Zitian Technology(SZ:300280) 2 1 Shi Ji Jing Ji Bao Dao·2025-06-30 06:54Core Viewpoint - *ST Zitian has received administrative penalty notices from the Securities Regulatory Commission, confirming serious violations including financial fraud and obstruction of regulatory enforcement, leading to significant penalties and potential delisting risks [2][10][12]. Financial Fraud Details - The financial fraud primarily occurred between 2022 and 2023, with *ST Zitian using methods such as fictitious SMS services and improper revenue recognition to inflate income and profits [6][9]. - In 2022, the company inflated its revenue by 778 million yuan, accounting for 44.59% of its reported income, through fictitious SMS services and improper accounting methods [8][9]. - In 2023, the company continued its fraudulent practices, inflating revenue by 207 million yuan in the first half and 1.72 billion yuan in the annual report, with the latter accounting for 78.63% of reported income [9][12]. Regulatory Response - The company faced multiple penalties, with 12 current and former executives fined approximately 40 million yuan, and two key individuals banned from the market for life [2][11]. - *ST Zitian's refusal to cooperate with regulatory investigations further aggravated its penalties, as it failed to submit required financial documents and obstructed enforcement actions [3][11]. Delisting Risks - *ST Zitian is facing three major delisting risks: potential "normative delisting" due to significant accounting errors, "major illegal delisting" due to repeated false reporting, and failure to disclose the 2024 annual report on time [12][13][14]. - The company is likely to become the first case of "normative delisting" under new regulations if it does not rectify its financial reporting issues by the specified deadlines [12][14]. Investor Actions - Investors have begun filing civil compensation lawsuits against *ST Zitian, reflecting growing concerns over the company's financial misconduct and the impact on shareholders [4][16].