Cubic Digital Technology Co., Ltd. (300344.SZ) announced that on November 28, 2025, it received a "Prior Notice of Administrative Penalty and Market Entry Ban" from the Anhui Bureau of the China Securities Regulatory Commission (CSRC). The notice confirmed that the company had inflated operating revenue and costs through agency businesses, engaged in financing trade to artificially boost revenue and costs, and conducted fictitious trade to overstate operating revenue, costs, and total profits.
According to the facts stated in the notice, the company's annual reports for 2021, 2022, and 2023 contained false records. Specifically, the falsely reported operating revenue for 2021 and 2022 totaled RMB 592 million, accounting for 50.91% of the combined disclosed annual operating revenue for those two years.
The company may fall under the mandatory delisting criteria outlined in Article 10.5.2(6) of the Shenzhen Stock Exchange ChiNext Listing Rules, which states: "Where the facts stated in the CSRC's administrative penalty decision confirm that the company's disclosed annual report financial indicators—including operating revenue, total profits, net profit, or balance sheet assets/liabilities—contain false records for three consecutive years." Additionally, it may violate Article 10.5.2(7): "Where the facts stated in the CSRC's administrative penalty decision confirm that the company's disclosed operating revenue contains false records for two consecutive years, with the total falsely reported amount exceeding RMB 500 million and accounting for over 50% of the combined disclosed annual operating revenue for those two years."
As a result, the company's shares will be suspended for one day starting December 1, 2025 (Monday), with trading resuming on December 2 (Tuesday). Upon resumption, the stock will be placed under a delisting risk warning.
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