*ST Cube announced on February 14 that it received a prior notice from the Shenzhen Stock Exchange indicating the intention to terminate the listing of the company's stock. The notice stated that the company's annual reports from 2021 to 2023 contained false financial disclosures. The total amount of falsified revenue for 2021 and 2022 exceeded 500 million yuan, representing more than 50% of the total annual revenue disclosed during those two years. Trading of the company's shares will be suspended starting February 24.
The imminent forced delisting follows three years of financial fraud. Previously, *ST Cube experienced a bizarre rally with seven limit-up sessions in ten trading days, resulting in a阶段性涨幅达314.9%. On February 12 and 13, the stock hit two consecutive跌停板s.
Starting January 20, the stock, which had already fallen below 1 yuan per share, was suddenly targeted by hot money speculation. By February 5, excluding three trading days halted for verification from January 30 to February 3, the stock had recorded seven limit-up increases over ten sessions, accumulating a 314.9% gain.
Regulators acted swiftly in response to the extreme price volatility. Within less than a month since January 19, *ST Cube was halted for verification three times, either强制ly or voluntarily, setting a record for the highest frequency of trading suspensions in recent A-share market history. The first halt on January 19 was due to market rumors; the second, announced on January 29 and effective January 30, was expected to last no more than three trading days; and the third, announced on February 5 and effective February 6, was anticipated to last up to five trading days.
The密集的停牌核查 reflected regulators' high alert regarding the irrational speculation and underscored the extremity of the price fluctuations. During the suspension, the company completed a self-inspection into the price volatility and announced on the evening of February 10 that trading would resume on February 11.
The frenzy surrounding *ST Cube was ultimately halted. On February 12 and 13, the stock experienced two consecutive 20% limit-down sessions. The episode, which began with a limit-up on January 20 and concluded with limit-downs on February 12 and 13, is viewed by industry insiders as a farce involving畸形博弈 among controlling shareholders'违规操作, speculative hot money, and盲目跟风 retail investors.