Zhengping Road & Bridge (SH:603843) 2 1 Shi Ji Jing Ji Bao Dao·2025-12-03 04:33Group 1 - The stock of *ST Zhengping (603843.SH) experienced a significant decline after a period of rapid increase, with a drop of 4.97% on its first day of resumption, closing at 8.23 yuan per share and showing signs of capital outflow [1] - From September 1 to November 18, 2025, *ST Zhengping's stock price surged by 221.93%, achieving 26 consecutive涨停板 (limit-up) despite the company's poor fundamentals [1] - The company has received multiple audit reports indicating significant uncertainties regarding its ability to continue as a going concern, and its stock is under delisting risk warnings [1][2] Group 2 - As of September 30, 2025, *ST Zhengping reported a cash balance of only 72.38 million yuan and a high debt-to-asset ratio of 92.49%, with a net loss of 484 million yuan for 2024 and an additional loss of 99 million yuan in the first three quarters of 2025 [1] - The company is facing a pre-restructuring application from creditors, but there is significant uncertainty regarding whether the court will accept this application [2] - The A-share market is experiencing a shift in sentiment, with an increasing number of companies facing delisting due to major violations, reaching a historical high of 13 companies in 2025 [2]