Mergers and Acquisitions - Jindi Co., Ltd. plans to acquire controlling stake in Guangzhou Yuni Precision Co., Ltd. If the acquisition is completed, Yuni Precision will become a subsidiary of Jindi [1] - Sunflower plans to purchase 100% equity of Zhangzhou Xipu Materials Technology Co., Ltd. and 40% equity of Zhejiang Beid Pharmaceutical Co., Ltd. through a combination of issuing shares and cash payment [2] - Huahai Chengke received approval from the China Securities Regulatory Commission for issuing shares and convertible bonds to purchase assets, with a fundraising limit of up to 800 million yuan [3] Shareholding Changes - DrakaComteq B.V. reduced its stake in Changfei Optical Fiber by selling 37.595 million H shares, accounting for 5% of the total share capital [4] - Huachuang Xinxin plans to reduce its stake in Shanxi Fenjiu by no more than 1.33%, intending to sell up to 16.2 million shares within three months after the disclosure [5] - Hong Kong Yuanshi plans to reduce its stake in Global Printing by no more than 1%, intending to sell up to 3.2004 million shares [6] Risk Matters - *ST Gaohong's stock price has been below 1 yuan for 15 consecutive trading days, posing a risk of delisting due to the price being below par value [7] - Chairman of Zhenlei Technology, Yu Faxin, has been placed under detention, affecting his ability to perform director duties [8] - Taimusi's stock price has experienced significant fluctuations, with a cumulative increase of over 20% in two consecutive trading days, indicating potential irrational trading behavior and risks of price retraction [9]

Core Viewpoint - *ST Gaohong faces the risk of being delisted due to its stock price falling below par value, with a closing price of 0.48 yuan as of September 19, 2025, and has been below 1 yuan for 15 consecutive trading days [1][5]. Group 1: Delisting Risks - The company announced that its stock may be terminated from listing if it continues to trade below 1 yuan for 20 consecutive trading days, as per the Shenzhen Stock Exchange listing rules [1]. - The company is also at risk of being subject to mandatory delisting due to significant legal violations, as indicated by a notice from the China Securities Regulatory Commission (CSRC) regarding fraudulent issuance of stocks and false financial reporting from 2015 to 2023 [2]. Group 2: Financial Misreporting - The CSRC's notice revealed that the company inflated its reported revenue and costs significantly over multiple years, with inflated revenues ranging from 6.94 million yuan to 56.34 million yuan, constituting up to 49.38% of reported revenues in certain years [3]. - The inflated profits reported by the company also varied, with the highest inflation reaching 2,190.52 million yuan, which accounted for 64.88% of the total reported profit in 2020 [3]. Group 3: Stock Performance and Market Reaction - The company’s stock has experienced significant volatility, with a cumulative price drop exceeding 12% over three consecutive trading days in September 2025, indicating abnormal trading conditions [4]. - Despite the possibility of a continuous price increase, the stock price would still not reach the par value of 1 yuan even with five consecutive limit-up trading days [5]. Group 4: Company Background - *ST Gaohong, established by the China Academy of Telecommunications Technology, is a high-tech enterprise that has developed a business structure focusing on digital applications, information services, and IT sales since its listing in 2003 [8].

Major Events - Zhenlei Technology's actual controller and chairman, Yu Faxin, has been placed under custody by the Huangshi Municipal Supervisory Committee, but the company's control remains unchanged, and daily operations are managed by senior management [2] - ST Gaohong's stock price has closed below 1 yuan for fifteen consecutive trading days, raising the risk of delisting due to the Shenzhen Stock Exchange's regulations [2] - Sunflower plans to acquire 100% equity of high-end semiconductor materials company Xipu Materials and 40% equity of Zhejiang Beid Pharmaceutical, with stock resuming trading on September 22, 2025 [3] - Guotai Environmental's chairman, Chen Baixiao, has had his custody measures lifted and can resume normal duties [4] - Xingye Technology's stock price has shown abnormal fluctuations, but the company confirms that there are no undisclosed significant matters [5] - Taimusi's stock price has also experienced abnormal fluctuations, with a potential risk of significant price drop after a surge, as control changes are pending [5] - Guanzhong Ecology is planning a change in control, leading to a temporary suspension of its stock [5] Shareholding Changes - Changfei Fiber's major shareholder, Draka Comteq B.V., has reduced its stake by 5% through a block trade [6] - Shanxi Fenjiu's shareholder Huachuang Xinrui plans to reduce its stake by up to 1.33% due to fund exit arrangements [7] - Xiugang Co.'s major shareholders plan to reduce their holdings by up to 1.06% for personal funding needs [8] - Haitai Technology's shareholders plan to collectively reduce their holdings by 2.53% through trading [9] Major Contracts - China Oil Engineering's subsidiary has signed a $513 million contract for an LNG pipeline project in the UAE, expected to positively impact future revenues and profits [10]

