Core Points - *ST Gaohong's stock will be delisted due to a continuous closing price below 1 yuan for twenty trading days from September 1 to September 26, 2025, triggering mandatory delisting conditions [1] - The company has signed an agreement with Pacific Securities to act as its agent for stock transfer following the delisting decision [1] Summary of Relevant Sections - **Delisting Decision**: The Shenzhen Stock Exchange has decided to terminate the listing of *ST Gaohong's stock due to its failure to maintain a minimum stock price [1] - **Regulatory Actions**: The company received a prior notice of administrative penalty from the China Securities Regulatory Commission (CSRC) for significant violations related to information disclosure, with a proposed fine of 160 million yuan for responsible parties and 7 million yuan for third-party collaborators [3] - **Financial Misconduct**: *ST Gaohong has been found to engage in fraudulent activities, including inflating revenue and profits through non-substantial transactions, violating securities laws [3] - **Fraudulent Issuance**: The company is implicated in fraudulent issuance during its non-public stock offering in 2020, which raised 1.25 billion yuan based on false financial data from 2018 to 2020 [3]

Core Viewpoint - *ST Gaohong (000851) has received a decision from the Shenzhen Stock Exchange to terminate its listing due to its stock price being below 1 yuan for twenty consecutive trading days, leading to its direct delisting without a transition period [1][3]. Group 1: Company Overview - *ST Gaohong, officially known as 大唐高鸿网络股份有限公司, was established by the China Academy of Telecommunications Technology (Datang Telecom Group) [3]. - The company has developed three main business segments: digital application, information services, and IT sales over its more than twenty years of listing [3]. - At its peak, *ST Gaohong reported revenue exceeding 7 billion yuan, with 2023 revenue recorded at 5.93 billion yuan and total assets at 8.3 billion yuan [3]. Group 2: Financial Irregularities - The China Securities Regulatory Commission identified that from 2015 to 2021, *ST Gaohong engaged in fraudulent trade activities through its subsidiary, Beijing Datang Gaohong Technology Co., Ltd., involving a company controlled by Jiang Qing [4]. - These fraudulent activities resulted in inflated revenue and profits in annual reports, with 2019 alone seeing an inflated revenue of 5.634 billion yuan, accounting for nearly half of the reported revenue, and an inflated profit exceeding 20 million yuan [4]. - The company has also faced issues of inflated revenue and profits in its 2022 and 2023 annual reports [4]. Group 3: Shareholder Information - As of the end of the third quarter, *ST Gaohong had over 80,000 shareholders [5].

Core Viewpoint - *ST Gaohong's stock will be delisted due to continuous trading below 1 yuan for twenty consecutive trading days, triggering mandatory delisting conditions [2][4]. Group 1: Delisting Decision - On November 3, *ST Gaohong received a notice from the Shenzhen Stock Exchange regarding the termination of its stock listing [2]. - The delisting will occur within fifteen trading days after the decision, without entering a delisting adjustment period [2]. Group 2: Legal and Regulatory Issues - *ST Gaohong is facing significant legal issues, including a prior notice of administrative penalties from the China Securities Regulatory Commission (CSRC) for information disclosure violations [4]. - The CSRC plans to impose a fine of 160 million yuan on the responsible parties and an additional 7 million yuan on third parties involved in the fraud [4]. - The company has been accused of engaging in non-substantive business practices, significantly inflating revenue and profits, which violates securities laws [4]. - *ST Gaohong's actions during a 2020 private placement, which included the use of false financial data, have been classified as fraudulent issuance, further triggering mandatory delisting conditions [4].

