Market Overview - On August 13, the communication equipment sector rose by 6.06% compared to the previous trading day, with Guangku Technology leading the gains [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Top Gainers in Communication Equipment Sector - Guangku Technology (300620) closed at 79.30, up 20.01% with a trading volume of 281,600 shares and a transaction value of 2.204 billion [1] - Xinyi Technology (300502) closed at 236.56, up 15.45% with a trading volume of 601,100 shares and a transaction value of 13.529 billion [1] - Dingtong Technology (688668) closed at 115.36, up 13.10% with a trading volume of 111,200 shares [1] - Other notable gainers include Zhongji Xuchuang (300308) up 11.66%, Jiexun Feihong (300213) up 10.79%, and Tefa Information (000070) up 10.02% [1] Market Capital Flow - The communication equipment sector saw a net inflow of 2.48 billion from institutional investors, while retail investors experienced a net outflow of 6.38 billion [2] - The top stocks by net inflow from institutional investors include Tianfu Communication (300394) with a net inflow of 619 million, and ZTE Corporation (000063) with a net inflow of 313 million [3] Underperformers in Communication Equipment Sector - Dayhai Intelligent (002313) closed at 12.81, down 5.67% with a trading volume of 907,500 shares and a transaction value of 1.187 billion [2] - ST Gaohong (000851) closed at 1.90, down 5.00% with a trading volume of 13,900 shares [2] - Other underperformers include Cheng Tian Wei Ye (300689) down 4.73% and ST Lu Tong (300555) down 1.67% [2]

证券时报·数据宝统计，截至下午收盘，上证综指3683.46点，涨跌幅为0.48%，A股总成交额为21752.11 亿元。到目前为止，今日有60只A股的5日均线主动下穿10日均线，其中*ST高鸿、步科股份、嵘泰股份 等个股的5日均线较10日均线距离最大，分别达-1.93%、-1.00%、-0.96%。 （文章来源：证券时报网） 丰 部分5日、10日均线死叉个股 | 代码 | 简称 | 今日涨跌 | 今日换手 | 5日均线 | 10日均线 | 5日较10日均线 | 最新价 | 较10日均线乖 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （%） | 率（%） | （元） | （元） | 距离（%） | （元） | 离率（%） | | 000851 | *ST 高鸿 | -5.00 | 0.12 | 2.09 | 2.13 | -1.93 | 1.90 | -10.76 | | 688160 | 步科 股份 | 1.28 | 1.29 | 95.01 | 95.97 | -1.00 | 95.11 | -0.89 | | 605133 ...

Market Overview - The Shanghai Composite Index closed at 3686.34 points, with a gain of 0.56% [1] - The total trading volume of A-shares reached 1,328.277 billion yuan [1] Stocks with Death Cross - A total of 52 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - *ST Gao Hong: 5-day MA at 2.09 yuan, 10-day MA at 2.13 yuan, difference of -1.93% [1] - Bu Ke Co.: 5-day MA at 94.86 yuan, 10-day MA at 95.89 yuan, difference of -1.08% [1] - Rong Tai Co.: 5-day MA at 32.17 yuan, 10-day MA at 32.47 yuan, difference of -0.92% [1] Additional Stock Performance - Other stocks showing a death cross include: - He Chuan Technology: 5-day MA at 47.55 yuan, 10-day MA at 47.92 yuan, difference of -0.78% [1] - Xin Xun Da: 5-day MA at 13.82 yuan, 10-day MA at 13.92 yuan, difference of -0.70% [1] - Stocks with minor changes in their moving averages include: - ST Xue Fa: 5-day MA at 3.87 yuan, 10-day MA at 3.89 yuan, difference of -0.51% [1] - Huang Ting International: 5-day MA at 2.92 yuan, 10-day MA at 2.94 yuan, difference of -0.44% [1]

Core Viewpoint - The article highlights a significant increase in regulatory actions against listed companies in the A-share market, with over 60 companies under investigation for various violations, indicating a "zero tolerance" approach from regulators towards misconduct [2][4]. Group 1: Regulatory Actions - As of early August 2025, more than 60 listed companies have been investigated, with several executives facing legal consequences for violations such as financial fraud and information disclosure misconduct [2][4]. - Notable cases include *ST Dongtong and ST Gaohong, where executives are implicated in serious offenses like inflating revenue and fraudulent fundraising, leading to potential delisting risks [3][4]. Group 2: Nature of Violations - The primary issues identified include financial fraud, misleading disclosures, and corruption, with specific examples of inflated revenues and misappropriation of funds [3][4]. - The regulatory crackdown reflects a systemic issue within the A-share market, where companies have engaged in practices such as fictitious transactions and concealing related-party transactions [4][5]. Group 3: Regulatory Response - The China Securities Regulatory Commission (CSRC) has intensified its enforcement actions, imposing significant penalties, including a 1.6 billion yuan fine in the ST Gaohong case and a 10-year market ban for its chairman [4][6]. - The regulatory body is also targeting third-party collaborators involved in fraudulent activities, demonstrating a commitment to dismantling the "ecosystem" of fraud [4][6]. Group 4: Underlying Causes - The article discusses the imbalance between the costs of violations and the potential short-term gains from fraudulent activities, which incentivizes misconduct among executives [5]. - The historical inadequacy of penalties and the high costs for small investors to seek redress have contributed to a culture of impunity regarding violations [5].

