ST Zhengping: Pre-reorganization debt declaration, facing multiple risks and stock price fluctuations.

ST Zhengping announced that the pre-restructuring debt declaration involves the parent company and 13 subsidiaries. The debt declaration must be completed by January 25, 2026, in the form of "online application + paper mailing." This is a partial debt declaration, with important holding subsidiaries not included. The accuracy and completeness of the debt declaration are uncertain, and it may be difficult to eliminate non-standard opinion matters from 2024. As of the end of the first three quarters of 2025, the company's net assets attributable to the parent company were 280 million yuan. However, there are asset impairments and discovered debts that were not accrued, resulting in audited net assets attributable to the parent company being negative, posing the risk of delisting. In addition, there have been abnormal fluctuations in the company's stock price, with a significant increase from the beginning of the year to November 18, deviating from the fundamentals, reminding investors to be aware of risks.