ST Zhengping: Stock price fluctuates greatly, facing multiple delisting and operational risks.

ST Zhengping announced that the company's stock had hit the daily limit for six trading days from March 11 to 19, 2026, with a cumulative increase of 33.33%. The fundamentals have not changed, but the trading risk has accumulated. At the same time, the company faces multiple risks: the audit progress may result in negative net assets; a non-standard audit opinion may be issued; if the internal control audit remains non-standard within 2025, the company may be delisted; there is uncertainty in the declaration of debt restructuring rights; it cannot be ruled out that there is other fund misappropriation and improper guarantees; the mining production capacity is insufficient and mining rights may be frozen; and there is uncertainty in recruiting restructuring investors for debt restructuring.