Core Viewpoint - *ST Gaohong faces the risk of being delisted due to its stock price falling below par value, with a closing price of 0.48 yuan as of September 19, 2025, and has been below 1 yuan for 15 consecutive trading days [1][5] Group 1: Delisting Risks - The company announced that its stock may be terminated from listing if it continues to trade below 1 yuan for 20 consecutive trading days, as per the Shenzhen Stock Exchange regulations [1] - The company is also at risk of being subject to mandatory delisting due to significant legal violations, as indicated by a notice from the China Securities Regulatory Commission (CSRC) regarding fraudulent issuance of shares [2] Group 2: Financial Irregularities - The CSRC's notice revealed that from 2015 to 2023, the company inflated its reported revenue by a total of 6.94 billion yuan to 3.94 billion yuan across various years, representing a percentage increase of 9.34% to 49.38% of the reported revenue for those years [3] - The company also inflated its reported costs and total profits during the same period, with total profit inflation ranging from 67.36 thousand yuan to 2.19 million yuan, accounting for 0.42% to 64.88% of the reported profit [3] Group 3: Recent Developments - The CSRC identified that the company's 2020 non-public stock issuance involved false data from 2018 to 2020, leading to accusations of fraudulent issuance [4] - The company experienced a significant stock price drop, with a cumulative decline of over 12% in three consecutive trading days leading up to September 19, 2025, indicating abnormal trading fluctuations [4]

Core Viewpoint - The company *ST Gao Hong (000851) is at risk of being delisted due to its stock price falling below the par value of 1 yuan for 15 consecutive trading days, with potential for major illegal delisting due to fraudulent activities in its financial reporting [1][2]. Summary by Sections Stock Price and Delisting Risk - As of September 19, 2025, *ST Gao Hong's stock price closed at 0.48 yuan per share, indicating that even with five consecutive trading days of limit-up, it cannot return to the par value of 1 yuan [5]. - The company has been warned that if its stock price remains below 1 yuan for 20 consecutive trading days, it will face delisting according to the Shenzhen Stock Exchange rules [1]. Regulatory Actions and Violations - On August 8, 2025, the company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC), indicating that its non-public stock issuance in 2020 constituted fraudulent issuance and that its annual reports from 2015 to 2023 contained false records [2][3]. - The fraudulent activities include inflated revenue and profit figures, with reported inflated revenues ranging from 6.94 million yuan to 56.34 million yuan across various years, significantly impacting the reported financial performance [3]. Financial Misrepresentation - The company’s annual reports from 2015 to 2023 showed inflated operating income and costs, with the inflated profits totaling up to 2,190.52 million yuan in 2020, representing 64.88% of the reported profit for that year [3]. - The CSRC's notice also highlighted that the documents related to the 2020 non-public stock issuance included false data from 2018 to 2020, further complicating the company's legal standing [4]. Company Background - *ST Gao Hong, established in 2003 and initiated by the China Academy of Telecommunications Technology, has developed a business structure focusing on digital applications, information services, and IT sales over the past two decades [7].

