Core Viewpoint - *ST Zitian will resume trading on September 15 and enter a delisting arrangement period due to financial fraud and failure to rectify issues as mandated by the China Securities Regulatory Commission (CSRC) [1][4]. Group 1: Financial Fraud Details - *ST Zitian inflated its revenue by a total of 2.499 billion yuan over two years, involving fraudulent activities in three periodic reports [3]. - In the 2022 annual report, the company falsely reported 778 million yuan in revenue and 85 million yuan in profit, which constituted 44.59% and 35.99% of the respective total revenue and profit [3]. - The 2023 semi-annual report showed an early recognition of 207 million yuan in revenue and 79 million yuan in profit, with the inflated profit accounting for 51.64% of the total profit for that period [3]. - The 2023 annual report indicated that a subsidiary inflated revenue by 1.721 billion yuan, representing 78.63% of the total revenue, by misapplying accounting methods [3]. Group 2: Regulatory Actions and Penalties - The CSRC imposed a total fine of 38.4 million yuan on *ST Zitian and 12 management personnel for various violations, including financial fraud and failure to disclose the 2024 annual report on time [4]. - The former chairman and CFO received lifetime bans from the securities market, highlighting the regulatory body's zero-tolerance approach to financial misconduct [4]. Group 3: Ongoing Accountability Measures - The delisting of *ST Zitian is not the end of accountability, as the CSRC has initiated comprehensive measures against those involved in the fraud [6]. - Investors have begun filing civil lawsuits to recover losses incurred due to the company's fraudulent activities [6]. - Law enforcement has opened a criminal investigation into *ST Zitian for suspected accounting document concealment, with potential further criminal charges for serious violations [6].

Core Points - Fujian Zitian Media Technology Co., Ltd. has received a decision from the Shenzhen Stock Exchange to terminate its stock listing due to failure to rectify financial reporting issues within the required timeframe [1][2] - The stock will enter a delisting arrangement period of fifteen trading days starting from September 15, 2025, with the expected last trading date on October 13, 2025 [3][4] - During the delisting period, the stock will trade on the risk warning board with no price limit on the first trading day, followed by a daily price limit of 20% [4] Summary by Sections Termination of Listing - The company failed to disclose corrected financial reports within two months after being warned of delisting risks, leading to the termination of its stock listing [2] - The decision is based on the Shenzhen Stock Exchange's rules regarding delisting circumstances [2] Delisting Period Arrangements - The stock will be managed by the National Equities Exchange and Quotations (NEEQ) after delisting, and the company must appoint a securities firm for the transfer services [3] - The delisting period will not involve any major asset restructuring activities by the company [4] Information Disclosure - The company has designated specific media for information disclosure and provided contact details for investor inquiries [3] - Risk warning announcements will be issued every five trading days during the delisting period, with daily announcements in the last five trading days [4]

Core Points - Fujian Zitian Media Technology Co., Ltd. has received a decision from Shenzhen Stock Exchange to terminate its stock listing due to failure to complete required rectifications within the specified timeframe [2][3] - The stock will enter a delisting arrangement period starting from September 15, 2025, lasting for fifteen trading days, with the expected last trading date on October 13, 2025 [2][3] - During the delisting arrangement period, the stock will be traded on the risk warning board with a daily price fluctuation limit of 20% after the first day [3] Summary by Sections Termination of Listing Decision - The company failed to disclose corrected financial reports within the required two-month period after being warned of delisting risks, leading to the termination of its stock listing [2] - The decision allows the company to apply for a review within fifteen trading days, but the termination will remain in effect during the review period [2] Delisting Arrangement Period - The delisting arrangement period will begin on September 15, 2025, and will last for fifteen trading days, with the last trading day expected to be October 13, 2025 [2][3] - The stock will not be suspended from trading during this period, except under special circumstances [3] Trading and Risk Disclosure - The company will issue risk warning announcements at the start of the delisting arrangement period and subsequently every five trading days, with daily announcements in the last five trading days [3] - After termination, the stock will be managed by the National Equities Exchange and Quotations (NEEQ) for transfer [3] Other Important Matters - The company will not plan or implement any major asset restructuring during the delisting arrangement period [4] - All information will be disclosed through designated media, and the company will ensure compliance with relevant regulations regarding the management of its stock post-delisting [4]

证券代码：300280 证券简称：*ST紫天 公告编号：2025-047 福建紫天传媒科技股份有限公司 关于公司股票进入退市整理期交易的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、福建紫天传媒科技股份有限公司(以下简称"公司")股票于2025年9月15日 复牌并进入退市整理期，退市整理期为十五个交易日，预计最后交易日期为2025年 10月13日。公司股票于退市整理期届满的次一交易日摘牌并终止上市。 2、公司股票在退市整理期交易期间，公司将不筹划或实施重大资产重组。 3、请投资者、证券公司等市场主体在股票摘牌前及时了结股票质押式回购、约 定购回、融资融券、转融通、深股通等业务。 一、公司股票在退市整理期间的证券代码、证券简称及涨跌幅限制 1、证券代码：300280 2、证券简称：紫天退 3、涨跌幅限制：股票进入退市整理期的首个交易日不实行价格涨跌幅限制，此 后每个交易日的涨跌幅限制为20%。 二、终止上市决定的主要内容 "福建紫天传媒科技股份有限公司： 2025年5月20日，你公司因财务会计报告存在虚假记载，被中国证监会责令改正 但未在 ...

