ST Zhengping: There are multiple risks of delisting due to the application for restructuring and pre-restructuring.

The ST Zhengping announcement stated that creditor Nanchang Yindu has applied to the court for reorganization and pre-reorganization of the company on the grounds that the company is unable to repay its debts due and clearly lacks the ability to repay. The company officially entered pre-reorganization on December 24th. However, there is significant uncertainty as to whether the company can enter the reorganization process. The 2024 annual report received an audit report that was unable to express an opinion, and the stock has been subject to delisting risk warning. If the issues involved in the non-standard opinions in the 2025 annual audit report cannot be resolved, the company's stock will be delisted. In addition, there is irrational speculation in the company's stock price, with a cumulative increase of 24.65% since the beginning of the year, and an increase of 221.93% from September 1st to November 18th.