Core Viewpoint - *ST Zitian (300280) will resume trading on September 15 and enter a delisting arrangement period lasting 15 trading days, with the expected last trading date being October 13, 2025 [1] Summary by Relevant Sections Delisting Arrangement - After entering the delisting arrangement period, the company's stock name will change to "Zitian Tui," while the stock code remains unchanged [4] - On the first trading day of the delisting arrangement period, there will be no price limit on the stock, followed by a 20% price limit on subsequent trading days [4] Reasons for Delisting - The Shenzhen Stock Exchange (SZSE) decided to terminate the company's stock listing due to the company's failure to rectify false financial reporting as mandated by the China Securities Regulatory Commission (CSRC) [4] - The termination decision was based on the company's inability to disclose corrected financial reports within the required timeframe and the triggering of delisting conditions as per the SZSE's listing rules [4] Financial Misconduct - The CSRC issued an administrative penalty against *ST Zitian on August 22, 2025, confirming that the company inflated its revenue by a total of 2.499 billion yuan over two years through various means [5] - In the 2022 annual report, the company inflated revenue by 778 million yuan and profit by 85 million yuan, accounting for 44.59% and 35.99% of total revenue and profit, respectively [5] - The 2023 semi-annual report showed an early recognition of revenue amounting to 207 million yuan, with inflated profit accounting for 51.64% of the total profit for that period [5] - The 2023 annual report revealed that the company misapplied revenue recognition methods, inflating revenue by 1.721 billion yuan, which constituted 78.63% of the total revenue for that period [5] Additional Violations - Besides financial fraud, *ST Zitian has failed to disclose its 2024 annual report on time and has obstructed law enforcement [6] - The CSRC imposed a total fine of 38.4 million yuan on the company and 12 of its management personnel [6] - Prior to the suspension of trading on July 21, the company's stock price was 2.74 yuan per share, with a total market capitalization of 440 million yuan [6]

Core Viewpoint - *ST Zitian (300280) will resume trading on September 15 and enter a delisting transition period lasting 15 trading days, with the expected last trading date being October 13, 2025 [1] Summary by Relevant Sections Delisting Transition Period - Upon entering the delisting transition period, the stock's name will change to "Zitian Tui," while the stock code remains unchanged. The first trading day of the transition period will not have price fluctuation limits, but subsequent days will have a limit of 20% [4] Reasons for Delisting - The Shenzhen Stock Exchange (SZSE) decided to terminate the listing of *ST Zitian's shares due to the company's failure to rectify false financial reporting as mandated by the China Securities Regulatory Commission (CSRC) [4] - The termination decision was based on the company's inability to disclose corrected financial reports within the required timeframe, leading to a delisting risk warning [4] Financial Misconduct - The CSRC issued an administrative penalty on August 22, 2025, confirming that *ST Zitian inflated revenues by a total of 2.499 billion yuan over two years through various means [5] - In the 2022 annual report, the company inflated revenue by 778 million yuan and profit by 85 million yuan, accounting for 44.59% and 35.99% of total revenue and profit, respectively [5] - The 2023 semi-annual report showed an inflated revenue of 207 million yuan and profit of 79 million yuan, with the inflated profit representing 51.64% of total profit [5] - In the 2023 annual report, the company misreported revenue by 1.721 billion yuan, which constituted 78.63% of total revenue, due to improper accounting methods [5] Additional Violations - Besides financial fraud, *ST Zitian failed to disclose the 2024 annual report on time and obstructed law enforcement, leading to a total fine of 38.4 million yuan for the company and 12 management personnel [6] - The company's stock was suspended from trading on July 21, with the last recorded price at 2.74 yuan per share, resulting in a total market capitalization of 440 million yuan [6]

Core Viewpoint - *ST Zitian (300280) is entering a delisting arrangement period due to serious financial misconduct and will be delisted by the Shenzhen Stock Exchange after the arrangement period ends [3][6][8]. Group 1: Delisting Process - On September 15, *ST Zitian will resume trading and enter a delisting arrangement period lasting 15 trading days, with the last trading date expected to be October 13, 2025 [3]. - During the delisting arrangement period, the stock's name will change to "Zitian Tui," while the stock code remains unchanged. The first trading day will not have price limits, but subsequent days will have a 20% price limit [6]. - The Shenzhen Stock Exchange decided to terminate the company's stock listing due to failure to rectify false financial reporting within the required timeframe [6]. Group 2: Financial Misconduct - The China Securities Regulatory Commission (CSRC) found that *ST Zitian inflated its revenue by a total of 2.499 billion yuan over two years (2022-2023) through various means, including falsifying income in three periodic reports [7]. - In the 2022 annual report, the company inflated revenue by 778 million yuan and profit by 85 million yuan, accounting for 44.59% and 35.99% of total revenue and profit, respectively [7]. - The 2023 semi-annual report showed an early recognition of revenue amounting to 207 million yuan and profit of 79 million yuan, with inflated profit accounting for 51.64% of the total profit for that period [7]. - In the 2023 annual report, the company misclassified revenue from its subsidiary, leading to an inflated revenue of 1.721 billion yuan, which constituted 78.63% of the total revenue for that period [7]. Group 3: Regulatory Actions - In addition to financial fraud, *ST Zitian failed to disclose its 2024 annual report on time and obstructed law enforcement, resulting in a total fine of 38.4 million yuan for the company and 12 management personnel [8]. - The company's stock was suspended from trading on July 21, with the last recorded price at 2.74 yuan per share, giving it a total market value of 440 million yuan [8].

