Zitian Technology(SZ:300280) 第一财经网·2025-09-07 11:33Core 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].