market’s pessimistic expectations for the company’s prospects [0].

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Ruimaotong’s current valuation indicators show extreme characteristics [0]:

Valuation Indicator	Current Value	Industry Average	Deviation Degree
P/E (TTM)	241.85x	~30x	706% premium
P/B (TTM)	0.49x	~1.5x	67% discount
P/S (TTM)	0.16x	-	Extremely low
ROE	0.20%	~8%	Extremely low

It should be specially noted that Ruimaotong’s extremely high P/E multiple is mainly driven by the following factors:

1. Performance loss
   : The company expects the net profit attributable to shareholders of the listed company to be negative in 2025 [3]
2. Extremely low base
   : When net profit is close to zero, the P/E ratio will be artificially inflated
3. Asset impairment
   : A P/B ratio below 1 indicates that the market has concerns about the company’s asset quality

:

• P/E ratio
  : Soared from around the normal 30x to 241x (apparent 706% premium, actually abnormal)
• P/B ratio
  : Dropped from approximately 1.0x to 0.49x (67% discount)
• Liquidity discount
  : Current ratio of 0.82 (below 1), indicating insufficient short-term solvency

:

1. Information disclosure violation
   : Delayed disclosure of debt defaults has damaged investor trust
2. Exposure of financial risks
   : Debt defaults and account freezes have exposed liquidity management issues
3. Sustained performance pressure
   : The 2025 pre-loss confirms the deterioration of profitability

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Based on analysis of similar historical cases, the short-term impact of a regulatory work letter on share prices usually manifests as follows:

Impact Dimension	Specific Performance	Impact Level
Price Impact	Share price drops by 8-15% within 5-10 trading days after the event is disclosed	High
Increased Volatility	Intraday volatility rises from 1.5% to 3-5%	High
Trading Volume Expansion	Trading volume increases by 50%-100% compared to the average level	Medium-High
Deteriorated Liquidity	Bid-ask spread widens	Medium
Margin Trading Pressure	May trigger stop-loss and liquidation	Medium-High

1. Damaged investor confidence
   : Information disclosure violations directly undermine the market’s trust in the company’s management
2. Downgrades by sell-side institutions
   : Analysts are expected to re-evaluate the company’s investment value and may lower target prices
3. Position adjustments by buy-side institutions
   : Institutional investors may reduce their holdings for risk control purposes
4. Negative media attention
   : Increases pressure on public opinion management

1. Restrictions on margin trading
   : Securities firms may increase margin requirements or restrict new margin financing
2. Index rebalancing risk
   : If excluded from major indices, it will trigger passive selling
3. Equity pledge risk
   : The controlling shareholder’s shares have been judicially marked/frozen, which may trigger pledge risks

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:

• Short-term: P/B ratio may remain in the range of 0.4-0.5x
• Medium-term: If performance improves and rectification is completed, the P/B ratio may recover to 0.6-0.8x
• Long-term: Restoring normal valuation requires ROE to rebound to the industry average level

:

1. Reputation damage takes time to repair
2. Compliance rectification requires sustained investment
3. The performance inflection point has not yet appeared

Impact Dimension	Short-Term (1-6 Months)	Long-Term (More than 6 Months)
Financing Capacity	Banks may tighten credit lines	Credit repair takes 12-24 months
Supplier Relationships	May require advance payments or guarantees	Trust rebuilding requires sustained efforts
Customer Expansion	New customer audits will be more stringent	Brand reputation is damaged
Business Expansion	Project approval may be delayed	Strategic execution is hindered

1. Debt pressure
   : The RMB 1.093 billion overdue debt principal may trigger cross-default clauses
2. Refinancing difficulties
   : Capital market financing channels may be temporarily closed
3. Introduction of strategic investors
   : May be forced to introduce strategic investors to optimize the shareholding structure
4. Asset disposal
   : May need to sell non-core assets to repay debts

1. Accountability of responsible persons
   : The chairman, general manager, chief financial officer, and secretary of the board have all been warned
2. Risk of management changes
   : Relevant responsible persons may resign due to taking responsibility
3. Increased compliance costs
   : Need to invest more resources to improve internal control
4. Decline in information disclosure rating
   : May affect the company’s information disclosure assessment rating

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The Ruimaotong event’s overall impact on the supply chain management industry is mainly reflected in:

1. Industry valuation pressure
   : Expectations of tighter regulation may lead to a downward adjustment of the overall sector valuation
2. Reduced investor risk appetite
   : Capital may flow out of high-risk supply chain sectors
3. Increased compliance costs
   : Industry enterprises need to increase investment in information disclosure and internal control
4. Tighter credit
   : Banks may tighten credit lines for the entire supply chain industry

