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Zhibao Technology (NASDAQ: ZBAO) received a deficiency letter from Nasdaq for non-compliance with Nasdaq Listing Rule 5250(c)(1) due to its failure to file the Form 20-F for fiscal year ended June 30, 2025. The notice has no immediate effect on the listing of the Company’s Class A ordinary shares.
The Company has 60 calendar days to submit a plan to Nasdaq to regain compliance. If Nasdaq accepts a plan, it may grant up to 180 calendar days from the annual report’s due date, which would extend the compliance deadline to May 13, 2026. If Nasdaq does not accept a plan, the Company may appeal to a Nasdaq Hearings Panel. The Company intends to file the 2025 Annual Report as soon as practicable and, if necessary, submit a plan to regain compliance.
Zhibao Technology (NASDAQ: ZBAO) ha ricevuto una lettera di difformità da Nasdaq per non conformità con la Nasdaq Listing Rule 5250(c)(1) a causa del mancato deposito del Form 20-F per l’esercizio chiuso al 30 giugno 2025. L’avviso non ha effetto immediato sul quotamento delle azioni ordinarie di Classe A della Società.
La Società ha 60 giorni di calendario per presentare a Nasdaq un piano volto a ripristinare la conformità. Se Nasdaq accetta un piano, può concedere fino a 180 giorni di calendario dall due data del rendiconto annuale, estendendo il termine di conformità al 13 maggio 2026. Se Nasdaq non accetta un piano, la Società può presentare ricorso a un Nasdaq Hearings Panel. La Società intende depositare il Rendiconto Annuale 2025 non appena possibile e, se necessario, presentare un piano per ripristinare la conformità.
Zhibao Technology (NASDAQ: ZBAO) recibió una carta de deficiencia de Nasdaq por incumplimiento de la Regla de Listado de Nasdaq 5250(c)(1) debido a no presentar el Formulario 20-F para el año fiscal terminado el 30 de junio de 2025. El aviso no tiene efecto inmediato sobre el listado de las acciones ordinarias Clase A de la Compañía.
La Compañía tiene 60 días naturales para presentar a Nasdaq un plan para volver a cumplir. Si Nasdaq acepta un plan, puede conceder hasta 180 días naturales desde la fecha de vencimiento del informe anual, lo que extendería el plazo de cumplimiento hasta el 13 de mayo de 2026. Si Nasdaq no acepta un plan, la Compañía puede apelar ante un Panel de Audiencias de Nasdaq. La Compañía tiene la intención de presentar el Informe Anual 2025 tan pronto como sea práctico y, si es necesario, presentar un plan para volver a cumplir.
Zhibao Technology(NASDAQ: ZBAO)는 Nasdaq Listing Rule 5250(c)(1) 위반으로 2025년 6월 30일 종료 회계연도에 대한 Form 20-F을 제출하지 않은 것에 대해 Nasdaq으로부터 불이행 서한을 받았습니다. 이 통지는 회사의 Class A 보통주 상장에 즉시 영향을 미치지 않습니다.
회사는 준수 회복 계획을 Nasdaq에 제출하기 위해 60일의 캘린더 데이를 가지고 있습니다. Nasdaq가 계획을 수락하면, 연차보고서 마감일로부터 최대 180일을 부여할 수 있으며, 이는 준수 기한을 2026년 5월 13일까지 연장합니다. Nasdaq가 계획을 수락하지 않으면, 회사는 Nasdaq 심판위원회에 이의제기를 할 수 있습니다. 회사는 가능한 한 빨리 2025년 연차보고서를 제출하고, 필요시 준수 회복 계획을 제출할 것입니다.
Zhibao Technology (NASDAQ: ZBAO) a reçu une lettre de carence de Nasdaq pour non-conformité à la règle de cotation Nasdaq 5250(c)(1) en raison du refus de déposer le Formulaire 20-F pour l’exercice clos le 30 juin 2025. L’avis n’a aucun effet immédiat sur l’inscription des actions ordinaires de classe A de la Société.
La Société dispose de 60 jours calendaires pour présenter à Nasdaq un plan visant à rétablir la conformité. Si Nasdaq accepte un plan, il peut accorder jusqu’à 180 jours calendaires à partir de la date d’échéance du rapport annuel, ce qui porterait le délai de conformité à 13 mai 2026. Si Nasdaq n’accepte pas le plan, la Société peut faire appel devant un Nasdaq Hearings Panel. La Société a l’intention de déposer le Rapport Annuel 2025 dès que possible et, si nécessaire, de présenter un plan pour rétablir la conformité.
Zhibao Technology (NASDAQ: ZBAO) hat von Nasdaq ein Abhilfeschreiben wegen Nichteinhaltung der Nasdaq Listing Rule 5250(c)(1) erhalten, da es versäumt hat, das Form 20-F für das Geschäftsjahr zum 30. Juni 2025 einzureichen. Die Mitteilung hat keinen unmittelbaren Einfluss auf die Notierung der Aktien der Klasse A des Unternehmens.
Das Unternehmen hat 60 Kalendertage, um Nasdaq einen Plan zur Wiederherstellung der Konformität vorzulegen. Akzeptiert Nasdaq einen Plan, kann er bis zu 180 Kalendertage ab dem Fälligkeitstermin des Jahresberichts gewähren, was die Frist für die Einhaltung bis zum 13. Mai 2026 verlängern würde. Wenn Nasdaq den Plan nicht akzeptiert, kann das Unternehmen vor einem Nasdaq Hearings Panel Berufung einlegen. Das Unternehmen beabsichtigt, den Jahresbericht 2025 so bald wie möglich einzureichen und gegebenenfalls einen Plan zur Wiederherstellung der Konformität vorzulegen.
