Beijing Zuojiang Technology, once considered a potential competitor to Nvidia, will be removed from the Shenzhen Stock Exchange due to financial fraud, reports the South China Morning Post. This is followed the company's inability to provide a clean audit report for its 2023 financial results, prompting the Shenzhen Stock Exchange to initiate its delisting, which is set for July 26.
Founded in 2007, Zuojiang Technology initially focused on producing cybersecurity hardware. However, the company shifted its focus in late 2022 to develop data processing units (DPUs), inspired by the AI boom in China.
