Core Viewpoint - *ST Zitian has been ordered to delist from the Shenzhen Stock Exchange due to significant financial misconduct, including nearly 2.5 billion yuan in inflated revenue over the past two years, which constitutes 63.53% of its reported annual revenue for those years [5][7]. Group 1: Delisting Announcement - On September 5, *ST Zitian received a notice from the Shenzhen Stock Exchange regarding the termination of its stock listing [2]. - The company's stock will resume trading on September 15 and enter a delisting preparation period lasting 15 trading days, with the final trading date expected to be October 13 [2]. Group 2: Financial Misconduct - The company has been 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 [6]. - The CSRC's preliminary notice indicated that the company reported inflated revenues totaling nearly 2.5 billion yuan for the years 2022 and 2023 [7]. Group 3: Management Response - The company's general manager claimed to have been deceived by the financial director, who is a relative, regarding the company's financial practices [8][12]. - During the investigation, key personnel, including the chairman and general manager, evaded communication with regulatory authorities, which was deemed a serious obstruction of the investigation [9][14].

Core Viewpoint - *ST Zitian has been ordered to delist from the Shenzhen Stock Exchange due to significant financial misconduct, including nearly 2.5 billion yuan in falsified revenue over the past two years, which constitutes 63.53% of the reported annual revenue for those years [4][6]. 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 date is October 13, after which the stock will be transferred to the National Equities Exchange and Quotations for management [1]. Group 2: Financial Misconduct - The company has been under scrutiny since May 20 for false financial reporting, failing to rectify the issues within the required timeframe [5]. - The China Securities Regulatory Commission (CSRC) issued a notice indicating that the 2022 and 2023 annual reports contained false records, with a total of nearly 2.5 billion yuan in inflated revenue [6]. Group 3: Management Response - The company's management, including the general manager and financial director, has been accused of evading regulatory inquiries, which has severely impacted the investigation process [8]. - The general manager claimed to have been deceived by the financial director, who is a relative, and cited personal reasons for not cooperating with the investigation [11][12].

Core Viewpoint - *ST Zitian's stock will be delisted due to financial misconduct, including false accounting reports and failure to rectify issues as mandated by regulatory authorities [1][3][5]. Group 1: Delisting Announcement - On September 5, *ST Zitian received a notice from the Shenzhen Stock Exchange regarding the termination of its stock listing, effective September 15, with a 15-day delisting preparation period [1]. - The stock will enter a delisting preparation period and is expected to be officially delisted on October 13 [1][2]. Group 2: Financial Misconduct - The company was found to have inflated revenues by a total of 2.499 billion yuan over two consecutive years, with significant discrepancies in its financial reports [3][5]. - In the 2022 annual report, *ST Zitian falsely reported internet advertising revenue and other services, inflating revenue by 778 million yuan, which constituted 44.59% of total annual revenue [4]. - In the 2023 semi-annual report, the company prematurely recognized revenue of 207 million yuan from uncompleted cloud services, representing 14.56% of that period's revenue [5]. - The 2023 annual report revealed further inflation of 1.721 billion yuan in revenue due to improper accounting methods, accounting for 78.63% of the reported revenue [5]. Group 3: Regulatory Actions - The China Securities Regulatory Commission (CSRC) imposed a fine of 38.4 million yuan on *ST Zitian and its management for the fraudulent activities, with lifetime bans for key executives [5].

Core Viewpoint - *ST Zitian has been delisted due to serious financial fraud and failure to rectify false disclosures in its periodic reports [2][4][10] Group 1: Delisting Announcement - On September 5, *ST Zitian announced that it received a decision from the Shenzhen Stock Exchange to terminate its stock listing [4] - The stock will resume trading on September 15 and enter a delisting preparation period lasting 15 trading days, with the expected last trading date on October 13 [4][8] Group 2: Regulatory Actions - On May 20, *ST Zitian was ordered by the China Securities Regulatory Commission (CSRC) to rectify its financial reports due to false disclosures but failed to comply within the required timeframe [7] - The company was subsequently placed under delisting risk warning and did not disclose corrected financial reports within the two-month period, leading to the termination of its listing [7][8] Group 3: Financial Penalties - On August 22, *ST Zitian received an administrative penalty from the Fujian Regulatory Bureau, which included a fine of 8.5 million yuan for false disclosures in its 2022 annual report and 2023 semi-annual report [10] - Key executives, including the chairman and general manager, faced individual fines and were subjected to market bans due to obstructing regulatory investigations [11] Group 4: Compliance Failures - The company failed to effectively compile and disclose its 2024 annual report, leading to further penalties of 3.5 million yuan and additional fines for its executives [11]

