Shanghai Broadband Technology warns of delisting risk amid regulatory probe, financial woes

Shanghai Broadband Technology (SBT) has issued a risk warning, stating that the company is under investigation by the China Securities Regulatory Commission (CSRC) for alleged information disclosure violations, as notified on December 12, 2025. This investigation is ongoing, though the company maintains normal operations and management.

SBT also faces a significant risk of delisting. After being designated as *ST on April 30, 2025, due to negative financial performance in 2024 (operating revenue of yuan 17.2267m and negative net profit), the company's 2025 financial performance is critical. Should its 2025 annual net profit or adjusted net profit remain negative, and operating revenue fall below yuan 300m, its shares will be terminated from listing under exchange rules. Additionally, the company is exposed to further impairment risk from outstanding Hong Kong Petrochemical Group receivables, which could negatively impact 2025 profits and trigger delisting.

Furthermore, SBT is under "other risk warning" status due to unresolved historical capital occupation by its former controlling shareholder, Nanjing Sweet Group, and its affiliates. The company reminds investors to exercise caution and make rational investment decisions.