Core Viewpoint - The China Securities Regulatory Commission (CSRC) is intensifying its regulatory enforcement against financial fraud and information disclosure violations, aiming to enhance market integrity and investor confidence [1][2][3]. Regulatory Framework - Recent legal reforms, including the new Securities Law and related regulations, have established a robust regulatory framework for capital markets, providing a solid basis for enforcement actions [2][3]. - The CSRC has issued over 2,200 administrative penalties for financial fraud and market manipulation during the 14th Five-Year Plan period, with fines totaling 41.4 billion yuan, marking increases of 58% and 30% respectively compared to the previous five-year period [2][3]. Enforcement Actions - The CSRC is focusing on severe violations such as financial fraud and insider trading, with notable cases leading to significant penalties, including a 2.25 billion yuan fine against Zhongke Huayuan Titanium Co., Ltd. for compliance violations [3][4]. - Since last year, the CSRC has investigated 67 delisted companies for illegal activities, with 33 cases referred for potential criminal prosecution [3][4]. Investor Protection - The regulatory bodies are enhancing investor protection mechanisms, including the introduction of new judicial interpretations and multi-faceted dispute resolution frameworks to support investor rights [5][6]. - Landmark cases, such as the special representative litigation against Kangmei Pharmaceutical, have resulted in substantial compensation for investors, demonstrating the effectiveness of the new protective measures [5][6]. Comprehensive Accountability - The CSRC is promoting a multi-layered accountability system that integrates administrative, civil, and criminal responsibilities to strengthen deterrence against securities violations [8][9]. - Over the past five years, the CSRC has referred more than 700 cases to law enforcement, leading to serious criminal accountability for numerous offenders [9]. Future Directions - Experts suggest that future regulatory efforts should focus on precise enforcement against financial fraud while ensuring that intermediary institutions fulfill their responsibilities as gatekeepers [4][6]. - There is a call for a "one-stop" platform for investor rights protection, integrating various forms of dispute resolution to facilitate easier access for small investors [7].

Core Points - *ST Gaohong (000851.SZ) has reported that its stock price has been below 1 yuan for twenty consecutive trading days as of September 26, 2025 [1] - According to the Shenzhen Stock Exchange's listing rules, companies with A-shares that have a stock closing price below 1 yuan for twenty consecutive trading days will have their stock trading terminated [1] - The stock will be suspended from trading starting September 29, 2025, following the announcement [1] Summary by Sections - **Stock Performance** - *ST Gaohong's stock price has been below 1 yuan for twenty consecutive trading days [1] - **Regulatory Framework** - The termination of trading is based on Article 9.2.1 and Article 9.1.15 of the Shenzhen Stock Exchange's listing rules [1] - Companies that fall under this category will not enter a delisting preparation period [1] - **Trading Suspension** - The stock will be suspended from trading on September 29, 2025, as per the regulations [1]

证券代码：000851 证券简称：*ST 高鸿 公告编号：2025-135 大唐高鸿网络股份有限公司 关于公司股票将被终止上市暨停牌的风险提示公告 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： 1.截至 2025 年 9 月 26 日，大唐高鸿网络股份有限公司(以下简称"公司") 股票收盘价格已经连续二十个交易日均低于 1 元。根据《深圳证券交易所股票上 市规则》（以下简称《股票上市规则》）第 9.2.1 条、第 9.1.15 条相关规定， 在深交所仅发行 A 股股票的公司，通过深交所交易系统连续 20 个交易日的股票 收盘价均低于 1 元，深交所终止其股票上市交易；因触及交易类强制退市情形而 终止上市的股票不进入退市整理期。敬请广大投资者注意投资风险。 2. 根据《股票上市规则》第 9.2.6 条相关规定，在深交所仅发行 A 股股票 的公司，连续二十个交易日的股票收盘价均低于 1 元，应当在事实发生的次一交 易日开市前披露，公司股票于公告后停牌。公司股票（证券简称：*ST 高鸿，证 券代码：000851）将自 2025 年 9 月 29 日（星 ...

格隆汇9月28日丨*ST高鸿(000851.SZ)公布，截至2025年9月26日，大唐高鸿网络股份有限公司股票收盘 价格已经连续二十个交易日均低于1元。根据《深圳证券交易所股票上市规则》第9.2.1条、第9.1.15条相 关规定，在深交所仅发行A股股票的公司，通过深交所交易系统连续20个交易日的股票收盘价均低于1 元，深交所终止其股票上市交易；因触及交易类强制退市情形而终止上市的股票不进入退市整理期。敬 请广大投资者注意投资风险。根据《股票上市规则》第9.2.6条相关规定，在深交所仅发行A股股票的公 司，连续二十个交易日的股票收盘价均低于1元，应当在事实发生的次一交易日开市前披露，公司股票 于公告后停牌。公司股票（证券简称：*ST高鸿，证券代码：000851）将自2025年9月29日（星期一） 开市起停牌。 ...

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 低价股排名 | 代码 | 简称 | 最新收盘价（元） | 日涨跌幅（%） | 日换手率（%） | 市净率（倍） | 行业 | | --- | --- | --- | --- | --- | --- | --- | | 000851 | *ST高鸿 | 0.38 | -5.00 | 5.87 | 0.99 | 通信 | | 300280 | 紫天退 | 0.43 | -4.44 | 6.32 | 0.06 | 传媒 | | 600200 | *ST苏吴 | 1.05 | 5.00 | 2.70 | 0.42 | 医药生物 | | 000656 | *ST金科 | 1.39 | -0.71 | 0.77 | | 房地产 | | 601005 | 重庆钢铁 | 1.45 | -0.68 | 1.17 | 0.78 | 钢铁 | | 600022 | 山东钢铁 | 1.47 | -0.68 | 0.62 | 0.84 | 钢铁 | | 000627 | *ST天茂 | 1.58 | | | 0.36 | 非银金融 | | 002496 | *ST辉丰 | ...

