ST Infotech: The company expects its net assets at the end of 2025 to be negative and will add an asterisk after the annual report.

（Source: Caixin）

          The closing price increase deviation value cumulatively exceeded 12% over three consecutive trading days. According to the relevant provisions of the Shenzhen Stock Exchange Trading Rules, this situation falls under abnormal stock trading price fluctuations.            

On April 2, ST Infotech (Rights Protection) (002528.SZ) released an announcement on abnormal stock trading price fluctuations and a risk alert. The company’s stock trading price increase deviation value cumulatively exceeded 12% over three consecutive trading days. According to the relevant provisions of the Shenzhen Stock Exchange Trading Rules, this situation falls under abnormal stock trading price fluctuations.

In relation to the company’s abnormal stock trading price fluctuations, the company has conducted a verification of relevant matters, and hereby explains the following: First, the information disclosed by the company in the prior period has no need for correction or supplementation; second, the company has not found any undisclosed major information in recent public media reports that could or has already had a significant impact on the company’s stock trading price; at the same time, the company’s disclosed operating conditions and internal and external operating environment have not undergone any significant changes; in addition, as of the date of this announcement, the company and its controlling shareholder(s) and actual controller(s) have no major matters that should be disclosed about the company but have not been disclosed, and there are no major matters under planning; lastly, during the period of abnormal stock trading price fluctuations, the company’s controlling shareholders and actual controllers did not buy or sell the company’s stock.

The company has highlighted multiple risks: First, the company expects that its net assets at the end of 2025 will be negative. If the audited net assets at the end of 2025 are negative, according to the relevant provisions of the Shenzhen Stock Exchange’s Stock Listing Rules, the company’s stock trading will be subject to delisting risk warning after the disclosure of the 2025 annual report; second, the company and its wholly-owned subsidiaries have applied for an off-court restructuring, but there are uncertainties as to whether the application will be accepted and whether a restructuring plan can be reached subsequently; third, the company and its wholly-owned subsidiaries have overdue bank loan debts, with overdue principal and interest of approximately 489 million yuan, including overdue principal and interest of 168 million yuan that are subject to guarantees; whether the overdue debts can ultimately be resolved remains uncertain; fourth, the company received a case-filing notice from the China Securities Regulatory Commission on January 24, 2025, and as of the date of this announcement, it has not yet received any conclusive opinions or decisions; fifth, the company has been subject to additional risk warning due to an internal control audit report for 2023 that issued an adverse/disclaimer of opinion, and in 2024 it was further layered with other risk warnings due to issues with the audit report.

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