A-shares unusual movement | *ST Guandian 20CM hits the limit-down to a new low due to suspected information disclosure violations and has been filed for investigation

*ST Guodian (688287.SH) hit the 20% daily limit down today, closing at 1.91 yuan and setting a historical low; the total market value is 708 million yuan. From January 28 to now, the stock has cumulatively fallen by more than 73%. *ST Guodian’s announcement states that on April 3, 2026, the company received a “Filing Notification Letter” issued by the China Securities Regulatory Commission. The CSRC decided to file a case against the company because it is suspected of violating laws and regulations related to information disclosure and other issues. During the investigation period, the company will actively cooperate with the relevant investigative work and will strictly fulfill its information disclosure obligations in a timely manner in accordance with regulatory requirements.

Public information shows that *ST Guodian’s full name is Guodian Defense Technology Co., Ltd., established in 2004. In 2020, it successfully transferred from the National Equities Exchange and Quotations (NEEQ) to the STAR Market, becoming the first backdoor-to-STAR listing company in STAR Market history. At one point, it was recognized as a benchmark enterprise for capital market reform, thanks to its technical advantages in the field of drone-based drug interdiction. It also carried the spotlight of a national-level “Little Giant” enterprise specialized in innovation and excellence. Its principal businesses focus on the R&D, production, and sales of drone flight services and data processing, as well as unmanned flight systems and intelligent defense equipment. (Gelonghui)