Core Viewpoint - *ST Gao Hong is on the verge of delisting due to its stock price falling below 1 yuan for 15 consecutive trading days, triggering the "face value delisting" rule [2][3] Group 1: Delisting Risks - The company faces dual delisting risks: one from the stock price being below face value and another from significant legal violations [3][4] - The company has been penalized by the China Securities Regulatory Commission (CSRC) for financial fraud over several years, which may lead to forced delisting due to major violations [4][6] Group 2: Financial Fraud Details - The company has engaged in financial fraud for nine years, inflating revenue by approximately 19.8 billion yuan and profits by over 76.2 million yuan [5][6] - The fraudulent activities included fictitious trade operations that lacked commercial substance, significantly impacting reported financials [6] Group 3: Regulatory Actions and Investor Impact - The CSRC has imposed a fine of 160 million yuan on the company, raising concerns about its ability to compensate investors [7] - The company's market value has plummeted to about 463 million yuan, a significant drop from historical highs, highlighting the impact of regulatory scrutiny on the market [8] Group 4: Investor Rights and Legal Actions - Investors affected by the company's potential delisting are encouraged to take legal action to claim compensation, especially those who purchased shares between March 22, 2016, and April 29, 2024 [9][10] - The incident serves as a reminder for investors to enhance their risk awareness and thoroughly understand a company's fundamentals and financial health before investing [10]

证券代码：000851 证券简称：*ST 高鸿 公告编号：2025-134 大唐高鸿网络股份有限公司 关于公司股票存在可能因股价低于面值被终止上市的第十一次 风险提示公告 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： 1.截至 2025 年 9 月 25 日，大唐高鸿网络股份有限公司(以下简称"公司") 股票收盘价格已经连续十九个交易日均低于 1 元。根据《深圳证券交易所股票上 市规则》（以下简称《股票上市规则》）第 9.2.1 条、第 9.1.15 条相关规定， 在深交所仅发行 A 股股票的公司，通过深交所交易系统连续 20 个交易日的股票 收盘价均低于 1 元，深交所终止其股票上市交易；因触及交易类强制退市情形而 终止上市的股票不进入退市整理期。敬请广大投资者注意投资风险。 2. 根据《股票上市规则》第 9.2.4 条相关规定，在深交所仅发行 A 股股票 的公司，连续十个交易日的股票收盘价均低于 1 元的，应当在次一交易日开市前 披露公司股票可能被终止上市的风险提示公告，其后每个交易日披露一次，直至 相应的情形消除或者出现终止上市情形之日止（ ...

证券代码：000851 证券简称：*ST 高鸿 公告编号：2025-133 大唐高鸿网络股份有限公司 关于累计诉讼、仲裁情况的进展公告 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： 截至本公告日,累计诉讼、仲裁金额为 317,605.69 万元，占公司最近一期经审计 合并报表净资产的 386.88%，占公司最近一期经审计归母净资产的 533.71%。敬请广大 投资者注意投资风险。 2025 年 4 月 16 日披露了《关于累计诉讼、仲裁情况的进展公告》（公告编号：2025-035）、 2025 年 5 月 8 日披露了《关于累计诉讼、仲裁情况的进展公告》（公告编号：2025-058）、 2025 年 6 月 6 日披露了《关于累计诉讼、仲裁情况的进展公告》（公告编号：2025-063）、 2025 年 6 月 21 日披露了《关于累计诉讼、仲裁情况的进展公告》（公告编号：2025-064）、 2025 年 7 月 11 日披露了《关于新增累计诉讼、仲裁情况的公告》（公告编号：2025-067）、 2025 年 7 月 22 日披露了《关于累计诉讼 ...

（文章来源：每日经济新闻） 每经AI快讯，9月25日，*ST高鸿跌停走出10连板，10天累计跌幅达39.39%。 ...

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Market Overview - As of September 24, there are 1,007 stocks with a circulating market value below 3 billion yuan, and 415 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,679 stocks have a total market value below 5 billion yuan, with 602 stocks having a total market value below 3 billion yuan [1] Smallest Market Capitalization Stocks - The three stocks with the smallest circulating market values are: - Zitian Tui: 0.79 million yuan - *ST Gao Hong: 4.75 million yuan - *ST Yuan Cheng: 5.73 million yuan [1] - The three stocks with the smallest total market values are the same as above [1] Selected Small-Cap Stocks Overview - A list of small-cap stocks with their respective circulating market values, total market values, and P/E ratios includes: - Zitian Tui: Circulating market value 0.79 million yuan, Total market value 0.79 million yuan, P/E ratio 7.03 [1] - *ST Gao Hong: Circulating market value 4.75 million yuan, Total market value 4.86 million yuan, P/E ratio not available [1] - *ST Yuan Cheng: Circulating market value 5.73 million yuan, Total market value 5.73 million yuan, P/E ratio not available [1] - Other notable stocks include Bo Fei Electric (6.00 million yuan, P/E 152.92) and Kun Tai Co. (6.27 million yuan, P/E 51.56) [1][2]