Core Viewpoint - *ST Zitian is entering a delisting adjustment period due to serious financial misconduct, with the last trading date expected to be October 13, 2025 [1][4]. Group 1: Delisting Process - *ST Zitian will change its stock name to "Zitian Tui" during the delisting adjustment period, which lasts for 15 trading days [4]. - The first trading day of the adjustment period will not have price limits, while subsequent days will have a 20% price fluctuation limit [4]. - The Shenzhen Stock Exchange decided to terminate the company's stock listing due to failure to rectify false financial reports within the required timeframe [4]. Group 2: Financial Misconduct - The China Securities Regulatory Commission (CSRC) found that *ST Zitian inflated its revenue by a total of 2.499 billion yuan over two years (2022-2023) through various fraudulent means [5]. - In the 2022 annual report, the company falsely reported 778 million yuan in revenue and 85 million yuan in profit, which constituted 44.59% and 35.99% of the total revenue and profit, respectively [5]. - The 2023 semi-annual report showed an early recognition of 207 million yuan in revenue and 79 million yuan in profit, with the inflated profit accounting for 51.64% of the total profit for that period [5]. - In the 2023 annual report, the company misclassified revenue from its subsidiary, leading to an inflated revenue of 1.721 billion yuan, which represented 78.63% of the total revenue for that period [5]. Group 3: Regulatory Actions - In addition to financial fraud, *ST Zitian failed to disclose its 2024 annual report on time and obstructed law enforcement, resulting in a total fine of 38.4 million yuan for the company and 12 management personnel [6]. - The company's stock was suspended from trading on July 21, with a closing price of 2.74 yuan per share and a total market value of 440 million yuan prior to suspension [6].

Core Viewpoint - The recent extraordinary general meeting of *ST Jintai (Jinlitai) revealed internal conflicts regarding board control, with significant changes in board composition and concerns over potential delisting risks [2][4][6]. Group 1: Shareholder Meeting and Board Changes - The extraordinary general meeting was convened at the request of Hainan Dahe Enterprise Management Co., which previously aimed to dismiss and replace certain directors, but later canceled its proposals [2][6]. - Liu Ruiming, who was elected to the board on July 22, has voted against several proposals, indicating ongoing tensions within the board [5]. - The board now includes two new directors: Ma Anle, nominated by shareholder Wu Guozheng, and Guo Hainan, nominated by a group of shareholders [5]. Group 2: Concerns Over Delisting Risks - Hainan Dahe withdrew its director nominations due to concerns from candidates about the company's potential delisting risks [6]. - *ST Jintai has faced scrutiny from the Shanghai Securities Regulatory Bureau due to delays in disclosing its 2024 annual report and receiving an audit report with "unable to express an opinion" [6]. - The company has not yet met the delisting criteria, and management is actively addressing the issues raised by regulatory bodies [6]. Group 3: Management's Response and Future Plans - The new management team, led by Chairman Gao Daqing, is focused on improving internal controls and addressing financial issues, including recovering debts from suppliers [6]. - The company aims to enhance its research and development efforts and strengthen its multi-business layout to achieve its goals [6][7].

Core Viewpoint - The recent extraordinary general meeting of *ST Jintai was marked by the cancellation of proposals by major shareholder Hainan Dahe, reflecting concerns over potential delisting risks and internal governance issues [1][7]. Group 1: Shareholder Meeting and Governance - The extraordinary general meeting was convened at the request of Hainan Dahe, which previously aimed to dismiss and re-elect certain directors [1]. - On September 10, Hainan Dahe notified the company of the cancellation of its proposals, coinciding with the resignation of director Liu Ruiming [1][7]. - The meeting was attended by several non-independent directors, while representatives from Hainan Dahe were absent, indicating a lack of consensus among shareholders [5]. Group 2: Board Composition and Internal Dynamics - Following the resignation of Liu Ruiming, two new board members were confirmed: non-independent director Ma Anle and independent director Guo Hainan, nominated by shareholders with a combined stake of 4.85% [5][6]. - The company’s non-independent directors are all nominated by shareholder Wu Guozheng, suggesting a potential stabilization of internal conflicts [6]. Group 3: Delisting Risks and Financial Management - Concerns over delisting risks were highlighted, particularly due to the company's failure to timely disclose its 2024 annual report, leading to an audit report with "unable to express an opinion" [7]. - The company is currently addressing significant financial risks, including the misappropriation of funds by related parties, with new management emphasizing improved internal controls since the appointment of Chairman Gao Daqing [7][8]. - The company asserts it has not yet met the criteria for delisting and is actively working to resolve existing issues [7].

