终止上市！4倍大牛股，刚刚宣布！曾是“AI服务器”黑马……

Core Viewpoint - *ST Lifan has announced its impending delisting from the Shenzhen Stock Exchange due to significant violations in financial reporting, which included inflating revenue and profits through various fraudulent activities [1][3][4]. Group 1: Company Announcement - On February 14, 2026, *ST Lifan received a notice from the Shenzhen Stock Exchange regarding the proposed termination of its stock listing [1][3]. - The company has been accused of serious financial misconduct, including inflating revenue and costs through agency business, financing trade, and false trade practices [3][4]. - The administrative penalty from the China Securities Regulatory Commission (CSRC) indicated that the company had over 500 million yuan in false revenue reported in its annual reports for 2021 and 2022, which exceeded 50% of the total reported revenue for those years [3][4]. Group 2: Historical Performance - *ST Lifan, previously known as Taikong Board Industry, transitioned to focus on intelligent software and digital services after rebranding in 2020 [6]. - The stock price surged from approximately 3 yuan to 15.26 yuan between September 2024 and March 2025, marking a 400% increase, largely driven by market enthusiasm for AI and digital infrastructure [1][6]. - The company launched a stock incentive plan in 2023, targeting net profit growth for its subsidiary, with ambitious profit targets set for 2024 to 2026 [7]. Group 3: Market Reaction and Future Steps - Following the announcement of financial misconduct in April 2025, the stock began a downward trend, leading to warnings about potential delisting [1][7]. - The stock will be suspended from trading starting February 24, 2026, pending the completion of the hearing process regarding the delisting decision [4].