ST Zhengping: Abnormal fluctuations in stock prices indicate multiple business and delisting risks.

ST Zhengping announced that the company's stock has hit the limit down for three consecutive trading days on January 12-14, 2026, with a decline of 14.24%, triggering abnormal fluctuations. Prior to this, the stock had hit the limit up for four consecutive trading days on January 6-9, with a cumulative increase of 20.74%. The company's fundamentals have not changed, but the stock price has experienced sharp fluctuations, accumulating high risks. In addition, the company's debt restructuring claims have been partially declared, which may be difficult to address the non-standard issues raised; it is not ruled out that the audited net assets attributable to the parent company for the year 2025 could be negative and result in delisting. In terms of performance, the company had a revenue of 1.362 billion yuan in 2024, with a net loss attributable to the parent company of 484 million yuan; in the first three quarters of 2025, the revenue was 652 million yuan, with a net loss attributable to the parent company of 99 million yuan.