Company	Time	Type of Issue	Impact on Share Price	Subsequent Development
Rongbai Technology	January 2026	Failure to disclose the amount of large contracts	Suspended trading	Awaiting response to inquiries
Hengqu Technology	January 2026	Undisclosed guarantee matters	Warning letter	Under rectification
Qinyue Technology	December 2025	Undisclosed related party transactions	Regulatory attention	Under continuous tracking

:

• Enterprises with standardized information disclosure will obtain valuation premiums
• Enterprises with sound internal control are more favored by institutional investors
• Financially stable enterprises have stronger risk resistance during industry downturns

:

• Highly leveraged and high-risk enterprises face elimination pressure
• Industry concentration may increase
• Leading enterprises will expand their market share

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The impact of regulatory work letters on supply chain enterprises shows multi-level transmission characteristics:

┌─────────────────────────────────────────────────────────────────┐
│                  Issuance of Regulatory Work Letter             │
└───────────────────────────────┬─────────────────────────────────┘
                                │
        ┌───────────────────────┼───────────────────────┐
        ▼                       ▼                       ▼
   ┌─────────┐            ┌─────────┐            ┌─────────┐
   │ Stock Drop │          │ Valuation Re-rating │    │ Volatility Increase │
   │ (-20%+)   │          │ P/B<0.5 │            │ (+20%)  │
   └────┬────┘            └────┬────┘            └────┬────┘
        │                      │                      │
        ├──────────────────────┼──────────────────────┤
        ▼                      ▼                      ▼
   ┌─────────┐            ┌─────────┐            ┌─────────┐
   │ Liquidity Crunch │    │ Deteriorated Financing Capacity │ │ Performance Pressure │
   │ Current Ratio <1 │    │ Banks Tighten Credit │      │ Expected Loss │
   └────┬────┘            └────┬────┘            └────┬────┘
        │                      │                      │
        └──────────────────────┼──────────────────────┤
                                │
        ┌───────────────────────┼───────────────────────┐
        ▼                       ▼                       ▼
   ┌─────────┐            ┌─────────┐            ┌─────────┐
   │ Business Disruption │  │ Capital Structure Optimization Pressure │ │ Industry Restructuring │
   │ Declined Trust │      │                     │            │ Compliance Advantages │
   └─────────┘            └─────────┘            └─────────┘

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Risk Type	Risk Level	Notes
Information disclosure violation risk	High	Has triggered regulatory warnings
Liquidity risk	High	Current ratio of 0.82, with debt defaults
Performance loss risk	High	Expected net loss for 2025
Controlling shareholder’s share freeze risk	High	Part of the shares have been marked/frozen judicially
Refinancing risk	Medium-High	Banks may tighten credit lines
Litigation risk	Medium	Investors may file civil claims

:

• Short-term: Avoid, wait for the regulatory uncertainty to be resolved
• Medium-term: Pay attention to rectification measures and performance improvement signals
• Long-term: Need to wait for fundamental improvements in the company’s operations

:

• Avoid high-leverage and high-risk targets
• Focus on leading enterprises with standardized information disclosure and sound financials
• Integration opportunities can be watched during the industry restructuring period

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The Shanghai Stock Exchange regulatory work letter has had a significant negative impact on Ruimaotong and similar supply chain management enterprises. In the short term, the main manifestations are share price decline, increased volatility, and valuation re-rating; in the medium to long term, issues such as liquidity pressure, deteriorated financing capacity, and hindered business expansion will take time to resolve.

For investors, it is necessary to focus on:

1. The company’s rectification measures and subsequent regulatory responses
2. Progress in resolving debt issues
3. Emergence of performance improvement inflection points
4. Management stability and the improvement of internal control

Against the backdrop of tighter regulation, information disclosure compliance has become one of the core factors affecting the valuation of supply chain management enterprises.

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[1] Sina Finance - “Ruimaotong and Related Parties Receive Regulatory Work Letter Regarding Information Disclosure Matters” (https://finance.sina.com.cn/stock/aigc/weigui/2026-01-19/doc-inhhwavp1061142.shtml)

[2] Securities Times Network - “Ruimaotong and Responsible Persons Receive Warning Letters for Failing to Timely Disclose Debt Defaults” (https://stcn.com/article/detail/3595695.html)

[3] Sina Finance - “Ruimaotong Supply Chain Management Co., Ltd. Warning Announcement on 2025 Annual Performance Pre-Loss” (https://finance.sina.com.cn/roll/2026-01-17/doc-inhhqaqk0208043.shtml)