ST Huapeng: It is expected that the net assets will be negative by the end of 2025, and the stock may be subject to the risk of being delisted.

ST Huapeng announced that, according to preliminary calculations, it is expected that the net assets at the end of 2025 will be between -2.08 billion yuan and -1.39 billion yuan. This will trigger the risk warning for delisting of the company's stock according to relevant regulations. The company's stock may be subject to delisting risk warning by the Shanghai Stock Exchange after the disclosure of the 2025 annual report. If the audited net assets at the end of the period are negative, the company's stock will be suspended from trading starting from the date of the annual report disclosure, and the Shanghai Stock Exchange will implement a risk warning for delisting within 5 trading days after the suspension. The company will announce the day before the implementation, and trading will resume with the risk warning for delisting starting from the next trading day after the announcement disclosure date.