Shanghai Supezet Engineering Technology Corp Ltd

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ST Zhuoran's financial fraud confirmed, may trigger mandatory delisting for major violations

ST Zhuoran announced that, due to suspected illegal information disclosure, the China Securities Regulatory Commission has preliminarily found that some annual financial information disclosed by the company is suspected of false records, which may trigger mandatory delisting for major violations. If the facts determined in the subsequent administrative penalty meet this condition, the company's shares will be subject to mandatory delisting for major violations. As of the announcement date, the China Securities Regulatory Commission's investigation is still ongoing, and the company said it will actively cooperate and fulfill its information disclosure obligations. ST Zhuoran is mainly engaged in the modular and integrated manufacturing of large-scale refining and chemical special equipment. As of the close on August 19, the stock price was 1.98 yuan per share, with a latest market value of 460 million yuan, and a cumulative decline of more than 81% this year.

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ST Zhuoran May Face Mandatory Delisting for Major Violations

ST Zhuoran announced that it has been placed under investigation by the China Securities Regulatory Commission for suspected illegal information disclosure. Preliminary findings indicate that some of the annual financial information disclosed by the company is suspected of containing false records, which may trigger mandatory delisting for major violations. If the facts later confirmed by the China Securities Regulatory Commission's administrative penalty meet the criteria for mandatory delisting due to major violations, the company's shares will be subject to mandatory delisting for major violations. As of the date of the announcement, the China Securities Regulatory Commission's investigation is still ongoing. Previously, because the company's 2025 annual report was rejected by all three independent directors and not submitted to the board of directors for review, the annual report disclosure was overdue, and the stock has been under delisting risk warning since July 7, 2026. As of the close on August 19, ST Zhuoran traded at 1.98 yuan per share, with a total market value of 460 million yuan.

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ST Zhuoran suspected of false financial records, may face mandatory delisting for major violations

ST Zhuoran is suspected of false records in its annual financial disclosures and may face mandatory delisting for major violations. According to preliminary findings from the regulatory investigation, some of the company's disclosed annual financial information is suspected of being false, and the China Securities Regulatory Commission's investigation is still ongoing. The Shanghai Stock Exchange has issued a regulatory work letter requiring the company to fully disclose the relevant risks and conduct a self-examination. The company's 2025 annual report shows revenue of 1.849 billion yuan, down 38.08 percent year-on-year, and a net loss of 188 million yuan, swinging from profit to loss compared with the previous year. Some directors raised objections to the annual report, and the annual audit firm issued a disclaimer of opinion on the audit report and an adverse opinion on the internal control audit report.

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Semiconductors▲

Penghua STAR Composite Index ETF Rises Over 2%, AI Computing Power and Advanced Packaging Drive Surge in Semiconductor Material Demand

The Penghua STAR Composite Index ETF rose more than 2%, with the semiconductor materials sector moving higher and silicon wafers leading the gains. Multiple industry experts noted that the explosion of AI computing power and the iteration of advanced packaging technologies are driving a surge in demand for semiconductor materials, and domestic substitution has shifted from an option to a necessity. Key segments such as large-size silicon wafers, electronic specialty gases, and CMP polishing fluids are reaching a critical turning point from verification and introduction to mass supply. GF Securities believes that the Tao Law v2 proposed by Huawei is reshaping the performance improvement path in the post-Moore era. Through technologies such as Logic Folding and 3D Folding, it achieves dual improvements in energy efficiency and density without relying on EUV lithography. This paradigm shift will significantly elevate the strategic value of advanced packaging, hybrid bonding, TSV, and system-level interconnect segments. As of 10:32 a.m. on July 9, 2026, the Shanghai Stock Exchange STAR Composite Index rose strongly by 2.34%, with constituent stocks Shanghai Hejing up 19.99%, Youyan Silicon up 17.56%, and Muxi shares up 13.09%. The Penghua STAR Composite Index ETF rose 2.45% to a latest price of 1.84 yuan. The ETF closely tracks the Shanghai Stock Exchange STAR Composite Index, which is composed of eligible securities of STAR Market listed companies on the Shanghai Stock Exchange and includes sample dividends in the index return.

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Semiconductors ▲Artificial Intelligence ▲

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Zhuoran Shares placed under delisting risk warning, to resume trading on July 7

Zhuoran Shares announced that because it was unable to disclose its 2025 annual report within the statutory deadline, the company's stock will be placed under a delisting risk warning starting July 7, 2026. Its A-share abbreviation will change to *ST Zhuoran, while the daily price limit will remain at 20 percent. Trading in the stock will be suspended for one day on July 6 and will resume on July 7. If the annual report is still not disclosed within two months after the delisting risk warning is imposed, the company's stock will be delisted.

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