Core Viewpoint - *ST Zitian (300280) is entering a delisting arrangement period, with significant financial misconduct leading to this decision [2][6][7]. Summary by Sections Delisting Process - On September 15, *ST Zitian will resume trading and enter a delisting arrangement period lasting 15 trading days, with the expected last trading date on October 13, 2025 [2]. - During the delisting arrangement period, the stock's name will change to "Zitian Tui," while the stock code remains the same. The first trading day will not have price limits, but subsequent days will have a 20% price limit [5]. Financial Misconduct - In the 2022 annual report, *ST Zitian inflated revenue by 778 million yuan and profit by 85 million yuan, accounting for 44.59% and 35.99% of total revenue and profit, respectively [9]. - The 2023 semi-annual report showed an early recognition of revenue amounting to 207 million yuan and profit of 79 million yuan, with the inflated profit representing 51.64% of the total profit for that period [9]. - In the 2023 annual report, the company misreported revenue by 1.721 billion yuan, which constituted 78.63% of the total revenue, due to improper accounting methods [9]. Regulatory Actions - The company received a delisting notice from the Shenzhen Stock Exchange on September 5, 2025, due to failure to rectify financial reporting issues as mandated by the regulatory authority [6][7]. - The company and 12 management personnel were fined a total of 38.4 million yuan for various violations, including financial fraud and failure to disclose the 2024 annual report on time [9].

New Stock Issuance - YouSheng Co., Ltd. (Securities Code: 732418) issued shares at a price of 46.36 RMB on September 12, 2025[1] - *ST Tianmao (Securities Code: 000627) has a cash option declaration period from September 15 to September 19, 2025[1] - *ST Zitian (Securities Code: 300280) enters the delisting arrangement period starting September 15, 2025[1] Trading Alerts - Hangke Technology (Securities Code: 688006) reported severe abnormal fluctuations on September 11, 2025[1] - Shanghai Electric Power (Securities Code: 600021) had a trading volume of 8,487 on September 10, 2025[1] - Tianji Co., Ltd. (Securities Code: 002759) reported a trading volume of 8,705 on September 10, 2025[1] Abnormal Fluctuations - ST Lingnan (Securities Code: 002717) reported a trading volume of 7,965 on September 10, 2025[3] - ST Huaxi (Securities Code: 002630) reported a trading volume of 9,579 on September 11, 2025[3] - ST Jianye (Securities Code: 600381) reported a trading volume of 5,420 on September 3, 2025[3]

Group 1 - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] - As of September 11, there are 974 stocks with a circulating market value below 3 billion yuan, and 401 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,654 stocks have a total market value below 5 billion yuan, with 569 stocks having a total market value below 3 billion yuan [1] Group 2 - The three stocks with the smallest circulating market values are *ST Zitian at 440 million yuan, *ST Yuancheng at 603 million yuan, and Bofei Electric at 611 million yuan [1] - The three stocks with the smallest total market values are *ST Zitian at 444 million yuan, *ST Yuancheng at 603 million yuan, and *ST Suwu at 690 million yuan [1] - A detailed list of stocks with circulating market values below 2 billion yuan includes various sectors such as media, construction decoration, and basic chemicals [1][2]

New Stock Issuance - The new stock issued by Haocreat Technology (证券代码: 301668) is priced at 21.00 RMB per share, effective from September 11, 2025[1] - Cash option declaration period for *ST Tianmao (证券代码: 000627) is from September 15 to September 19, 2025[1] - *ST Zitian (证券代码: 300280) will enter the delisting arrangement period starting September 15, 2025[1] Market Alerts - Significant abnormal fluctuations reported for Kaipu Cloud (证券代码: 688228) on September 11, 2025[1] - The latest announcements for various stocks can be accessed through the provided links, indicating ongoing market activity and updates[1] Trading Updates - Multiple stocks including Shanghai Electric (证券代码: 600021) and Tianji Shares (证券代码: 002759) have recent announcements affecting their trading status[1] - The report includes a comprehensive list of stocks with their respective announcements and trading updates, reflecting the dynamic nature of the market[1]

