Two major stocks announce updates! 600599, resuming trading! 603843, trading halted for investigation!

Recently, stock prices have surged significantly, with *ST Panda (600599), *ST Zhengping (603843), and other stocks participating in a “relay race” of suspension and verification.

On the evening of March 26, *ST Panda disclosed the results of the suspension and announced that its stock would resume trading on March 27 (Friday); on the same day, *ST Zhengping, due to increased trading risks in the secondary market, would verify its stock trading situation and applied to the Shanghai Stock Exchange for a suspension of its stock starting March 27, expected to last no more than 5 trading days.

*ST Panda warns of delisting risk

From the market perspective, *ST Panda saw a continuous rise from March 10 to 19, achieving eight consecutive trading limits and encountering abnormal trading fluctuations twice. On March 20, the company suspended trading and initiated a verification process.

In the results disclosed today, *ST Panda provided a risk warning regarding the audit matters for the year 2025, stating that there has been no substantial progress regarding the related non-standard opinions; if the company does not meet the criteria for lifting the delisting risk warning for the year 2025, its stock will be terminated from listing.

At the same time, the matters related to the negative opinions on internal control for the year 2024 at *ST Panda are also undergoing rectification; if sufficient audit evidence cannot be obtained in the future to prove that the significant impact of the previous negative opinions on internal control on the current financial statements has been eliminated, the annual audit accounting firm will issue a non-standard audit opinion on the company’s internal control audit report for the year 2025.

It is worth mentioning that on December 29, 2025, the company was placed under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws and regulations.

In terms of performance, *ST Panda expects its annual operating income for 2025 to be between 210 million yuan and 260 million yuan, with a net profit of 14 million yuan to 21 million yuan, achieving a turnaround from losses to profits year-on-year.

*ST Zhengping faces multiple risks

From March 10 to March 26, 2026, *ST Zhengping accumulated a rise of 57.56%, with 10 trading days hitting the limit up, 3 instances of abnormal trading fluctuations, and two consecutive occurrences of the same-direction abnormal fluctuations. The company stated that the stock price has risen too quickly in the short term, severely deviating from the fundamentals, and trading risks have accumulated significantly; it will initiate a suspension verification starting March 27, expected to last no more than 5 trading days.

Currently, *ST Zhengping is also facing multiple risks. In March 2026, the company corrected its previously disclosed earnings forecast, significantly lowering the expected net asset range, estimating net assets at the end of 2025 to be between -30 million yuan and 90 million yuan. As of now, the company’s audit work has not been completed, and with the deepening of the audit work, there may be a risk of further adjustments resulting in negative net assets. If the audited net assets at the end of 2025 are negative, there will be a significant risk of delisting.

At the same time, the annual audit accountant issued an audit report with a disclaimer of opinion for the year 2024; as of now, the company has not obtained sufficient and appropriate audit evidence to prove that the matters related to the disclaimer of opinion have been eliminated. If sufficient audit evidence is still not obtained in the future, it is expected that the company’s financial statements for the year 2025 will receive a non-standard opinion.

It is worth mentioning that *ST Zhengping is currently in the pre-restructuring period, and there is significant uncertainty regarding whether it can enter the restructuring process; after entering the pre-restructuring phase, there is also significant uncertainty about whether it can eliminate the issues related to the non-standard opinion.