Core Viewpoint - *ST Zitian has been terminated from listing due to serious financial fraud and failure to rectify false records in its periodic reports [1][3][6]. Summary by Sections Termination of Listing - On September 5, *ST Zitian announced that it received a decision from the Shenzhen Stock Exchange to terminate its stock listing due to serious false records in its financial reports [3][7]. - The stock will resume trading on September 15 and enter a delisting preparation period lasting 15 trading days, with the expected last trading date on October 13 [3]. Financial Misconduct - On May 20, *ST Zitian was ordered by the China Securities Regulatory Commission (CSRC) to rectify its financial accounting reports due to false records but failed to do so within the required timeframe [6][9]. - The company did not disclose corrected financial reports within two months of being warned, leading to the termination of its listing [7]. Regulatory Actions and Penalties - On August 22, *ST Zitian received an administrative penalty from the Fujian Regulatory Bureau, which found false records in its 2022 annual report and 2023 semi-annual report [9]. - The company was fined 8.5 million yuan, and key executives, including the chairman and financial director, received individual fines and warnings [9][10]. - The chairman and financial director were banned from the securities market for ten years due to obstructing regulatory investigations, with a lifetime ban imposed due to the severity of their actions [9].

Core Viewpoint - The A-share market will see a significant unlock of restricted shares, totaling approximately 966.01 billion yuan, with 40 stocks experiencing share unlocks next week [2]. Group 1: Stock Unlock Details - 40 stocks will have their restricted shares unlocked from September 8 to 12, with a total unlock market value of 966.01 billion yuan [2]. - Among these, 12 stocks have an unlock market value exceeding 10 billion yuan, with notable mentions including Times Electric (278.23 billion yuan), Southern Network Storage (230.81 billion yuan), and BGI Genomics (133.82 billion yuan) [2][4]. - Southern Network Storage and Western Gold are among the stocks with restricted shares unlocked from directed placements, while the other three are from the initial public offering (IPO) original shareholders [2]. Group 2: Unlock Proportions - A total of 13 stocks have an unlock proportion exceeding 10%, indicating a potential impact on their stock prices [5]. - Stocks such as Minshida, Southern Network Storage, Sairun Bio, and Zhejiang Hengwei have unlock proportions above 50% [5]. - The detailed table lists various stocks, their unlock dates, market values, and the proportion of shares being unlocked [7]. Group 3: Company Performance Insights - Times Electric's largest shareholder, CRRC Zhuzhou Electric Locomotive Research Institute, will unlock approximately 590 million shares, accounting for 43.42% of the total share capital [4]. - Times Electric reported a revenue of 12.214 billion yuan for the first half of 2025, reflecting a year-on-year growth of 17.95%, with a net profit of 1.672 billion yuan, up 12.93% [4]. - Minshida, listed on the Beijing Stock Exchange, achieved a revenue of 237 million yuan in the first half of 2025, marking a year-on-year increase of 27.91%, with a net profit of 63.03 million yuan, up 42.28% [8]. Group 4: Institutional Investment Insights - Institutions that participated in the directed placements of stocks like Western Gold and Southern Network Storage are expected to see positive returns from the unlocks, with Western Gold's return exceeding 180% and Southern Network Storage's over 70% [8]. - Among the 40 stocks, 15 are categorized as general equity incentive shares or restricted shares, with companies like Sany Heavy Energy and Zhaoyi Innovation having unlock market values exceeding 1 billion yuan [8].

Core Viewpoint - *ST Zitian's stock will be delisted due to financial misconduct, including false accounting reports and failure to rectify issues as mandated by regulatory authorities [2][6][9] Group 1: Financial Misconduct - *ST Zitian has inflated revenue by a total of 2.499 billion yuan over two years [5][6] - In the 2022 annual report, the company falsely reported internet advertising fees and other services, inflating revenue by 778 million yuan, which constituted 44.59% of annual revenue, and profit by 85 million yuan, accounting for 35.99% of total profit [6][7] - The 2023 semi-annual report showed an inflated revenue of 207 million yuan and profit of 79 million yuan, representing 14.56% of that period's revenue and 51.64% of profit [7] - The 2023 annual report indicated an inflated revenue of 1.721 billion yuan, which was 78.63% of that year's revenue, due to incorrect revenue recognition practices [7] Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) imposed a total penalty of 38.4 million yuan on *ST Zitian and its management for the fraudulent activities [7][9] - The former chairman and financial director face lifetime bans from the securities market due to their roles in the misconduct [7] - Regulatory authorities are pursuing comprehensive accountability for financial fraud, indicating that penalties will extend beyond administrative actions to potential criminal charges [9] Group 3: Market Impact - *ST Zitian's stock has experienced a cumulative decline of 87.01% this year [9]

