On January 23, the Anhui Securities Regulatory Bureau issued a notice concerning Cube Digital Technology Co., Ltd. (hereinafter referred to as "*ST Cube"), reminding investors that *ST Cube faces significant illegal forced delisting risks. Investors are advised to rely on the company's official announcements for information, invest rationally, and avoid being misled by inaccurate information to prevent losses.
The Anhui Bureau's notice was prompted by recent abnormal fluctuations in *ST Cube's stock price. The company's actual controller, Gu Mutang, published "An Open Letter to All Shareholders of Cube Digital Technology" and "*ST Cube Responds to Risk Warning: Multiple Measures to Address Challenges, Stock Resumes Trading on the 20th" through media outlets on January 18 and January 20, respectively. Consequently, the company's stock price hit the daily upper limit gain on January 20.
At noon on January 20, *ST Cube urgently issued a clarification announcement, stating it had noticed relevant reports in certain media attributed to the company's board of directors. Upon verification, the company, all directors, and the board itself claimed to have no prior knowledge or involvement in the matters reported, clarifying that the content was not officially released by the board.
That evening, the Shenzhen Stock Exchange swiftly issued a letter of concern, pointing out that the content released by Gu Mutang through non-statutory information disclosure channels was suspected of being untrue, inaccurate, incomplete, and containing misleading statements. The exchange initiated disciplinary proceedings against him.
Despite this, *ST Cube's stock price continued to rise. As of January 22, the stock had hit the daily upper limit for three consecutive trading sessions.
The Anhui Bureau stated that it recently noted individuals releasing information, such as "*ST Cube Responds to Risk Warning: Multiple Measures to Address Challenges, Stock Resumes Trading on the 20th," through media channels. This information is suspected of being untrue, inaccurate, incomplete, and containing misleading statements. The company has already issued a clarification announcement through official channels, and the Anhui Bureau will also conduct regulatory actions in accordance with the law. The Bureau solemnly reminded investors that *ST Cube faces significant illegal forced delisting risks and advised them to rely on the company's official announcements, invest rationally, and avoid losses from misleading information.
According to the Anhui Bureau, *ST Cube's financial data in its 2021, 2022, and 2023 annual reports is suspected of containing false entries, potentially triggering the Shenzhen Stock Exchange's Growth Enterprise Market Listing Rules regarding significant illegal forced delisting. The company's stock may face forced delisting. The Anhui Bureau had already issued an "Advance Notice of Administrative Penalty and Market Entry Ban" on November 28, 2025.
"The proposed penalty subjects have applied to our bureau for an extension to present their defense and request a hearing. Our bureau has lawfully approved the extension and is currently expediting related work. Subsequently, our bureau will make an administrative penalty decision according to the law," the Anhui Bureau stated.
Last November, *ST Cube received the "Advance Notice of Administrative Penalty and Market Entry Ban" (hereinafter referred to as the "Notice") from the Anhui Bureau. According to the Notice, *ST Cube inflated operating revenue and costs through proxy business, financing trade, and false trade, leading to false records in its annual reports from 2021 to 2023. From 2021 to 2023, *ST Cube inflated operating revenue by 280 million yuan, 312 million yuan, and 46 million yuan, accounting for 50.09%, 51.67%, and 24.00% of the annual revenue for those years, respectively. Inflated operating costs were 277 million yuan, 305 million yuan, and 45 million yuan, accounting for 60.61%, 53.54%, and 27.55% of the annual costs for those years, respectively.
Having inflated revenue and costs for three consecutive years, a serious violation of securities laws and regulations, the Anhui Bureau proposed a fine of 10 million yuan on *ST Cube and a combined fine of 30 million yuan on 10 responsible persons, including Wang Yi.
Simultaneously, *ST Cube admitted in its announcement that, based on the facts determined in the Notice, the company may trigger two provisions of the Shenzhen Stock Exchange's GEM Listing Rules. These are Item (6) of Article 10.5.2, concerning "financial indicators in the annual report containing false records for three consecutive years based on facts stated in the CSRC's administrative penalty decision," and Item (7), concerning "false records in disclosed operating revenue for two consecutive years, with the total inflated amount exceeding 500 million yuan and more than 50% of the total annual operating revenue disclosed for those two years." This constitutes a significant illegal circumstance potentially leading to forced delisting of the company's stock.