Shenzhen Stock Exchange issues a risk warning regarding the trading of *ST Lifa stocks.

On November 28, 2025, the Shenzhen Stock Exchange received a "Administrative Penalty and Advance Notice of Market Entry Ban" from the Anhui Securities Regulatory Bureau. The company's financial data in the annual reports for the years 2021 to 2023 are suspected of being falsely recorded. The total amount of operating income suspected of being falsely recorded in 2021 and 2022 exceeds 5 billion yuan and exceeds 50% of the total annual operating income disclosed in those two years. The suspected significant financial fraud may trigger the provision of the ChiNext Stock Listing Rules on significant illegal mandatory delisting, and the company's stock may be forcibly delisted. Recently, *ST Cube's stock price has fluctuated significantly, triggering the abnormal trading standards multiple times. The Shenzhen Stock Exchange has taken self-regulatory measures such as suspending trading for investors engaged in abnormal trading behavior. Given the significant risk of mandatory delisting, investors should beware of trading risks, invest rationally, and trade cautiously.