ST: It is expected that by the end of 2025, the net assets will be negative, or the risk warning of delisting will be implemented.

ST Kaiyuan announced that, based on preliminary calculations, it is expected that the net assets at the end of 2025 will be negative. If the 2025 annual report discloses that the audited net assets at the end of the most recent accounting year are negative, the stock trading will be subject to delisting risk warning. In addition, the company's creditors have applied for reorganization and pre-reorganization of the company. If the court accepts the reorganization application, the stock will be subject to delisting risk warning. If the reorganization fails and bankruptcy is ruled, the stock will face the risk of delisting.