停牌！或终止上市，股价跌近90%，3.26万股民全遭殃

Core Viewpoint - The news highlights the tragic downfall of Zitian Technology, which has become a symbol of the consequences of the registration system reform in the A-share market, leading to significant losses for investors and regulatory scrutiny [1][3]. Group 1: Company Performance and Financials - Zitian Technology's stock price plummeted from 8.74 yuan to a closing price of 2.74 yuan, marking a cumulative decline of 68.65% over ten trading days [3]. - The company reported that 24.99 billion yuan of its revenue from 2022 to 2023 was fabricated, constituting 63.53% of total revenue [5]. - The company generated 17.2 billion yuan in internet advertising revenue through improper accounting practices, and 7.78 billion yuan in SMS business revenue included uneliminated internal transactions [5]. Group 2: Regulatory Actions and Investigations - The China Securities Regulatory Commission (CSRC) initiated an investigation into Zitian Technology for violations including improper disclosures and obstructing law enforcement as early as October 27, 2024 [3]. - The Fujian Securities Regulatory Bureau issued a final notice on February 14, 2024, demanding the company rectify its issues within 30 days, which the company failed to do [3]. - Following the company's failure to submit necessary reports, its stock was marked with an ST label, indicating special treatment due to financial distress [3]. Group 3: Investor Impact and Legal Consequences - Approximately 32,600 investors faced an average market value loss of 13,400 yuan each, with a total trading volume of 1.21 billion yuan on the day of the stock's resumption [1][4]. - Legal actions are being pursued by a group of lawyers representing investors who purchased Zitian Technology shares between April 28, 2023, and September 6, 2024 [6]. - The company's executives, including the chairman, received market bans of up to 10 years, and the auditing firm involved was fined one million yuan for its role in obstructing investigations [5].