证券时报·2025-07-20 13:58Core Viewpoint - *ST Zitian (300280) is facing potential delisting due to failure to rectify financial reporting issues as mandated by the regulatory authority, leading to stock suspension and significant price declines [1][3][4]. Group 1: Regulatory Actions - On February 14, 2025, the company received a corrective action order from the Fujian Securities Regulatory Bureau due to false financial reporting, requiring rectification within 30 days [3]. - The company failed to complete the required corrections by the deadline, resulting in stock suspension starting March 17, 2025 [3]. - As of May 20, 2025, the company was placed under delisting risk warning due to non-compliance with the Shenzhen Stock Exchange's regulations [3]. Group 2: Financial Misreporting - The company was notified on June 27, 2025, of an administrative penalty for false reporting in its 2022 and 2023 annual reports, with a total misreported revenue of 2.499 billion yuan, accounting for 63.53% of the reported revenue for those years [4]. - The company has not yet engaged a qualified accounting firm or submitted a rectification report to the regulatory authority, which may lead to termination of its stock listing [3][4]. Group 3: Stock Performance - On July 18, 2025, *ST Zitian's stock price fell over 13%, closing at 2.74 yuan per share, with a total market capitalization of 444 million yuan [5]. - The stock has experienced a cumulative decline of 87.01% since the beginning of the year, indicating a prolonged downtrend [5]. - During the period of significant stock price fluctuation from July 11 to July 18, 2025, retail investors dominated trading activity, with a net purchase of 39.53 million yuan [8][9].