Shanghai Supezet Engineering Technology Corp., Ltd. designs, manufactures, installs, and services petrochemical equipment for the petrochemical, oil refining, and natural gas chemical industries in China and internationally. Its offerings include sustainable aviation fuel (SAF), biodegradable and recyclable materials such as the bio-based plastic polybutylene adipate terephthalate (PBAT), recycled and hydrocarbon resource utilization products, and green agriculture and fine chemical products. The company also provides engineering general contracting, project consulting and leasing, intelligent heavy equipment manufacturing, industrial furnace equipment and alloy furnace tubes, and related technical services. Founded in 2002, it is headquartered in Shanghai, China, and exports its products.
CSRC plans to fine ST Zhuoran 12.5 million yuan over suspected major violations triggering forced delisting
The China Securities Regulatory Commission said on the evening of September 11 that it has issued a prior notice of administrative penalty to Shanghai Zhuoran Engineering Technology Co., Ltd., known as ST Zhuoran, over suspected false records in financial data including periodic reports. After investigation, ST Zhuoran inflated profits in relevant years, seriously violating securities laws and regulations. The CSRC plans to fine the listed company 12.5 million yuan, impose combined fines of 35.8 million yuan on six responsible persons, and ban the actual controller from the securities market for 10 years. ST Zhuoran is suspected of meeting the conditions for forced delisting due to major violations, and the Shanghai Stock Exchange will initiate delisting procedures in accordance with the law. At the same time, the CSRC has decided to formally open an investigation into the practice conduct of the accounting firm involved in this case. Those suspected of failing to perform their duties diligently will be severely punished according to law, and any possible criminal clues will be transferred to public security authorities in strict accordance with relevant regulations. Public information shows that ST Zhuoran mainly engages in modular and integrated manufacturing of large refining and chemical special equipment, while also providing integrated supporting services for green and low-carbon chemical projects. It listed on the STAR Market of the Shanghai Stock Exchange in September 2021.
688121.CG · Regulation · Negative CSRC fines ST Zhuoran 12.5M yuan for financial fraud and forces delisting, a regulatory enforcement action against the company.
*ST Zhuoran's 2026 interim net loss widens to 98.61 million yuan
*ST Zhuoran released its 2026 interim report. As of June 30, net profit attributable to the parent company was negative 98.611 million yuan, a decrease of 98.392 million yuan compared with the same period last year, with the loss widening year on year. Total operating revenue was 345 million yuan, down 64.32 percent year on year. Net cash inflow from operating activities was 168 million yuan, the asset-liability ratio was 68.10 percent, gross margin was 13.15 percent, return on equity was negative 4.50 percent, and diluted earnings per share was negative 0.43 yuan. The company had 9,003 shareholders, and the top ten shareholders held 49.85 percent of the total share capital.
ST Zhuoran's financial fraud confirmed, may trigger mandatory delisting for major violations
ST Zhuoran announced that, due to suspected illegal information disclosure, the China Securities Regulatory Commission has preliminarily found that some annual financial information disclosed by the company is suspected of false records, which may trigger mandatory delisting for major violations. If the facts determined in the subsequent administrative penalty meet this condition, the company's shares will be subject to mandatory delisting for major violations. As of the announcement date, the China Securities Regulatory Commission's investigation is still ongoing, and the company said it will actively cooperate and fulfill its information disclosure obligations. ST Zhuoran is mainly engaged in the modular and integrated manufacturing of large-scale refining and chemical special equipment. As of the close on August 19, the stock price was 1.98 yuan per share, with a latest market value of 460 million yuan, and a cumulative decline of more than 81% this year.
