关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我们！ 登录新浪财经APP 搜索【信披】查看更多考评等级 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 监管处罚力度也相应加大，罚款金额动辄数百万元，对关键责任人的处罚更加严厉，甚至采取了市场禁 入措施。 证监会2025年的监管力度显著加强，处罚逻辑从过去的宽松转变为现在的严惩。相较于2019年"顶格罚 60万"的时代，目前对违规信披公司和责任人的罚款上限已分别大幅提升至1000万元和500万元。 财务造假手段层出不穷，系统性违规成重灾区 今年以来，证监会及各地证监局对上市公司信息披露违规行为保持了高压态势。粗略统计超80家上市公 司领监管处罚。 从最新案例来看，涉及信披违规的公司不仅包括主板企业，还有众多科创板和创业板企业。 违规类型五花八门：从未按期披露定期报告、未及时披露股权冻结，到财务造假、虚增收入，甚至还有 实际控制人挪用资金等更为隐蔽的违规行为。 2025年上市公司违规手法多样，财务造假成为主要问题。诺泰生物通过"技术转让+增资"的闭环资 ...

山有信/文 据统计，2025年以来，A股市场已有超过10家上市公司因财务造假被罚并触及重大违法强制退市，有5家公司收到上亿元罚单。 财务造假是严重破坏市场"三公"原则,侵害投资者合法权益的毒瘤。 图源：AI 反做空一线梳理了近三到五年间上市公司财务造假的典型案例，如紫晶存储、康得新、贵州百灵、亿利洁能股份有限公司等，发现财务造假的行为背后，不 仅折射出实控人与财务总监的复杂关系，更暴露出个别上市公司治理混乱、相关审计机构可能存在严重失职、第三方配合甚至串通舞弊等问题。 实控人与财务总监"联手"舞弊 实际控制人作为公司的"掌舵者"，掌控着企业的核心决策方向。财务总监作为上市公司财务体系的"守门人"，其命运往往与公司的财务合规性深度绑定。 据分析，在大量财务造假案例中，公司实际控制人与财务总监等人共谋，安排公司相关人员一起财务造假是十分常见的现象。 此外，因融资需要，2013年至2017年，在胜通集团时任董事长、法定代表人及实际控制人王秀生决策并组织下，胜通集团以胜通钢帘线、山东胜通化工有限 公司（该公司于2013年停产）和山东胜通光学材料科技有限公司等三家子公司为造假实体，通过复制真实账套后增加虚假记账凭证生成 ...

关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我们！ 一、股票被终止上市 *ST高鸿已在2025年11月11日被摘牌。这家曾长期受到市场关注的上市公司，最终因触及重大违法强制 退市情形，结束了其在A股市场的旅程。 上海沪紫律师事务所刘鹏律师代理的案件也已陆续递交法院立案审理。*ST高鸿的财务造假并非一时之 举，而是一场持续近九年的系统性欺诈。经证监会调查，2015年至2023年间，*ST高鸿通过参与、组织 开展虚假贸易业务的方式虚增收入和利润。（刘鹏律师专栏） 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 累计虚增营业收入约198亿元，虚增利润总额超7620万元。这些数字揭示了公司基本面的大规模失真， 也让投资者对其真实经营状况产生了严重误判。该公司在退市后仍需承担赔偿责任。受损投资者应尽快 采取行动，通过法律途径维护自身权益。 二、退市不免责 *ST高鸿从一家上市公司到最终退市的全过程，展 ...

New Stock Issuance - Nant Technology (920124) issued shares at a price of 8.66 on November 11, 2025[1] - The acquisition request period for Hailianxun (300277) is from November 12 to November 18, 2025[1] Market Alerts - ST Yuancheng (603388) reported severe abnormal fluctuations on November 11, 2025[1] - ST Erlang (600107) and ST Lvkang (002868) also reported abnormal fluctuations on November 11, 2025[1] Recent Announcements - Multiple companies including Hefu China (603122) and Huasheng Lithium Battery (688353) made announcements on November 11, 2025[1] - Significant announcements were made by Jiangbolong (301308) and Furi Shares (002083) on November 10, 2025[1] Additional Information - The report includes links to detailed announcements for various companies, indicating ongoing market activities and potential investment opportunities[1]

