左江科技实控人张军被刑拘，当年从32元到299.8元，涨幅超8倍，最贵ST神话落幕

Core Viewpoint - The rapid rise and subsequent fall of Zuojiang Technology (stock code: 400232.NQ) highlights the volatility and risks associated with speculative investments in the A-share market, particularly in the context of financial misconduct and regulatory scrutiny [1][2]. Group 1: Company Background - Zuojiang Technology was listed on the ChiNext board in 2019, primarily engaged in information security-related businesses, and was later associated with the DPU chip concept [1]. - From April 2022 to July 2023, Zuojiang Technology's stock price surged from approximately 32 yuan to a peak of 299.8 yuan, marking a cumulative increase of about 836% [1]. Group 2: Recent Developments - The company's actual controller, Zhang Jun, was recently detained by the Beijing Public Security Bureau for suspected violations related to the disclosure of important information [3]. - Despite the detention, the company stated that its board and executives continued to perform their duties normally, and the operational and financial status had not been directly affected [4]. Group 3: Financial Misconduct - The detention of Zhang Jun is linked to previously identified financial fraud, where a subsidiary engaged in a fictitious transaction involving the sale of 400 network data processing chips for 12.61 million yuan, which was later found to be a fabricated business [4]. - The regulatory investigation revealed that Zuojiang Technology inflated its reported revenue by 11.16 million yuan and profits by 10.71 million yuan across its 2023 quarterly reports, significantly impacting the accuracy of its financial disclosures [4]. Group 4: Regulatory Actions - In November 2023, the China Securities Regulatory Commission (CSRC) initiated an investigation into Zuojiang Technology for serious inaccuracies in its financial reporting, leading to the company's delisting in July 2024 [5]. - The Beijing Securities Regulatory Bureau later issued an administrative penalty notice, imposing fines totaling 14.75 million yuan on the company and related individuals, with Zhang Jun facing a five-year ban from the securities market [6].