Core Viewpoint - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Market Overview - As of September 10, there are 995 stocks with a circulating market value below 3 billion yuan, and 403 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,681 stocks have a total market value below 5 billion yuan, with 586 stocks below 3 billion yuan [1] Smallest Market Capitalization Stocks - The three stocks with the smallest circulating market values are *ST Zitian at 440 million yuan, *ST Yuancheng at 603 million yuan, and Bofei Electric at 611 million yuan [1] - The three stocks with the smallest total market values are *ST Zitian at 444 million yuan, *ST Yuancheng at 603 million yuan, and *ST Suwu at 704 million yuan [1] Selected Stocks with Low Market Capitalization - A list of stocks with circulating market values below 2 billion yuan includes: - *ST Zitian: Circulating market value 440 million yuan, total market value 444 million yuan, P/E ratio 39.34 [1] - *ST Yuancheng: Circulating market value 603 million yuan, total market value 603 million yuan, P/E ratio not available [1] - Bofei Electric: Circulating market value 611 million yuan, total market value 2.676 billion yuan, P/E ratio 155.81 [1] - Other notable stocks include: - Kuntai Co., Ltd.: Circulating market value 631 million yuan, total market value 2.286 billion yuan, P/E ratio 51.92 [1] - Hongming Co., Ltd.: Circulating market value 673 million yuan, total market value 2.046 billion yuan, P/E ratio not available [1] - Yangzhou Jinqiao: Circulating market value 691 million yuan, total market value 2.759 billion yuan, P/E ratio 21.02 [1] Additional Stocks with Low Market Capitalization - Further stocks include: - *ST Suwu: Circulating market value 704 million yuan, total market value 704 million yuan, P/E ratio not available [1] - Boen Group: Circulating market value 715 million yuan, total market value 2.063 billion yuan, P/E ratio not available [1] - Kangliyuan: Circulating market value 737 million yuan, total market value 2.885 billion yuan, P/E ratio 49.26 [1] - Southeast Electronics: Circulating market value 752 million yuan, total market value 2.520 billion yuan, P/E ratio 58.37 [1] Summary of Additional Stocks - Other stocks with notable metrics include: - *ST Gaohong: Circulating market value 770 million yuan, total market value 787 million yuan, P/E ratio not available [1] - Tiandi Medical: Circulating market value 817 million yuan, total market value 2.624 billion yuan, P/E ratio 138.37 [1] - Meino Energy: Circulating market value 855 million yuan, total market value 3.171 billion yuan, P/E ratio 30.77 [1]

又有两家深市公司锁定退市。近日，*ST紫天（300280.SZ）发布公告称，深交所对其依规作出终止上 市决定。另外，*ST天茂（000627.SZ）称已向深交所提交主动终止上市申请材料。 Wind数据显示，截至9月7日，今年以来A股已有24家上市公司退市，其中超过八成的公司均因触及重大 违法、财务类、规范类、交易类强制退市规定而走向退市。 不过，退市并非上市公司的"免责金牌"。如存在违法违规行为，上市公司退市后仍可能面临行政、刑事 及民事"立体化"追责。 据了解，*ST紫天此前已被行政处罚，但未来仍可能面临刑事及民事追责。另外，今年7月已摘牌的退 市龙宇也于近日遭到重罚。 *ST紫天被终止上市 根据*ST紫天9月5日发布的公告，因触及规范类强制退市规定，深交所决定终止公司股票上市交易。该 公司股票将于9月15日复牌并进入退市整理期，退市整理期的交易期限为15个交易日，预计最后交易日 期为10月13日。 公告显示，*ST紫天因财务会计报告存在虚假记载，被证监会责令改正但未在要求期限内完成整改，且 在股票停牌两个月内仍未完成整改，该公司股票交易被实施退市风险警示。但该公司股票交易被实施退 市风险警示之日起的两个月 ...

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Market Overview - As of September 5, there are 1,002 stocks with a circulating market value below 3 billion yuan, and 421 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,688 stocks have a total market value below 5 billion yuan, with 602 stocks below 3 billion yuan [1] Smallest Stocks by Circulating Market Value - The three stocks with the smallest circulating market values are: - *ST Zitian: 440 million yuan - Bofei Electric: 605 million yuan - Kuntai Co.: 622 million yuan [1] Smallest Stocks by Total Market Value - The three stocks with the smallest total market values are: - *ST Zitian: 444 million yuan - *ST Yuancheng: 704 million yuan - *ST Suwu: 725 million yuan [1] Selected Stocks with Low Market Values - A list of stocks with circulating market values below 2 billion yuan includes: - *ST Zitian: Circulating market value 440 million yuan, total market value 444 million yuan, P/E ratio 39.34, industry: Media - Bofei Electric: Circulating market value 605 million yuan, total market value 2.651 billion yuan, P/E ratio 154.39, industry: Basic Chemicals - Kuntai Co.: Circulating market value 622 million yuan, total market value 2.254 billion yuan, P/E ratio 51.19, industry: Automotive [1][2]