Group 1 - Huayang Intelligent's shareholder, Fosun Weiying, plans to reduce its stake by up to 285.42 million shares, representing no more than 5% of the company [1] - Kangtai Biological's controlling shareholder's concerted actor, Du Xinglian, intends to reduce its stake by up to 272.4 million shares, which is no more than 0.24% of the total share capital [2] - Mindray Medical has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [4] Group 2 - Junpu Intelligent's chairman, Liu Yuan, resigned for personal reasons, and Wang Jianfeng was elected as the new chairman [6] - Mingchen Health's actual controller and executives plan to collectively reduce their stake by up to 8.61 million shares, accounting for 3.27% of the total share capital [7] - Zhongheng Design's directors and executives plan to reduce their stake by up to 151.57 million shares, representing no more than 0.55% of the total share capital [9] Group 3 - ST Erya and its actual controller, Zheng Jiping, are still under investigation by the China Securities Regulatory Commission [10] - Qicai Chemical's shareholder, Beijing Fengyan, plans to reduce its stake by up to 399.12 million shares, accounting for 0.98% of the total share capital [11] - Aier Eye Hospital plans to distribute a cash dividend of 0.8 yuan per 10 shares to all shareholders, totaling approximately 744 million yuan [12] Group 4 - Meiri Interactive's actual controller's concerted actor plans to reduce its stake by up to 394.74 million shares, which is 1% of the total share capital [13] - Maipu Medical's pre-IPO shareholder plans to reduce its stake by up to 67.05 million shares, representing no more than 1% of the total share capital [15] - Qinchuan Machine Tool's subsidiary plans to increase its registered capital from 50 million yuan to 200 million yuan, introducing new investors [17] Group 5 - Guiyang Bank's proposed director, Yu Rui, has resigned due to work reasons [19] - Guiyang Bank plans to acquire Xifeng Development Village Bank and establish a branch [20] - Aojing Medical's directors and executives plan to collectively reduce their stake by up to 25.28 million shares, accounting for no more than 0.19% of the total share capital [21] Group 6 - Zhongji Xuchuang intends to issue H-shares and list on the Hong Kong Stock Exchange [22] - ST Huatuo's stock will have its risk warning lifted, changing its name to Shiji Huatuo [25] - *ST Gaohong's stock has been delisted from the Shenzhen Stock Exchange [27] Group 7 - Tianwo Technology plans to publicly transfer a 7.12% stake in Qinghai Haihe Railway Transportation Co., with an assessed value of approximately 8.54 million yuan [28] - Xingye Technology's major shareholder plans to reduce its stake by up to 886.65 million shares, representing no more than 3% of the total share capital [29] - Jiangnan Chemical has successfully acquired 100% equity of Chongqing Shun'an Explosive Materials Co., with a transfer base price of 1 billion yuan [31]

Core Viewpoint - Multiple shareholders and actual controllers of various companies are planning to reduce their stakes, indicating potential shifts in ownership and market sentiment [1] Shareholder Reductions - Daily Interaction's actual controller's concerted actor plans to reduce holdings by no more than 1% [1] - MaiPu Medical's shareholder Guoshou Chengda intends to reduce holdings by no more than 1% [1] - New Open Source's director Hua Mengyang plans to reduce holdings by no more than 2 million shares [1] - Colorful Chemistry's shareholder Beijing Fengyan aims to reduce holdings by no more than 0.9829% [1] - Mingchen Health's actual controller Chen Qinfang plans to reduce holdings by no more than 3% [1] - Huayang Intelligent's shareholder Fosun Weiying intends to reduce holdings by no more than 5% [1] - Hesheng Silicon Industry's shareholder Fuda Industrial plans to reduce holdings by no more than 27.0705 million shares [1] - Lianying Laser's actual controller Niu Zengqiang plans to reduce holdings by no more than 3 million shares [1] - Sanmei Co., Ltd.'s controlling shareholder and actual controller Hu Rongda intends to reduce holdings by no more than 3% [1] - Zhongzhou Special Materials' actual controller Feng Mingming plans to reduce holdings by no more than 1.22% [1] - Shoulu Hotel's Ctrip Shanghai has reduced holdings by 2.26% [1] Other Notable Events - *ST Gao Hong's stock is set to be delisted and removed from trading [1] - *ST Yuancheng has received a notice regarding the proposed termination of its stock listing [1]

Core Points - *ST Gao Hong's stock has been decided to be delisted by the Shenzhen Stock Exchange, with the delisting date set for November 11, 2025 [1] - The company has appointed Pacific Securities Co., Ltd. as its lead underwriter and signed a "Stock Transfer Entrustment Agreement" with them [1] - The appointed firm will provide share transfer services and handle the necessary procedures for stock exit registration and confirmation [1]

Core Viewpoint - *ST Gaohong (000851) has announced that its stock will be delisted from the Shenzhen Stock Exchange, effective November 11 [1] Company Actions - The company has appointed Pacific Securities Co., Ltd. as its lead underwriter to assist with the delisting process [1] - A stock transfer agreement has been signed with Pacific Securities to provide share transfer services [1] - The company will handle the necessary procedures for stock re-confirmation and registration in the national share transfer system [1]

Core Viewpoint - *ST Gaohong's stock has been terminated from listing by the Shenzhen Stock Exchange and will be delisted on November 11, 2025 [1] Summary by Relevant Sections - **Delisting Announcement** - The company announced that its stock has been terminated from listing by the Shenzhen Stock Exchange [1] - The delisting will take effect on November 11, 2025 [1] - **Post-Delisting Procedures** - Following the termination of listing, the company is required to ensure that its shares can enter the National Small and Medium Enterprises Share Transfer System within 45 trading days after delisting [1] - This transfer will be managed by the original securities company's agency transfer system [1]

证券代码：000851 证券简称：*ST 高鸿 公告编号：2025-144 大唐高鸿网络股份有限公司 股票终止上市暨摘牌公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、 误导性陈述或者重大遗漏。 特别提示： 大唐高鸿网络股份有限公司（以下简称"公司"）股票已被深圳证券交易所决 定终止上市，将在 2025 年 11 月 11 日被摘牌。 2025 年 11 月 3 日，本公司收到深圳证券交易所《关于终止大唐高鸿网络股份 有限公司股票上市的决定》(深证上〔2025〕1180 号)。鉴于公司股票被深圳证券交 易所决定终止上市，根据《股票上市规则》《关于退市公司进入退市板块挂牌转让 的实施办法》等的相关规定，公司应当在股票被终止上市后及时做好相关工作，以 确保公司股份在摘牌后四十五个交易日内可以进入全国中小企业股份转让系统有 限责任公司依托原证券公司代办股份转让系统设立并代为管理的两网公司及退市 公司板块(以下简称"退市板块")挂牌转让。 一、终止上市股票的证券种类、简称、代码、终止上市 决定日期、摘牌日期 二、终止上市决定的主要内容 大唐高鸿网络股份有限公司： 你公司股票在 2025 年 ...