ST Zhuoran May Face Mandatory Delisting for Major Violations
ST Zhuoran announced that it has been placed under investigation by the China Securities Regulatory Commission for suspected illegal information disclosure. Preliminary findings indicate that some of the annual financial information disclosed by the company is suspected of containing false records, which may trigger mandatory delisting for major violations. If the facts later confirmed by the China Securities Regulatory Commission's administrative penalty meet the criteria for mandatory delisting due to major violations, the company's shares will be subject to mandatory delisting for major violations. As of the date of the announcement, the China Securities Regulatory Commission's investigation is still ongoing. Previously, because the company's 2025 annual report was rejected by all three independent directors and not submitted to the board of directors for review, the annual report disclosure was overdue, and the stock has been under delisting risk warning since July 7, 2026. As of the close on August 19, ST Zhuoran traded at 1.98 yuan per share, with a total market value of 460 million yuan.
ST Zhuoran suspected of false financial records, may face mandatory delisting for major violations
ST Zhuoran is suspected of false records in its annual financial disclosures and may face mandatory delisting for major violations. According to preliminary findings from the regulatory investigation, some of the company's disclosed annual financial information is suspected of being false, and the China Securities Regulatory Commission's investigation is still ongoing. The Shanghai Stock Exchange has issued a regulatory work letter requiring the company to fully disclose the relevant risks and conduct a self-examination. The company's 2025 annual report shows revenue of 1.849 billion yuan, down 38.08 percent year-on-year, and a net loss of 188 million yuan, swinging from profit to loss compared with the previous year. Some directors raised objections to the annual report, and the annual audit firm issued a disclaimer of opinion on the audit report and an adverse opinion on the internal control audit report.
Penghua STAR Composite Index ETF Rises Over 2%, AI Computing Power and Advanced Packaging Drive Surge in Semiconductor Material Demand
The Penghua STAR Composite Index ETF rose more than 2%, with the semiconductor materials sector moving higher and silicon wafers leading the gains. Multiple industry experts noted that the explosion of AI computing power and the iteration of advanced packaging technologies are driving a surge in demand for semiconductor materials, and domestic substitution has shifted from an option to a necessity. Key segments such as large-size silicon wafers, electronic specialty gases, and CMP polishing fluids are reaching a critical turning point from verification and introduction to mass supply. GF Securities believes that the Tao Law v2 proposed by Huawei is reshaping the performance improvement path in the post-Moore era. Through technologies such as Logic Folding and 3D Folding, it achieves dual improvements in energy efficiency and density without relying on EUV lithography. This paradigm shift will significantly elevate the strategic value of advanced packaging, hybrid bonding, TSV, and system-level interconnect segments. As of 10:32 a.m. on July 9, 2026, the Shanghai Stock Exchange STAR Composite Index rose strongly by 2.34%, with constituent stocks Shanghai Hejing up 19.99%, Youyan Silicon up 17.56%, and Muxi shares up 13.09%. The Penghua STAR Composite Index ETF rose 2.45% to a latest price of 1.84 yuan. The ETF closely tracks the Shanghai Stock Exchange STAR Composite Index, which is composed of eligible securities of STAR Market listed companies on the Shanghai Stock Exchange and includes sample dividends in the index return.
Artificial Intelligence › Edge & On-device AI Silicon Technology
688432.CG · Demand · Positive Surge in demand for semiconductor materials like silicon wafers and CMP fluids directly benefits GRINM as a semiconductor materials supplier.
688802.CG · Demand · Positive Advanced packaging demand rises due to AI and Huawei's Tao Law, benefiting MetaX as an integrated circuits company.
688121.CG · Demand · Positive AI computing power and advanced packaging drive demand for semiconductor materials, benefiting engineering technology firms in the sector.
Zhuoran Shares placed under delisting risk warning, to resume trading on July 7
Zhuoran Shares announced that because it was unable to disclose its 2025 annual report within the statutory deadline, the company's stock will be placed under a delisting risk warning starting July 7, 2026. Its A-share abbreviation will change to *ST Zhuoran, while the daily price limit will remain at 20 percent. Trading in the stock will be suspended for one day on July 6 and will resume on July 7. If the annual report is still not disclosed within two months after the delisting risk warning is imposed, the company's stock will be delisted.
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