Zhengping Road & Bridge (SH:603843) Xin Lang Cai Jing·2025-11-14 11:37Core Viewpoint - *ST Zhengping has received an inquiry letter from the Shanghai Stock Exchange regarding its Q3 2025 financial report, focusing on litigation risks, non-standard audit opinions, subsidiary operations, and frozen funds [1][2][3][4]. Group 1: Litigation Risks - The company has faced 252 new lawsuits since the beginning of 2025, with a total amount involved of 498 million yuan, which accounts for 177.73% of the net assets as of Q3 [2][3]. - The inquiry requires the company to disclose details about the lawsuits, including the parties involved, background, progress, and whether these have been recognized as liabilities [2]. Group 2: Non-Standard Audit Opinions - The company received a non-opinion audit report for its 2024 annual report, leading to a risk warning for delisting [3]. - The inquiry emphasizes the need for the company to assess the impact of these non-standard opinions on the 2025 financial report and to disclose potential delisting risks if issues remain unresolved [3]. Group 3: Subsidiary Operations - Some subsidiaries are reported to have non-operational fund occupation by minority shareholders, and there are instances of illegal guarantees [4]. - The inquiry requests detailed disclosures about the main subsidiaries' operations, including financial data and any potential fund occupation or guarantee issues [4]. Group 4: Frozen Funds - As of Q3, the company reported a cash balance of 72.38 million yuan, while 81.66 million yuan is frozen due to guarantees and litigation [4]. - The inquiry demands an investigation into the reasons for the frozen funds and the status of unreturned raised funds, along with future repayment plans [4].