Zheng Quan Shi Bao·2025-07-20 14:04Core Viewpoint - *ST Zitian (300280) is facing potential delisting due to failure to rectify issues identified in its annual reports, which contained significant false records of revenue totaling 2.499 billion yuan, accounting for 63.53% of the reported revenue for 2022 and 2023 [6][3]. Group 1: Company Announcements - On July 20, *ST Zitian announced that its stock may be delisted and will be suspended from trading starting July 21 [3]. - The company has not completed the required rectification within the mandated timeframe, leading to a suspension of its stock from March 17, 2025 [6]. - The company received an administrative penalty notice from the Fujian Securities Regulatory Bureau on June 27, indicating serious violations in its financial reporting [6]. Group 2: Stock Performance - From July 11 to July 18, *ST Zitian's stock price fell by a cumulative 50%, indicating severe abnormal trading activity [7]. - On July 18, the stock price dropped over 13%, closing at 2.74 yuan per share, with a total market capitalization of 444 million yuan [7]. - Since the beginning of the year, the stock has experienced a total decline of 87.01% [7]. Group 3: Investor Activity - During the period of significant stock price fluctuation (July 11-18), retail investors dominated trading, accounting for 99.62% of total buy transactions and 97.06% of total sell transactions [8]. - Retail investors made a net purchase of 39.53 million yuan during this period, with total buy and sell amounts reaching 989 million yuan and 963 million yuan, respectively [8].