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Funeng Oriental: Recently, it was put on file by the CSRC.Since 2020, Zhiyun Co., Ltd. has gradually grown after acquiring Shenzhen Jiutian Zhongchuang Automation Equipment Co., Ltd., but all this has been returned to its original shape because of false confirmation of sales revenue. In the financial report of 2022, Jiutian Zhongchuang falsely confirmed the sales revenue with Jiangxi Mizan Technology Co., Ltd., which seriously affected the authenticity of Zhiyun's annual report. This dramatic turn has caught many optimistic investors off guard.Although the overall trend of A-shares is still stable and bull stocks emerge one after another, investors must remain vigilant, be familiar with the risks behind them and adjust their investment strategies in time.

Funeng Oriental: Recently, it was put on file by the CSRC.Zhiyun shares: due to financial fraud, it was suspended by ST and resumed trading.Investment is risky, especially in the ever-changing capital market, which may face sudden risks at any time. Only by establishing a good investment mentality and choosing carefully can we move forward steadily.

In recent years, the supervision of the A-share market has been continuously strengthened. According to the securities law, the stock exchange has the right to give a risk warning to the company when it commits major violations of laws and regulations. This risk warning is usually presented to the public in the form of ST, aiming at reminding investors of potential investment risks. Statistics show that the number of companies that have been ST or *ST reached 76 during the year, setting a record high. Many of these companies have been investigated by regulators for financial fraud or insider trading.*ST Zhuo Lang: Touching a major violation of the law, facing mandatory delisting.Further, Tianrui Instruments, which was also recently ST, also experienced a significant decline after its resumption of trading, because of the false record of financial indicators. There are indications that the risk brought by ST is not isolated, but a universal market phenomenon.