300280，明起复牌，进入退市整理期

Core Viewpoint - *ST Zitian (300280) will resume trading on September 15 and enter a delisting transition period lasting 15 trading days, with the expected last trading date being October 13, 2025 [1] Summary by Relevant Sections Delisting Transition Period - Upon entering the delisting transition period, the stock's name will change to "Zitian Tui," while the stock code remains unchanged. The first trading day of the transition period will not have price fluctuation limits, but subsequent days will have a limit of 20% [4] Reasons for Delisting - The Shenzhen Stock Exchange (SZSE) decided to terminate the listing of *ST Zitian's shares due to the company's failure to rectify false financial reporting as mandated by the China Securities Regulatory Commission (CSRC) [4] - The termination decision was based on the company's inability to disclose corrected financial reports within the required timeframe, leading to a delisting risk warning [4] Financial Misconduct - The CSRC issued an administrative penalty on August 22, 2025, confirming that *ST Zitian inflated revenues by a total of 2.499 billion yuan over two years through various means [5] - In the 2022 annual report, the company inflated revenue by 778 million yuan and profit by 85 million yuan, accounting for 44.59% and 35.99% of total revenue and profit, respectively [5] - The 2023 semi-annual report showed an inflated revenue of 207 million yuan and profit of 79 million yuan, with the inflated profit representing 51.64% of total profit [5] - In the 2023 annual report, the company misreported revenue by 1.721 billion yuan, which constituted 78.63% of total revenue, due to improper accounting methods [5] Additional Violations - Besides financial fraud, *ST Zitian failed to disclose the 2024 annual report on time and obstructed law enforcement, leading to a total fine of 38.4 million yuan for the company and 12 management personnel [6] - The company's stock was suspended from trading on July 21, with the last recorded price at 2.74 yuan per share, resulting in a total market capitalization of 440 million yuan [6]