--- title: "ST PANDA accountants clearly state \"non-standard\" opinion, the company's delisting is almost a certainty" type: "News" locale: "en" url: "https://longbridge.com/en/news/282062382.md" description: "ST PANDA faces delisting risk. Its annual audit accountant, LianDa Certified Public Accountants, has clearly stated that it will issue an inability to express an opinion on the 2025 financial report and will issue a negative opinion on the internal control audit report. This will lead the company to trigger financial delisting circumstances, and its stock may be terminated from listing. Since 2019, the company has received negative opinions for six consecutive years and is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws and regulations" datetime: "2026-04-08T14:54:12.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/282062382.md) - [en](https://longbridge.com/en/news/282062382.md) - [zh-HK](https://longbridge.com/zh-HK/news/282062382.md) --- # ST PANDA accountants clearly state "non-standard" opinion, the company's delisting is almost a certainty China National Radio reported from Beijing on April 8 (Reporter Niu Guyue) \*ST Panda (600599.SH) is about to disclose its 2025 annual report. On April 8, its annual audit accountant, LianDa Certified Public Accountants (Special General Partnership), issued a special statement, clearly indicating that it will issue an inability to express an opinion on the company's 2025 financial report and a negative opinion on the internal control audit report. According to the "Stock Listing Rules," this will lead to \*ST Panda triggering financial delisting conditions, and the company's stock will be terminated from listing. Screenshot from \*ST Panda announcement **Accountants clearly state "non-standard" opinion, delisting seems unavoidable** According to the latest statement issued by the accountants, the current on-site audit work has been basically completed, but they still "cannot obtain sufficient and appropriate audit evidence" regarding previous non-standard matters. The accountants clearly pointed out that based on this situation, "they will issue an inability to express an opinion on the company's 2025 financial report." According to the "Stock Listing Rules," from the perspective of the type of financial statement opinion, the company's 2024 annual report has already been issued an "inability to express an opinion" by the accountants, resulting in a delisting risk warning. If the 2025 annual report again receives a "non-standard" opinion, the delisting outcome will be difficult to avoid. At the same time, regarding the internal control opinion, the company has been issued a negative opinion for six consecutive years since 2019. This special opinion indicates that based on the audit evidence obtained, "the internal controls such as post-loan management of small loans still have a significant impact on the financial statements," and therefore, a negative opinion will still be issued regarding the company, which will also trigger delisting indicators. China National Radio Finance has noted that since the beginning of this year, \*ST Panda has repeatedly issued announcements highlighting the company's delisting-related risks, and LianDa Certified Public Accountants has issued special statements three times, emphasizing that there has been "no substantial progress in resolving previous non-standard matters." In the view of market participants, this latest special statement further clarifies the company's delisting risk. **The company will face administrative penalties due to massive false transactions, with prominent internal control issues** In December 2025, \*ST Panda was investigated by the China Securities Regulatory Commission for suspected violations of information disclosure laws and regulations. On April 8, 2026, \*ST Panda announced that it had received an "Advance Notice of Administrative Penalty," confirming that the company's debt transfer with Kunpeng Assets was actually a false transaction involving a huge amount, exposing prominent issues in the company's internal control and corporate governance. According to the accountants' special statement, they also discovered weak links in internal controls such as related party transactions and information disclosure during the internal control audit. Although the company claims to be rectifying, significant internal control defects, such as post-loan management of small loan businesses, have still not been eliminated during this period, and the accountants have therefore clearly stated that they will issue a negative opinion on internal controls. **Delisting may have become a foregone conclusion; investors should not "take risks"** On April 8th, \*ST PANDA's stock price once again experienced a limit-up. Experts interviewed pointed out that, given the company has received the "Notice of Administrative Penalty" and the accountant has clearly stated that a "non-standard" audit opinion will be issued, the market performance has severely diverged from the company's high-risk fundamentals, representing a typical case of short-term speculation detached from value. In the context of the normalization of delisting in the capital market deepening, the regulatory authorities are resolutely implementing "delist all that should be delisted," aiming to eliminate poor-quality companies and optimize the market ecology. Experts remind that \*ST PANDA's annual report is likely to be issued with a non-standard opinion, making delisting almost a certainty. In the face of such clear and imminent delisting risks, investors must remain highly vigilant, view stock price fluctuations rationally, fully recognize the significant risks involved, and avoid "taking personal risks." ### Related Stocks - [600599.CN](https://longbridge.com/en/quote/600599.CN.md) ## Related News & Research - [Euronext will be ready if demand for 24/7 trading grows, CEO says](https://longbridge.com/en/news/287018262.md) - [Sparebanken Øst Boosts Employee Savings Scheme With Equity Certificate Buyback](https://longbridge.com/en/news/287108450.md) - [Sparebanken Øst Buys Back Equity Certificates for Employee Savings Scheme](https://longbridge.com/en/news/286813438.md) - [12:00 ETVilla Albertine Announces the Lafayette Fellowship, a Prestigious New Graduate Scholarship in France for America's Emerging Leaders](https://longbridge.com/en/news/287248753.md) - [$1000 Invested In SPDR Gold MiniShares Trust 5 Years Ago Would Be Worth This Much Today](https://longbridge.com/en/news/286819467.md)