1、终止上市的证券种类：人民币普通股；证券简称：*ST紫天；证券代码：300280 2、福建紫天传媒科技股份有限公司(以下简称"公司")股票于2025年9月15日 复牌并进入退市整理期，退市整理期为十五个交易日，预计最后交易日期为2025年 10月13日。 3、退市整理期间股票在风险警示板交易。退市整理期首个交易日，公司股票价 格无价格涨跌幅限制，此后每日涨跌幅限制为20%。 福建紫天传媒科技股份有限公司 关于收到股票终止上市决定的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 证券代码：300280 证券简称：*ST紫天 公告编号：2025-046 现将相关情况公告如下： 一、终止上市的证券种类、证券简称、证券代码 1、证券种类：人民币普通股 2、证券简称：*ST紫天 3、证券代码：300280 二、终止上市决定的主要内容 "福建紫天传媒科技股份有限公司： 2025年5月20日，你公司因财务会计报告存在虚假记载，被中国证监会责令改正 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，你公司股票交 易被实施退市风险警示。 4、请投资 ...

Core Viewpoint - The Shenzhen Stock Exchange has decided to terminate the listing of *ST Zitian (300280) shares, with the stock expected to resume trading on September 15, 2025, and enter a delisting arrangement period lasting 15 trading days, concluding on October 13, 2025 [1] Summary by Relevant Sections - **Company Announcement** - *ST Zitian received a notice from the Shenzhen Stock Exchange regarding the termination of its stock listing [1] - **Delisting Timeline** - The stock will resume trading on September 15, 2025, and will enter a delisting arrangement period of 15 trading days, with the last trading date anticipated to be October 13, 2025 [1]

*ST紫天（300280）(300280.SZ)发布公告，公司于2025年9月5日收到深圳证券交易所(简称"深交所")下 发的《关于福建紫天传媒科技股份有限公司股票终止上市的决定》(深证上〔2025〕968号)，深交所决 定终止公司股票上市交易。 公司股票于2025年9月15日复牌并进入退市整理期，退市整理期为十五个交易日，预计最后交易日期为 2025年10月13日。退市整理期间股票在风险警示板交易。退市整理期首个交易日，公司股票价格无价格 涨跌幅限制，此后每日涨跌幅限制为20%。 ...

Core Viewpoint - The company *ST Zitian (300280.SZ) has received a decision from the Shenzhen Stock Exchange to terminate its stock listing, effective September 5, 2025 [1] Group 1 - The company will resume trading on September 15, 2025, entering a delisting preparation period lasting fifteen trading days, with the expected last trading date on October 13, 2025 [1] - During the delisting preparation period, the company's stock will trade on the risk warning board, with no price fluctuation limits on the first trading day, followed by a daily fluctuation limit of 20% thereafter [1]

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 4, there are 1,038 stocks with a circulating market value below 3 billion yuan, and 436 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,734 stocks have a total market value below 5 billion yuan, with 634 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, Bofei Electric at 598 million yuan, and Kuntai Co. at 614 million yuan [1] - The three stocks with the smallest total market values are *ST Zitian at 444 million yuan, *ST Yuancheng at 704 million yuan, and *ST Suwu at 739 million yuan [1] - A detailed list of stocks with circulating market values below 2 billion yuan includes various sectors such as media, basic chemicals, automotive, and machinery [1][2]

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 3, there are 1,040 stocks with a circulating market value below 3 billion yuan, and 439 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,726 stocks have a total market value below 5 billion yuan, with 650 stocks below 3 billion yuan [1] Smallest Market Capitalization Stocks - The three stocks with the smallest circulating market values are: - *ST Zitian: 440 million yuan - Bofei Electric: 592 million yuan - Kuntai Co.: 613 million yuan [1] - The three stocks with the smallest total market values are: - *ST Zitian: 444 million yuan - *ST Yuancheng: 730 million yuan - *ST Suwu: 754 million yuan [1] Selected Stocks with Low Market Value - 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] - Bofei Electric: Circulating market value 592 million yuan, total market value 2.595 billion yuan, P/E ratio 151.08 [1] - Kuntai Co.: Circulating market value 613 million yuan, total market value 2.220 billion yuan, P/E ratio 50.41 [1] - Other notable stocks include: - Hongming Co.: Circulating market value 622 million yuan, total market value 1.892 billion yuan [1] - Kangliyuan: Circulating market value 667 million yuan, total market value 2.613 billion yuan, P/E ratio 44.61 [1] - Yangzhou Jinqian: Circulating market value 668 million yuan, total market value 2.668 billion yuan, P/E ratio 20.33 [1]