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zhang xiaohui, reporter of economic observer after postponing the reply to the shenzhen stock exchange's inquiry letter for a total of 11 times, as of 18:00 on september 10, 2024, fujian zitian media technology co., ltd. (300280.sz, hereinafter referred to as "zitian technology") has not disclosed the information that the company has been investigated by the china securities regulatory commission.

on the afternoon of september 10, economic observer called the secretary's office of zitian technology for an interview regarding the above-mentioned information, but no staff member answered the call.

the case was filed by the china securities regulatory commission, and no relevant information was disclosed

due to suspected illegal and irregular information disclosure, on september 6, the china securities regulatory commission issued an "investigation notice" and a "case filing notice" to zitian technology.

on september 6, zitian technology did not publicly disclose the news that the company was under investigation by the china securities regulatory commission in the information disclosure column of listed companies on the shenzhen stock exchange's official website.

on september 7, the shenzhen stock exchange issued a letter of concern to zitian technology. the letter of concern pointed out that according to the provisions of article 22, paragraph 2, item (16) of the "administrative measures for information disclosure of listed companies", the investigation of a listed company by the china securities regulatory commission is a major event that should be disclosed immediately. zitian technology should immediately fulfill its information disclosure obligations regarding the company's investigation by the china securities regulatory commission in accordance with relevant laws and regulations and the provisions of the "gem stock listing rules" of this exchange.

zitian technology is a listed company whose main business is advertising. according to its 2023 annual report, the company focuses on internet and data service-related businesses. zitian technology said that the company has achieved a certain position and bargaining power in the industry.

11 delayed responses

the 2023 annual report shows that zitian technology achieved operating income of 2.188 billion yuan and a loss of 1.210 billion yuan. the reasons for its performance loss are: large provisions for asset impairment losses and a year-on-year decrease in the company's sales proceeds in 2023.

the shenzhen stock exchange found anomalies in its review of zitian technology's 2023 annual report. on may 6, 2024, the shenzhen stock exchange sent an "annual report inquiry letter" to zitian technology, questioning whether the company was involved in financial fraud such as inflating revenue, net profit, and net assets.

in the "annual report inquiry letter", the shenzhen stock exchange mentioned that in the first three quarters of 2023, zitian technology achieved operating income of 2.29 billion yuan, a year-on-year increase of 128.11%; and realized a net profit attributable to shareholders of listed companies of 206 million yuan, a year-on-year increase of 122.70%. there are significant differences between the main financial indicators of zitian technology in each quarter of 2023 and the publicly disclosed interim report.

the most obvious difference is: the 2023 third quarter report shows that zitian technology achieved operating income of 2.29 billion yuan in the first three quarters, but in the 2023 annual report, this figure became 2.188 billion yuan.

the question then arises: why does zitian technology's full-year operating income in 2023 appear to be less than that in the first three quarters? is this because zitian technology did not generate operating income in the fourth quarter of 2023, or did it falsely increase its operating income in the financial reports for the first three quarters of 2023?

the shenzhen stock exchange requires zitian technology to correct its previous financial statements. the china securities regulatory commission requires beijing yatai international accounting firm (special general partnership), zitian technology's annual audit agency, to list the details of audit adjustments that affect the current profit and loss of 2023 by more than 1 million yuan, and explain the reporting period, business implementation entity, reasons for adjustment and basis item by item; the firm is required to further verify whether the business involved in the audit adjustment actually occurred, and whether the listed company has any financial fraud such as inflated revenue, net profit, and net assets.

in addition, the shenzhen stock exchange also requires zitian technology to disclose detailed information on multiple accounting items, including internet advertising business, cloud service business, accounts receivable, inventory, non-related party loans, goodwill impairment, non-current financial assets, accounts payable, sales expenses, and related fund transactions.

on may 21, zitian technology issued its first announcement on delaying its reply to the shenzhen stock exchange's inquiry letter. as of september 10, zitian technology had adopted a strategy of delaying the deadline, a full 11 times.

the most recent extension of the reply announcement was on july 31, 2024. zitian technology said that the relevant verification work involved in the "annual report inquiry letter" is relatively heavy, and some questions have not yet been answered. in order to ensure the authenticity, accuracy and completeness of the reply content, the company will postpone the reply to the annual report inquiry letter again, and will reply to the "annual report inquiry letter" and disclose it to the public depending on the progress.

on the shenzhen stock exchange interactive platform, an investor asked a question on july 29: i see that zitian technology has postponed its reply to the exchange's inquiry letter (referring to the "annual report inquiry letter") for the 10th time. is it because the company's performance is not good and it is at risk of delisting, making it difficult to respond? can you reply to the inquiry letter truthfully?

zitian technology has not yet responded to the investor's questions.

the predecessor of zitian technology was nantong forging. in 2016, through a major asset reorganization, two natural persons, zheng lan and yao haiyan, took over the listed company and became the actual controllers of the company.

public information shows that both yao haiyan and zheng lan have retired. zheng lan was born in 1951 and was formerly the deputy director of jiangsu accounting firm, the financial director of tianyuan holdings co., ltd., the director of the finance department of the resource development department of the 10th national games organizing committee, the financial director of jiangsu 10th national games resource development co., ltd., and the senior investment manager and financial director of jiangsu high-tech venture capital management co., ltd. yao haiyan was born in 1948 and was a teacher at huai'an normal university and an associate researcher at the nanjing purple mountain observatory of the chinese academy of sciences.

during the period when zitian technology extended its response to the "annual report inquiry letter", the company's independent director wang su resigned on august 27 due to poor health.

on september 10, 2024, zitian technology closed at 12.08 yuan, with a total market value of approximately 1.958 billion yuan.

economic observer will continue to follow up on the report.