تقنية Zhibao (ناسداك: ZBAO) تلقّت رسالة عجز من ناسداك بسبب عدم الامتثال لقواعد الإدراج في ناسداك 5250(c)(1) بسبب فشلها في تقديم النموذج 20-F للسنة المالية المنتهية في 30 يونيو 2025. الإشعار ليس له تأثير فوري على إدراج أسهم الشركة العادية من الفئة أ.
لدى الشركة 60 يومًا تقويميًا لتقديم خطة إلى ناسداك لاستعادة الامتثال. إذا قبلت ناسداك الخطة، فقد تمنح حتى 180 يومًا تقويميًا من تاريخ استحقاق التقرير السنوي، مما قد يمدد مهلة الامتثال إلى 13 مايو 2026. إذا لم تقبل ناسداك الخطة، يمكن للشركة التقدّم بطعن أمام لجنة سماع ناسداك. تعتزم الشركة تقديم التقرير السنوي لعام 2025 في أقرب وقت ممكن، وإذا لزم الأمر، تقديم خطة لاستعادة الامتثال.
Positive
- Deficiency notice has no immediate effect on listing
- Company retains right to submit a plan within 60 days
- Possible Nasdaq extension to May 13, 2026 if plan accepted
Negative
- Did not file Form 20-F for fiscal year ended June 30, 2025
- Now declared non-compliant with Nasdaq Rule 5250(c)(1)
- Must submit plan or appeal to avoid further Nasdaq actions
SHANGHAI – Shares of Zhibao Technology Inc. (NASDAQ: ZBAO), a Chinese InsurTech company specializing in digital insurance brokerage, are under scrutiny after the company announced it received a deficiency notification from Nasdaq on Friday. The notice, stemming from the company’s failure to file its Form 20-F for the fiscal year ending June 30, 2025, places Zhibao at risk of non-compliance with Nasdaq Listing Rule 5250(c)(1).
The missing filing, which provides crucial financial transparency for international companies listed on U.S. exchanges, raises concerns about Zhibao’s internal controls and reporting procedures. While the Nasdaq notification does not immediately impact the listing of Zhibao’s Class A ordinary shares, it initiates a process that could lead to delisting if not properly addressed.
Zhibao now has 60 calendar days to submit a plan to Nasdaq demonstrating how it intends to regain compliance. If Nasdaq approves the plan, the company could receive an extension of up to 180 days from the original filing deadline—pushing the compliance date to May 13, 2026. However, the acceptance of this plan is not guaranteed, and Nasdaq could require significant changes to Zhibao’s processes.
“The delay in filing the 20-F raises questions about the operational efficiency and the robustness of Zhibao’s financial reporting systems,” notes a financial analyst familiar with SEC compliance for listed companies. “Investors will be closely watching the company’s response and the details of the plan submitted to Nasdaq.”
Zhibao stated it intends to file the 2025 Annual Report “as soon as practicable” and will submit a compliance plan if needed. Should Nasdaq reject the company’s plan, Zhibao can appeal the decision to a Nasdaq Hearings Panel, adding another layer of complexity and uncertainty to the situation.
About Zhibao Technology Inc.
Zhibao Technology Inc. (NASDAQ: ZBAO) positions itself as a high-growth InsurTech company focused on digital insurance brokerage services in China. Its business model centers around “2B2C (to-business-to-customer) digital embedded insurance,” facilitated by its proprietary PaaS (Platform as a Service). The company has developed a range of digital insurance solutions designed to cater to diverse industries, leveraging data analytics and AI to refine and enhance its offerings.
The company’s future performance hinges on its ability to resolve the compliance issue with Nasdaq and maintain investor confidence. The incident underscores the challenges faced by Chinese companies listed on U.S. exchanges, particularly regarding regulatory compliance and financial transparency.
Forward-Looking Statements
This report contains forward-looking statements that are subject to risks and uncertainties. These statements are based on current expectations and projections and should not be considered as guarantees of future performance. Factors such as market conditions and those outlined in Zhibao’s filings with the SEC could impact actual results.
Why did Zhibao (ZBAO) receive a Nasdaq deficiency letter on November 21, 2025?
Nasdaq notified Zhibao of non-compliance with Rule 5250(c)(1) because the company failed to file its Form 20-F for the fiscal year ended June 30, 2025.
Does the Nasdaq deficiency letter mean Zhibao (ZBAO) will be delisted immediately?
No. The deficiency notice has no immediate effect on the listing of Zhibao’s Class A ordinary shares.
What deadline does Zhibao (ZBAO) have to regain Nasdaq compliance?
Zhibao has 60 calendar days to submit a plan to Nasdaq; if accepted, Nasdaq may grant up to 180 days total, to May 13, 2026.
What will Zhibao (ZBAO) do about the Nasdaq deficiency letter?
The company intends to file the 2025 Annual Report as soon as practicable and, if necessary, submit a plan with Nasdaq to regain compliance.
Can Zhibao (ZBAO) appeal if Nasdaq rejects its plan?
Yes. If Nasdaq does not accept the company’s plan, Zhibao may appeal the decision to a Nasdaq Hearings Panel.