2025.09.07 本文字数：1766，阅读时长大约3分钟 作者 |第一财经 周斌 封图 |AI生成 此前8月22日，福建证监局对*ST紫天财务造假出具了两份《行政处罚决定书》。根据《行政处罚决定 书》，2022年至2023年期间，*ST紫天先后通过虚构互联网广告费代充值业务、短信发送服务业务，在 云服务业务未开工、未经客户验收通过且未收到任何款项情况下提前确认营业收入等方式虚增收入 24.99亿元，虚增利润上亿元。 公告显示，该公司财务报表合并范围共有33家子公司，但仅收集3家主要子公司2024年度财务报表，未 能有效组织开展2024年年度报告编制及披露工作，导致该公司未在2024年会计年度结束之日起四个月 内，依照法律规定报送并公告2024年年度报告。截至目前，*ST紫天仍未披露2024年年度报告。 由于连续两年财务造假，并未按期披露2024年年报等违规行为，*ST紫天及其12位管理人员合计被罚 3840万元，原董事长姚小欣、财务总监李想被采取终身证券市场禁入措施。 又有两家深市公司锁定退市。近日，*ST紫天（300280.SZ）发布公告称，深交所对其依规作出终止上 市决定。另外，*ST天茂（00062 ...

Core Viewpoint - The article discusses the recent trend of delistings in the A-share market, highlighting that companies are facing stricter regulations and potential legal consequences even after delisting due to financial misconduct and other violations [3][10]. Group 1: Recent Delistings - Two companies, *ST Zitian and *ST Tianmao, have recently been involved in delisting activities, with *ST Zitian facing a forced delisting due to regulatory violations [3][11]. - As of September 7, 2023, a total of 24 companies have been delisted this year, with over 80% of these cases attributed to severe legal, financial, and regulatory breaches [3][11]. Group 2: Regulatory Actions and Consequences - *ST Zitian was found to have inflated its revenue by CNY 2.499 billion and profits by over CNY 100 million through fraudulent accounting practices, leading to administrative penalties and potential criminal charges [7][9]. - The company has been penalized a total of CNY 38.4 million, and its former chairman and CFO have been banned from the securities market for life due to their involvement in the misconduct [9]. - Following its delisting, *ST Longyu also faced significant penalties for similar financial misreporting, indicating a trend of continued regulatory scrutiny post-delistings [12]. Group 3: Market Trends and Future Implications - The article notes an acceleration in the pace of delistings, with a clear emphasis from regulators on enforcing strict delisting rules and holding companies accountable for their actions [11][12]. - The proactive delisting by *ST Tianmao, which offered cash options to dissenting shareholders, reflects a growing trend among companies to manage their exit from the market strategically [11].

Core Viewpoint - The recent trend of delisting in the A-share market highlights that delisting is not a "get out of jail free card" for companies, as they may still face various forms of accountability post-delisting [1][5]. Group 1: Delisting Cases - Two companies, *ST Zitian and *ST Tianmao, are facing delisting, with *ST Zitian's stock being terminated due to violations of regulatory requirements [2][4]. - As of September 7, 2023, a total of 24 companies have been delisted this year, with over 80% of these cases resulting from significant legal, financial, or regulatory violations [5]. Group 2: Financial Misconduct - *ST Zitian was found to have inflated its revenue by 2.499 billion yuan and profits by over 100 million yuan through fraudulent accounting practices, leading to administrative penalties [2][3]. - The company has been penalized a total of 38.4 million yuan for continuous financial fraud and failure to disclose its 2024 annual report on time [3]. Group 3: Regulatory Actions - Regulatory bodies are intensifying their scrutiny and enforcement actions against delisted companies and their key personnel to prevent evasion of accountability [5]. - Following its delisting, *ST Longyu faced severe penalties for financial misconduct, with fines totaling 38.1 million yuan and a ten-year market ban for its actual controller [5].