Core Viewpoint - Shanghai Longyu Data Co., Ltd. (Longyu Co.) has been severely penalized by regulators for significant financial fraud, including inflated revenue and profits over four consecutive years [1][2][3]. Group 1: Financial Misconduct - Longyu Co. was found to have inflated its operating revenue and profits in its annual reports for 2019, 2020, 2021, and 2022 [5][6]. - The inflated figures included 2.242 billion yuan in 2019 (16.61% of reported revenue), 3.986 billion yuan in 2020 (44.57%), 4.024 billion yuan in 2021 (50.46%), and 4.288 billion yuan in 2022 (42.95%) [5][6]. - Profit inflation was also significant, with 5.73 million yuan in 2019 (60.48%), 11.137 million yuan in 2020 (10.36%), 9.5195 million yuan in 2021 (7.48%), and 10.9332 million yuan in 2022 (23.92%) [5][6]. Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) plans to impose a fine of 11.5 million yuan on Longyu Co. and issue warnings to the company and its responsible individuals [2][7]. - Key executives, including the actual controller Xu Zengzeng, face significant fines and a ten-year ban from the securities market due to their involvement in the fraudulent activities [7][8]. - Longyu Co. has been terminated from the stock exchange and will be transferred to the National Equities Exchange and Quotations system for management [8]. Group 3: Business Operations - Longyu Co.'s main business includes data center (IDC) services and bulk commodity trading, with a strategic focus on building standardized professional computer rooms and providing a stable operating environment for client servers [8].

Core Viewpoint - Shanghai Longyu Data Co., Ltd. (Longyu) has been severely penalized by regulators for significant financial fraud, including inflated revenue and profits over four consecutive years [2][4]. Group 1: Financial Misconduct - Longyu inflated its reported revenue and profits in annual reports from 2019 to 2022, with the following discrepancies: - 2019: Revenue inflated by 2.242 billion, 16.61% of reported revenue; profit inflated by 5.73 million, 60.48% of reported profit [4]. - 2020: Revenue inflated by 3.986 billion, 44.57% of reported revenue; profit inflated by 11.1369 million, 10.36% of reported profit [4]. - 2021: Revenue inflated by 4.024 billion, 50.46% of reported revenue; profit inflated by 9.5195 million, 7.48% of reported profit [4]. - 2022: Revenue inflated by 4.288 billion, 42.95% of reported revenue; profit inflated by 10.9332 million, 23.92% of reported profit [4]. Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) plans to impose a fine of 11.5 million on Longyu and issue warnings to responsible individuals, including fines of 16.9 million for the actual controller Xu Zengzeng and 4.7 million for the general manager Liu Ce [6][7]. - Xu Zengzeng will face a ten-year ban from the securities market due to the severity of the violations [7]. Group 3: Corporate Structure and Operations - From June 2021 to November 2023, Xu Zengzeng established and controlled 13 companies that are considered related parties to Longyu, which were used to facilitate non-operational fund occupation and related party transactions [5][6]. - Longyu failed to disclose non-operational fund occupation transactions, with balances of 333 million, 875 million, and 882 million from 2022 to 2024, representing 9.19%, 23.64%, and 26.53% of net assets respectively [6]. Group 4: Listing Status - Longyu's stock was terminated and delisted from the Shanghai Stock Exchange following the regulatory actions and the issuance of a notice regarding the termination of its listing [9][10].

Core Viewpoint - Longyu Co., Ltd. has been severely penalized by regulators for significant financial fraud, including inflated revenue and profits over four consecutive years [1][2][5]. Group 1: Financial Misconduct - Longyu Co. inflated its operating revenue and profits in annual reports from 2019 to 2022, with the following discrepancies: - 2019: Revenue inflated by 2.242 billion, 16.61% of reported revenue; profit inflated by 5.73 million, 60.48% of reported profit [5]. - 2020: Revenue inflated by 3.986 billion, 44.57% of reported revenue; profit inflated by 11.1369 million, 10.36% of reported profit [5]. - 2021: Revenue inflated by 4.024 billion, 50.46% of reported revenue; profit inflated by 9.5195 million, 7.48% of reported profit [5]. - 2022: Revenue inflated by 4.288 billion, 42.95% of reported revenue; profit inflated by 10.9332 million, 23.92% of reported profit [5]. Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) plans to impose a fine of 11.5 million on Longyu Co. and issue warnings to responsible individuals, including fines of 16.9 million for the chairman and 4.7 million for the general manager [6][7]. - The chairman, Xu Zengzeng, will face a ten-year ban from the securities market due to the severity of the violations [7]. Group 3: Related Transactions - Longyu Co. failed to disclose non-operating fund occupation related to transactions with 13 associated companies controlled by Xu Zengzeng, with fund occupation balances of 333 million, 875 million, and 882 million from 2022 to 2024, representing 9.19%, 23.64%, and 26.53% of net assets respectively [6][7]. Group 4: Company Operations - Longyu Co.'s main business includes data center (IDC) operations and bulk commodity trading, with a strategic focus on building standardized professional server rooms and trading in petroleum and chemical products [11].