The delisting timeline has been finalized, with March 31, 2026, marking the start of the delisting period for *ST Lifang (300344). The company's stock abbreviation will change to "Lifang Exit." From being hailed as a dark horse in AI servers to facing forced delisting, *ST Lifang's capital market story is nearing its end. For nearly 40,000 shareholders still holding the stock, the 15 trading days following the resumption of trading on March 31 may represent their final opportunity to exit and a new starting point for legal recourse.
The delisting date was confirmed on the evening of March 23, when *ST Lifang announced it had received a termination of listing notice from the Shenzhen Stock Exchange. Trading will enter a 15-session delisting period beginning March 31, 2026, with the final trading date expected to be April 21, 2026. The first day of the delisting period will have no price limit, followed by a daily fluctuation limit of 20% thereafter. The exchange will delist the stock the day after the delisting period concludes, after which it will be transferred to the delisted sector managed by the National Equities Exchange and Quotations system.
As of February 13, 2026, *ST Lifang had 38,184 shareholder accounts, an increase of over 50% compared to one month prior. This indicates a significant influx of investors during the period when risks were becoming apparent. For these shareholders, the 15 trading days after March 31 represent their last chance to trade the stock on the A-share market.
The direct trigger for the delisting was a three-year financial fraud scheme involving concealed practices. According to a penalty decision issued by the Anhui Regulatory Bureau on February 14, 2026, between 2021 and 2023, *ST Lifang inflated revenue by 638 million yuan and inflated operating costs by 628 million yuan through agency business, financing trade, and falsified transactions.
In response to these serious violations, the Anhui Regulatory Bureau ordered *ST Lifang to make corrections, issued a warning, and imposed a fine of 10 million yuan. Additionally, ten individuals, including Wang Yi, Yu Kebai, and Xiang Liangbao, were collectively fined 30 million yuan, with three primary responsible persons barred from the securities market for ten years.
Notably, Zhongxingcai Guanghua Accounting Firm, which issued unqualified audit opinions for *ST Lifang's annual reports from 2021 to 2023, is now under formal investigation by regulatory authorities. This has triggered a chain reaction, with nearly 70% of the firm's A-share clients terminating their contracts in a short period, and a large number of its NEEQ clients also departing.
*ST Lifang's history was not always this bleak. Founded in 1999, the company went public on the ChiNext board in 2012, initially focusing on production and manufacturing of space panels under the stock abbreviation "Space Panel Industry." Around 2020, the company underwent a change in actual control and business transformation, shedding its traditional building materials operations to shift toward intelligent software and digital services. It rebranded as "Lifang Digital Technology," promoting concepts such as digital cloud infrastructure, BIM, and CIM.
In late 2023, the company established a controlling subsidiary, "Shenzhen Super Cube," focusing on its own brand server business. This move coincided with intense market enthusiasm for AI computing and server concepts. Between September 2024 and March 2025, the stock price surged from around 3 yuan to 15.26 yuan, a gain of over 400%, earning it the title of "AI server dark horse" and attracting numerous retail investors.
However, speculative hype could not掩盖 weak fundamentals. From 2022 to 2024, the company reported consecutive annual losses. According to its 2025 earnings forecast, it anticipates a net loss of 180 million to 210 million yuan, indicating continued financial deterioration. In April 2025, the company came under investigation for suspected disclosure violations in periodic reports, triggering a sharp decline in its stock price from previous highs.
Even after delisting risks were clearly exposed, *ST Lifang experienced a dramatic final surge in January 2026. Between January 20 and February 5, the stock recorded seven limit-up sessions, soaring 314.93%, with extreme intraday volatility including sessions where the stock swung from limit-down to limit-up, showing daily fluctuations exceeding 40%.
This irrational speculation was fueled by information released through non-public channels by the company's actual controller. In January 2026, the controller issued an open letter to shareholders via media, stating that operations were normal and that defense materials had been submitted. This statement was criticized by the Anhui Regulatory Bureau as containing "untrue, inaccurate, and incomplete" information and misleading representations. On February 10, the Shenzhen Stock Exchange announced it had taken regulatory measures, including suspending trading for investors involved in abnormal trading activities, and reminded investors to be aware of risks and invest rationally.
For investors who purchased *ST Lifang stock during the financial fraud period and suffered losses, delisting does not mean the end of recourse. Lawyer Liu Peng of Shanghai Huzi Law Firm stated that based on the violation facts, eligible claimants include those who bought shares between April 25, 2022, and April 28, 2025 (inclusive), and sold or held them after April 29, 2025, incurring losses. These investors can seek compensation in accordance with the law.
With the administrative penalty decision finalized, the investor compensation process has begun. Eligible investors can participate by following the prescribed procedures to submit relevant materials for claim registration. Although the维权 process may take time, it represents both a means to recover losses and an important mechanism to signal that violations will be punished.