Zitian Technology(SZ:300280) Sou Hu Cai Jing·2025-09-14 11:45Core Viewpoint - Fujian Zitian Media Technology Co., Ltd. (*ST Zitian) is entering a delisting arrangement period due to financial fraud, with the last trading date expected to be October 13, 2025 [1][4]. Summary by Sections Company Status - *ST Zitian's stock has been suspended since July 21, with a closing price of 2.74 yuan per share and a total market value of 440 million yuan before suspension [2]. - The stock will resume trading on September 15 and enter a delisting arrangement period lasting 15 trading days, during which the stock name will change to "Zitian Tui" but the stock code will remain the same [2]. Financial Misconduct - The company has been found to have inflated revenues by a total of 2.499 billion yuan over two years (2022-2023) through various fraudulent means, including fictitious internet advertising fees and other services [3]. - In the 2022 annual report, *ST Zitian inflated revenue by 778 million yuan and profit by 85 million yuan, which constituted 44.59% and 35.99% of total revenue and profit, respectively [2]. - In the 2023 semi-annual report, the company prematurely recognized revenue of 207 million yuan and profit of 79 million yuan, with the inflated profit accounting for 51.64% of the total profit for that period [3]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) imposed a fine of 38.4 million yuan on *ST Zitian and its management for the fraudulent activities, with lifetime market bans for the former chairman and CFO [3]. - The Shenzhen Stock Exchange (SZSE) decided to terminate the company's stock listing due to failure to rectify financial reports within the required timeframe and ongoing fraudulent activities [4].