Core Viewpoint - *ST Gaohong faces the risk of being delisted due to its stock price falling below par value, with a closing price of 0.48 yuan as of September 19, 2025, and has been below 1 yuan for 15 consecutive trading days [1][5]. Group 1: Delisting Risks - The company announced that its stock may be terminated from listing if it continues to trade below 1 yuan for 20 consecutive trading days, as per the Shenzhen Stock Exchange regulations [1]. - The company is also at risk of being subject to mandatory delisting due to significant legal violations, as indicated by a notice from the China Securities Regulatory Commission (CSRC) regarding fraudulent issuance of shares and false financial reporting from 2015 to 2023 [2]. Group 2: Financial Misreporting - The CSRC's notice revealed that the company inflated its reported revenue and costs significantly over several years, with inflated revenues ranging from 6.94 million yuan to 56.34 million yuan, constituting up to 49.38% of reported revenues in certain years [3]. - The inflated profits reported by the company also showed substantial discrepancies, with inflated profit totals reaching as high as 2,190.52 million yuan, representing 64.88% of the reported profit in one year [3]. Group 3: Recent Developments - The company’s non-public stock issuance in 2020 was found to contain false data, leading to accusations of fraudulent issuance, with a total fundraising amount of 1.25 billion yuan approved by the CSRC [4]. - The stock has experienced significant volatility, with a cumulative price drop exceeding 12% over three consecutive trading days in September 2025 [4].

证券代码：000851 证券简称：*ST 高鸿 公告编号：2025-128 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七次风 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 19 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十五个交易日均低于 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（以在 ...

证券代码：000851 证券简称：*ST 高鸿 公告编号：2025-126 大唐高鸿网络股份有限公司 关于股票交易异常波动的公告 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。 一、股票交易异常波动的情况介绍 大唐高鸿网络股份有限公司（以下简称 "公司"或"本公司"）连续三个 交易日（2025 年 9 月 17 日、2025 年 9 月 18 日、2025 年 9 月 19 日）股票收盘 价格跌幅偏离值累计已超过 12%，根据深圳证券交易所相关规定，属于股票交易 异常波动情况。 二、说明关注、核实情况 根据相关规定，公司与公司董事会、管理层、公司大股东就相关问题进行了 必要核实，现对有关核实情况及市场关注事项说明如下: 1.公司被中国证券监督管理委员会立案调查情况 公司于 2025 年 8 月 9 日披露了《关于收到中国证券监督管理委员会<行政处 罚事先告知书>及重大违法强制退市风险提示公告》、《关于公司股票可能被实 施重大违法强制退市的风险提示公告》、《关于公司股票被叠加实施退市风险警 示的公告》,根据《行政处罚事先告知书》的认定，公司 2020 年非公开发 ...

证券代码：000851 证券简称：*ST 高鸿 公告编号：2025-127 大唐高鸿网络股份有限公司 10.72%、6.65%;分别虚增营业成本 6.93 亿元、24.49 亿元、24.18 亿元、32.46 亿元、56.12 亿元、24.68 亿元、17.96 亿元、7.32 亿元、3.86 亿元;分别虚 增利润总额 67.36 万元、243.88 万元、242.24 万元、1,282.80 万元、2,190.52 万元、1,542.38 万元、894.46 万元、370.74 万元、788.21 万元，占各期披露 利润总额绝对值的 0.42%、1.44%、0.99%、13.56%、64.88%、11.35%、22.11%、 6.44%、0.50%。 关于公司股票可能被实施重大违法强制退市的第七次风险提示 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、大唐高鸿网络股份有限公司(以下简称"公司")，因涉嫌信息披露违法 违规，被中国证券监督管理委员会(以下简称"中国证监会")立案调查。公司于 2025 年 8 月 8 日收到中国证监会下发 ...

9月19日，*ST高鸿大宗交易成交43.71万股，成交额20.98万元，占当日总成交额的8.7%，成交价0.48 元，较市场收盘价0.48元持平。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-09-19 | 000851 | *ST高鸡 | 0.48 | 43.71 | 20.98 | 财通证券股份有限 | 东海证券股份有限 | | | | | | | | 公司杭州文二西路 | 公司浙江分公司 | | | | | | | | 证券营业部 | | ...