Financial Services Association, January 19 (Reporter Huang Lu) From the highest market capitalization of about 30 billion dollars to the current market value of only 1/10 of the “peak” market value, it only took half a year for the valuation “bubble” to burst. This is *ST Zuojiang (300799.SZ), which was included as a key monitoring by the exchange this week.

*ST Zuojiang announced tonight that Zhou Lewu applied to resign as the company's financial director due to personal health and family reasons, and will no longer hold any position in the company after resigning.

According to public information, Zhou Lewu was born in 1984 and is a certified public accountant. He has been the financial director of Beijing Zuojiang Technology Co., Ltd. from December 2015 to May 2016; since May 2016, he has been the financial director/financial director of Beijing Zuojiang Technology Co., Ltd.

*ST Zuojiang was listed on October 29, 2019. Judging from Zhou Lewu's resume timeline, he has always been in charge of the company's finances and is a senior company executive. The timing of this resignation is also quite delicate. Since 2023, *ST Zuojiang has experienced roller coaster stock price fluctuations on the one hand, and constant financial “thunder” on the other.

In the first half of 2023, *ST Zuojiang was issued a delisting risk warning by the exchange due to negative net profit and operating income of less than 100 million yuan in 2022. Furthermore, since the auditing agency was unable to conduct on-site interviews on some of the company's accounts receivable and was unable to obtain a written response, *ST Zuojiang's 2022 financial report was issued with reservations.

November 4 and November 16, 2023* ST Zuojiang rarely received three quarterly report inquiry letters issued by two exchanges. Since then, the company has applied for an extension of response several times. It was not until December 12 that it was possible to respond in detail to several questions, and the most critical financial information affecting the company was also revealed. The “collapse” of the company's stock price accelerated on December 13. The company's stock price fell from the closing price of 189.01 yuan/share on December 12 to a minimum of 20.6 yuan/share.

Judging from the key information in response to the inquiry letter, the company achieved operating income of 337.221 million yuan and a loss of 97.3273 million yuan in the first three quarters. After verification, with regard to the 12.61 million yuan DPU chip sales contract confirmed in January 2023, the accountant indicated that further judgment is needed as to whether the relevant sales can finally be confirmed in 2023. In addition, the 51 million yuan contract with Xuhui Technology and Zhongyuan Time Space disclosed by the company in June 2023. After communicating with Zhongyuan in time and space, it was not possible to complete the delivery and acceptance of server network cards in the Qingyang project within 2023, and as a result, the corresponding revenue could not be confirmed in 2023.

On December 1, 2023, *ST Zuojiang received a notice of filing a case issued by the Securities Regulatory Commission. The company was investigated by the Securities Regulatory Commission for suspected illegal disclosure of information.

In addition to the resignation of the company's financial director, just a few days ago, *ST Zuojiang disclosed the announcement of his intention to change the accounting firm. On the evening of January 16 this year, *ST Zuojiang disclosed that due to the human resources allocation and work arrangements of the original auditing agency Daxin Certified Public Accountants (Special General Partnership), it is expected that it will not be possible to complete the 2023 audit work within the time specified by the company, and proposed to the company to resign from the 2023 annual report audit work. The company plans to appoint Asia Pacific (Group) Accounting Firm (Special General Partnership) as the company's 2023 auditor for a period of one year.