ST Mubang: Abnormal stock trading fluctuations, warning of multiple risks.

ST Mubang announced that the company's stock prices had experienced significant declines on November 27, November 28, and December 1, 2025, with a cumulative deviation exceeding 12%, indicating abnormal fluctuations. After self-inspection, it was found that apart from the disclosed pre-restructuring matters, there were no major undisclosed information that should have been disclosed. The company's production and operation are currently normal. The uncertainty remains on whether the company will enter into a restructuring process, and it is expected that it will not happen before December 31, 2025. The company's revenue from January to September 2025 was 226.8226 million yuan, with a net loss of -355.7161 million yuan, and the stock still faces the risk of delisting. In addition, both the company and its controlling shareholder, Liao Zhiyuan, are under investigation.