Core Viewpoint - The company Zhitian Tui (300280) has faced severe legal violations leading to its delisting from the A-share market, with its stock price plummeting from a peak of 63.64 yuan to 0.33 yuan, resulting in a market value loss of over 90% [3][11]. Summary by Sections Serious Violations - Zhitian Tui's violations are described as "comprehensive and systematic," involving financial fraud, resistance to regulation, and information disclosure violations [4]. Financial Fraud - The most severe issue for Zhitian Tui is financial fraud, with the Fujian Securities Regulatory Bureau reporting that the company's 2022 and 2023 annual reports contained false records, inflating total revenue by 2.499 billion yuan, which accounted for 63.53% of the reported revenue for those years [5]. - In 2022, the company inflated revenue by 228 million yuan through unapproved internet advertising recharge services [6]. - In 2023, the situation worsened, with inflated revenue of 1.721 billion yuan from a subsidiary's unapproved advertising services, representing 78.63% of the reported revenue for that period [6]. - Additionally, Zhitian Tui prematurely recognized 208 million yuan in revenue from cloud services that had not commenced operations or received payment [6]. Resistance to Regulatory Checks - Zhitian Tui engaged in various obstructive behaviors against regulatory investigations, exacerbating its predicament [7]. - During an inspection initiated by the Fujian Securities Regulatory Bureau, the company's registered and office addresses were found unoccupied [8]. - The regulatory body had to conduct inspections at the office of Zhitian Tui's subsidiary, Ningbo Maili, and requested financial documents from 2021 to 2023, which the company failed to provide [9][10]. Delisting Process and Investor Claims - The delisting process for Zhitian Tui was rapid, taking less than two months from the risk warning to receiving the delisting notice [11]. - The company was ordered to rectify its financial reports but failed to do so within the required timeframe, leading to the implementation of delisting risk warnings [11]. - As of July 19, 2025, Zhitian Tui had not engaged a qualified accounting firm or submitted a rectification report, resulting in the termination of its listing [11]. - Investor claims have begun, with affected investors entitled to seek compensation for losses due to the company's violations [12]. - Investors who purchased shares within specified dates are eligible to participate in the compensation claims [13].