Zitian Technology(SZ:300280) Zheng Quan Shi Bao·2025-09-14 06:04Core Viewpoint - *ST Zitian (300280) will resume trading on September 15 and enter a delisting arrangement period lasting 15 trading days, with the expected last trading date being October 13, 2025 [1] Summary by Relevant Sections Delisting Arrangement - After entering the delisting arrangement period, the company's stock name will change to "Zitian Tui," while the stock code remains unchanged [4] - On the first trading day of the delisting arrangement period, there will be no price limit on the stock, followed by a 20% price limit on subsequent trading days [4] Reasons for Delisting - The Shenzhen Stock Exchange (SZSE) decided to terminate the company's stock listing 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 and the triggering of delisting conditions as per the SZSE's listing rules [4] Financial Misconduct - The CSRC issued an administrative penalty against *ST Zitian on August 22, 2025, confirming that the company inflated its revenue 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 early recognition of revenue amounting to 207 million yuan, with inflated profit accounting for 51.64% of the total profit for that period [5] - The 2023 annual report revealed that the company misapplied revenue recognition methods, inflating revenue by 1.721 billion yuan, which constituted 78.63% of the total revenue for that period [5] Additional Violations - Besides financial fraud, *ST Zitian has failed to disclose its 2024 annual report on time and has obstructed law enforcement [6] - The CSRC imposed a total fine of 38.4 million yuan on the company and 12 of its management personnel [6] - Prior to the suspension of trading on July 21, the company's stock price was 2.74 yuan per share, with a total market capitalization of 440 million yuan [6]