![](https://raw.githubusercontent.com/loginfordash/examplethe.github.io/807422f6f9636d2a3899d0990dca145249681546/qq.svg)
Beijing Zuojiang Technology, once seen as a potential competitor to Nvidia, will be delisted from the Shenzhen Stock Exchange due to financial fraud, the The South China Morning Post newspaperThe move follows the company's failure to provide a clean audit report for its 2023 financial results, prompting the Shenzhen Stock Exchange to initiate its delisting, scheduled for July 26.
Founded in 2007, Zuojiang Technology initially focused on producing cybersecurity hardware. However, the company shifted its focus in late 2022 to develop data processing units (DPUs), inspired by the rise of AI in China.
Zuojiang claimed its NE6000 DPU could compete with Nvidia’s Bluefield-2 DPU, in a bid to capitalize on growing demand for computing infrastructure for AI projects. Despite these claims, the company’s DPU sales in 2022 have been disappointing, with just one contract for 400 units, most of which were not even used by the buyer, according to the source.
The China Securities Regulatory Commission (CSRC) found Zuojiang's 2023 financial reports to be largely false, leading to the delisting decision. The company failed to submit a clean audit for its 2023 financials, triggering the Shenzhen Stock Exchange's decision to delist it.
Investors were shocked by the news of the fraud, as Zuojiang's stock, which peaked at ¥300 ($41.26) a year ago, fell dramatically to ¥6.94 ($0.95) before trading was halted in April, indicating a rather dramatic impact of the fraud allegations on investor confidence.
The delisting follows a similar incident in June, when the Shanghai Stock Exchange banned local chipmaker S2C from listing for five years due to inflated financial results. S2C was fined 16.5 million yuan by the CSRC for overstating its 2020 revenue and profit in its listing prospectus.
China's semiconductor industry is seeing a surge in bankruptcies as smaller companies become insolvent, according to multiple media reports. Twenty-three semiconductor companies have withdrawn their IPO applications since last year, naturally leading to increased caution among investors. The trend of Chinese semiconductor companies going bankrupt began in 2020, with more than 10,000 chip-related companies shutting down between 2021 and 2022. In 2023, a record 10,900 semiconductor-related companies delisted, a significant increase from the 5,746 companies that shut down in 2022.
Sources
1/ https://Google.com/
2/ https://www.tomshardware.com/tech-industry/chinese-competitor-to-nvidia-charged-with-financial-fraud-loses-spot-on-shenzhen-stock-exchange
The mention sources can contact us to remove/changing this article
|
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
Related