Core Viewpoint - *ST WanFang is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which adds to the company's existing challenges and risks of delisting [1][2]. Group 1: Regulatory Issues - On July 25, 2025, *ST WanFang received a notice from the CSRC regarding an investigation for information disclosure violations [1]. - This is not the first time the company has faced regulatory scrutiny; it previously received a warning from the Jilin Securities Regulatory Bureau in April 2024 for similar violations [2]. Group 2: Financial Performance - The company has reported consecutive losses for the years 2023 and 2024, with a projected loss of 5 to 7 million yuan in the first half of 2025, indicating a worsening financial situation [2]. - As of the first quarter of 2025, the company had 31,631 shareholders, and its stock has been marked with "*ST" due to financial indicators triggering delisting risk warnings [2]. Group 3: Shareholder Actions - The second-largest shareholder, Shuangyang Rural Commercial Bank, plans to reduce its stake by up to 3% between September 25 and December 23, 2025, due to funding needs [1]. - The first major shareholder's 90.86 million shares (29.18% of total shares) failed to sell at auction, raising concerns about potential changes in company control and further financial distress [3]. Group 4: Legal Recourse for Investors - Investors who purchased shares before July 25, 2025, and sold or held them after this date may have the right to claim compensation through legal channels [4]. - A legal team is currently gathering affected investors for potential claims, with fees only charged upon successful recovery [4].

深圳市宇顺电子股份有限公司公告，因2024年度净利润等指标不达标，自2025年5月6日起公司股票被实 施退市风险警示，若2025年出现特定情形将终止上市。公司正进行重大资产重组，存在审批、资金等多 项风险。截至9月10日，公司股票静态市盈率 -511.88倍、滚动市盈率 -658.25倍、市净率39.77倍，与同 行业差异大。此外，公司股票连续三个交易日涨幅偏离值累计超12%，属异常波动，提醒投资者注意投 资风险。 ...

Core Viewpoint - *ST Zitian has been ordered to delist from the Shenzhen Stock Exchange due to significant financial misconduct, including nearly 25 billion yuan in revenue falsification, which constitutes 63.53% of its reported revenue for 2022 and 2023 [1][2]. Group 1: Delisting Announcement - On September 5, *ST Zitian received a notice from the Shenzhen Stock Exchange regarding the termination of its stock listing, with trading set to resume on September 15 and a delisting period of 15 trading days [1]. - The expected last trading day is October 13, after which the stock will be transferred to a delisting segment managed by the National Equities Exchange and Quotations [1]. Group 2: Financial Misconduct - The company was found to have false records in its financial reports, leading to a directive from the China Securities Regulatory Commission (CSRC) for rectification, which was not completed within the required timeframe [1]. - The CSRC's notice indicated that the false revenue figures for 2022 and 2023 amounted to nearly 25 billion yuan, significantly impacting the company's financial integrity [2]. Group 3: Management Response - During the investigation, key management personnel, including the chairman and general manager, evaded communication with regulatory authorities, which was deemed a serious obstruction of the investigation [3]. - The general manager claimed to have been deceived by the financial director, who is a relative, as a reason for non-compliance with the investigation [4]. - The financial director cited illness as a reason for his inability to fulfill his duties during the investigation period [5].

Core Viewpoint - The company is facing severe operational and financial challenges, including judicial asset auctions and the dismantling of key production facilities, which jeopardize its ability to resume production by 2025 [1][2]. Group 1: Judicial Asset Auctions - The controlling shareholder, Jiangsu Shenshang, has had all 747 million shares judicially auctioned, with 1.96 million shares (0.04% of total shares) sold in the first auction and 6.74 million shares (0.13% of total shares) sold in the second auction [1]. - A total of 382 million shares (7.57% of total shares) were transferred to Jilin Jiutai Rural Commercial Bank after failing to sell in the first auction, and 7.44 million shares were also transferred after the second auction [1]. Group 2: Production and Operational Challenges - The T300 model assembly line of the subsidiary, Hunan Jiangnan Automobile Chongqing Branch, was forcibly dismantled by the court, which is a critical asset for the company's planned resumption of operations [1]. - The dismantling of this production line indicates that the company has completely lost its ability to resume production by 2025, significantly increasing the risk of continued operations [1]. Group 3: Financial Performance - For the first half of 2025, the company reported revenue of 280 million yuan, a year-on-year increase of 12.61%, but still incurred a net loss of 148 million yuan [2]. - The net loss was reduced by 42.82% compared to the previous year, primarily due to decreased financial expenses and asset impairment reversals [2]. - The net assets attributable to shareholders have plummeted by 62.85% to only 87.25 million yuan, raising concerns about potential delisting if net assets turn negative by year-end [2].