Core Viewpoint - *ST Zhengping's stock has experienced a significant increase of 221.93% from September 1, 2025, to November 18, 2025, with 26 trading days of price limits, indicating a serious deviation from its fundamentals and the overall market [1][3]. Group 1: Stock Trading and Market Behavior - The company will conduct a stock trading review to protect investor interests, leading to a suspension of trading starting November 19, 2025, for a period not exceeding 10 trading days [3]. - The stock has shown abnormal volatility, with five consecutive trading days of price limits after the last resumption of trading on November 12, 2025, indicating potential irrational market speculation [3][4]. Group 2: Company Operations and Financial Performance - *ST Zhengping is engaged in infrastructure construction, cultural tourism, and non-ferrous metal mining, and is actively expanding into new areas such as renewable energy and intelligent computing services [4]. - The company reported a revenue of 1.362 billion yuan and a net loss of 484 million yuan for 2024, with a revenue of 652 million yuan and a net loss of 99 million yuan for the first three quarters of 2025 [4][5]. Group 3: Risks and Challenges - The company faces a risk of delisting due to an audit report with a disclaimer of opinion for 2024, and ongoing issues with internal controls and significant uncertainties regarding its ability to continue as a going concern [4]. - There are concerns regarding the company's mining capabilities, with insufficient resources for future development and a high debt ratio of 92.49%, indicating financial instability [5].

Core Viewpoint - *ST Zhengping announced that its stock will resume trading on October 16 after completing a review of its trading situation, but the company faces significant uncertainties regarding future mining operations and profitability due to insufficient funds and resources [1][3]. Financial Situation - As of June 30, 2025, the company's cash funds amounted to approximately 101.72 million yuan, with 81.66 million yuan restricted due to various factors such as litigation [1]. - The company's debt-to-asset ratio stands at 92.22%, indicating a high level of financial leverage [1]. Mining Operations - The company received a mining permit from the Qinghai Provincial Natural Resources Department on September 17, 2025, but lacks the necessary capital, personnel, and equipment for future mining operations [1]. - There are major uncertainties regarding the progress of mineral resource development and the potential for generating revenue [1]. Stock Performance and Risks - The company has experienced a significant increase in stock price recently, with 15 trading halts in September alone, raising concerns about the sustainability of this price increase [3]. - There is a risk of delisting if issues related to non-standard opinions are not resolved by the end of the 2025 fiscal year [3].

Core Viewpoint - *ST Zhengping has announced a stock trading investigation due to significant price fluctuations, with a cumulative increase of 101.86% from September 1 to September 30, 2023, leading to a trading suspension starting October 9, 2023 [1] Group 1: Stock Performance and Trading Suspension - The stock of *ST Zhengping experienced a cumulative increase of 101.86% from September 1 to September 30, 2023, with 15 days of trading limits and 4 instances of abnormal fluctuations [1] - The stock's short-term performance significantly deviated from the Shanghai Composite Index and the construction industry during the same period [1] - The company will suspend trading for no more than 5 trading days starting October 9, 2023, following the announcement of the investigation [1] Group 2: Audit and Risk Warnings - Due to limited audit scope, *ST Zhengping received an audit report with no opinion for its 2024 annual report, resulting in a delisting risk warning for its stock [1] - The company also received a negative opinion on its internal controls for 2024, indicating significant uncertainty regarding its ability to continue operations, along with other risk warnings due to violations related to guarantees [1] - If the issues related to the non-standard opinions are not resolved by the 2025 fiscal year, the company's stock will face termination of listing [1] Group 3: Company Self-Assessment - Following a self-assessment, *ST Zhengping found no need to clarify or respond to media reports or market rumors, nor did it identify any significant events that could impact its stock price [2] - The company confirmed that there were no necessary supplements or corrections to previously disclosed information [2] - There were no identified stock trading activities by the company's directors, supervisors, senior management, controlling shareholders, or other significant shareholders that could affect the stock price [2]