Core Points - *ST Gaohong's stock will be delisted due to continuous closing prices below 1 yuan for twenty trading days [3] - The company will not enter a delisting preparation period but will be directly delisted within fifteen trading days after the decision [3] - After delisting, *ST Gaohong's shares will be transferred to the National Equities Exchange and Quotations system [3] - The company has signed a stock transfer agreement with Pacific Securities for share transfer services [3] - *ST Gaohong, established by the China Academy of Telecommunications Technology, has three main business segments: digital applications, information services, and IT sales [3] - The company reported peak revenue exceeding 7 billion yuan, with 2023 revenue at 5.93 billion yuan and total assets of 8.3 billion yuan [3] - The China Securities Regulatory Commission identified fraudulent trading activities from 2015 to 2021, leading to inflated revenue and profits [4] - In 2019, the company inflated revenue by 5.634 billion yuan, accounting for nearly half of its reported revenue [4] - The company has over 80,000 shareholders as of the third quarter [5] - On November 3, *ST Gaohong received the official notice of stock termination from the Shenzhen Stock Exchange [7]

Core Viewpoint - *ST Gaohong's stock will be delisted due to continuous trading below 1 yuan for twenty consecutive trading days, triggering mandatory delisting conditions [1] Group 1: Delisting Announcement - On November 3, *ST Gaohong received a notice from the Shenzhen Stock Exchange regarding the termination of its stock listing [1] - The stock will be delisted within fifteen trading days after the decision, without entering a delisting adjustment period [1] - The company has signed a stock transfer agreement with Pacific Securities to act as its agent [1] Group 2: Legal and Regulatory Issues - The company is facing significant legal issues, including a prior notice of administrative penalties from the China Securities Regulatory Commission (CSRC) for information disclosure violations [2] - The CSRC has proposed a fine of 160 million yuan against responsible parties and an additional 7 million yuan against third parties involved in the fraud [2] - *ST Gaohong has been accused of engaging in sham transactions to inflate revenue and profits, violating securities laws [2] Group 3: Fraudulent Activities - The company has been implicated in fraudulent issuance, having used false revenue and profit data from 2018 to 2020 during a non-public stock issuance application in 2020 [2] - This fraudulent issuance was approved by the CSRC, allowing the company to raise 1.25 billion yuan [2]

Core Viewpoint - The company *ST Gaohong (000851.SZ) has received a decision from the Shenzhen Stock Exchange to terminate its stock listing due to triggering mandatory delisting conditions related to trading [1] Group 1 - The termination of the company's stock listing is effective as of November 3, 2025, and will occur without entering a delisting arrangement period [1] - The company's stock will be delisted within fifteen trading days following the decision [1]

Core Viewpoint - *ST Gaohong's stock will be delisted due to its closing price being below 1 yuan for twenty consecutive trading days, marking a forced delisting scenario [1] Summary by Sections Delisting Decision - The Shenzhen Stock Exchange has decided to terminate the listing of *ST Gaohong (000851.SZ) [1] - The stock's closing price was below 1 yuan from September 1 to September 26, 2025, triggering the delisting rule [1] Timeline and Process - The stock will be delisted fifteen trading days after the delisting decision is made [1] - The company will not enter a delisting adjustment period [1] Actions Taken - *ST Gaohong has signed a stock transfer agreement with Pacific Securities, appointing them as the agency for the transfer [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國電子華大科技有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00085 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | | 0.01 | HKD | | 300,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.01 | HKD | | 300,000,000 | 本月 ...

Core Insights - The establishment of the China Electronics Spring Research Institute was announced on October 28 in Shenzhen, with key officials in attendance [1] Group 1: Research Focus - The Spring Research Institute will focus on integrated circuits and advanced computing [1] - It aims to create research centers, verification centers, capability centers, and standards centers [1] Group 2: Service Capabilities - The institute will promote new technologies and product selection, verification, and testing [1] - It will develop service capabilities in patent licensing, product incubation, project research, consulting, and testing verification [1]

Group 1 - Semiconductor stocks in Hong Kong experienced a collective surge, with notable increases in share prices for several companies [1] - Hua Hong Semiconductor rose over 7%, while Shanghai Fudan and SMIC saw increases of over 6% and 4% respectively [1] - Other companies such as China Electric Power Technology and InnoCare also reported gains exceeding 3% and 2% [1] Group 2 - Hua Hong Semiconductor's latest price is 77.95, with a total market capitalization of 135.279 billion and a year-to-date increase of 260.05% [2] - Shanghai Fudan's stock price reached 42.32, with a market cap of 34.763 billion and a year-to-date increase of 181.52% [2] - SMIC's latest price is 77.15, with a market cap of 617.205 billion and a year-to-date increase of 142.61% [2]