Shares of *ST Zhuoran hit limit down right at the open on their first day of resumed trading, making it the first case on the STAR Market where failure to disclose an annual report on time has triggered delisting risk. The company was unable to release its 2025 annual report as scheduled, with the direct reason being that all three independent directors unanimously voted against submitting it to the board for review. They expressed significant doubts about related-party transactions, going-concern risks, and the absence of a third-party verification report in the financial statements. The independent directors pointed out that the company and its actual controller are already under investigation by the China Securities Regulatory Commission for suspected illegal information disclosure, and no verification report from a third-party intermediary has been obtained to date. After the delisting risk warning was imposed, the daily price limit for the stock remains at 20 percent, and the maximum cumulative purchase by a single investor on any given day is capped at 500,000 shares.
Shanghai Supezet Engineering Technology Corp LtdCompany faces delisting risk due to failure to disclose annual report on time, with independent directors raising concerns about related-party transactions and going-concern risks.