Core Viewpoint - *ST Gaohong is facing severe penalties from the China Securities Regulatory Commission (CSRC) due to fraudulent activities, including inflated revenue and profits from 2015 to 2023, which may lead to forced delisting from the Shenzhen Stock Exchange [1][20]. Group 1: Fraudulent Activities - The company engaged in fraudulent issuance of shares and inflated financial reports, with significant discrepancies in reported revenue and profits from 2015 to 2023 [1][2][20]. - Specific inflated figures include a total of 6.94 billion yuan in revenue for 2015, peaking at 56.34 billion yuan in 2020, and a total profit inflation of 2.19 billion yuan in 2020 [2][8]. Group 2: Regulatory Actions - The CSRC has proposed a total fine of 1.6 billion yuan against the company and involved parties, with individual penalties for key executives ranging from 100,000 to 750,000 yuan [4][17]. - The company is also facing a potential 10-year market ban for its chairman and the actual controller of a related trading company, while the financial director may face a 5-year ban [5][18]. Group 3: Impact on Company Operations - The fraudulent activities have led to a significant risk of delisting from the Shenzhen Stock Exchange, as the company’s actions violate multiple regulations [1][20]. - The company’s non-public stock issuance in 2020, which raised 1.25 billion yuan, is also under scrutiny for containing false information [9][15].

Core Viewpoint - The implementation of the new delisting regulations has led to an increase in the number of companies delisted from the A-share market, with a focus on eliminating companies involved in major violations and financial fraud [2][4][8]. Delisting Statistics - As of August 11, 2025, 23 A-share listed companies have been delisted, primarily due to financial issues, trading violations, major illegal activities, and voluntary delisting [2][8]. - In 2025, seven companies, including *ST Gaohong, are suspected of major violations leading to potential delisting, with three already completed [3][4]. Major Violations and Regulatory Actions - *ST Gaohong has been identified for serious financial fraud, with the China Securities Regulatory Commission (CSRC) issuing a notice indicating potential major illegal delisting [5][6]. - The fraudulent activities of *ST Gaohong spanned from 2015 to 2023, with inflated revenues totaling 198.76 billion yuan and profits of 76.23 million yuan [6]. Trends in Delisting - The number of companies delisted for fraud in 2025 has already surpassed the total for 2024, indicating a stricter regulatory environment aimed at cleaning up the market [4][6]. - The new delisting regulations, effective from January 2025, have clarified the signals for various types of delisting, including trading and financial delisting [8]. Active Delisting Cases - Companies like China Heavy Industries and *ST Tianmao are pursuing voluntary delisting, with mechanisms in place to protect minority shareholders through cash options [10][11]. - The proactive delisting of *ST Tianmao includes a buyback offer at a premium price, providing a clear exit strategy for investors [10]. Market Implications - The new delisting regulations are expected to shift the market focus from expansion to quality, allowing more resources for high-quality companies [11].

Core Viewpoint - The number of companies delisted due to fraud in 2025 has already surpassed the total for 2024, indicating an increased regulatory effort to eliminate "bad actors" from the market [1][4]. Summary by Sections Delisting Cases - As of August 11, 2025, 23 A-share listed companies have been delisted, primarily due to financial issues, trading violations, major illegal activities, and voluntary delisting [2][10]. - Since the implementation of the new delisting regulations in April 2024, there has been a notable increase in companies facing mandatory delisting due to major violations, with three companies already delisted for such reasons in 2025 [7][9]. Major Violations - From 2016 to the end of 2024, only nine companies were forcibly delisted due to major violations. However, in 2025 alone, seven companies, including *ST Gaohong, are suspected of major violations, with three already delisted [3][4]. - *ST Gaohong has been accused of severe financial fraud, with a total of 198.76 billion yuan in inflated revenue over nine years, leading to a potential mandatory delisting [6][12]. Regulatory Changes - The new delisting regulations aim to enhance the removal of "zombie" companies and "bad actors," while also broadening exit channels and improving investor protection [9][11]. - The regulations emphasize the importance of a balanced approach between clearing out poor-quality companies and protecting investor rights, with mechanisms like cash exit options for dissenting shareholders [12]. Market Transition - The ongoing delisting process is seen as a step towards a more mature market, encouraging investors to focus on fundamental values rather than speculative trading [4][12]. - The shift from "scale expansion" to "quality first" is expected to provide more resources and opportunities for high-quality companies in the long run [12].

Core Viewpoint - *ST Gaohong faces significant risks of forced delisting due to nearly 20 billion yuan in financial fraud and fraudulent issuance, as indicated by the China Securities Regulatory Commission's (CSRC) administrative penalty notice [1][4][5] Group 1: Financial Fraud Details - From 2015 to 2023, *ST Gaohong inflated its revenue by a total of 198.76 billion yuan through various fraudulent activities, including fictitious trade operations [3][12] - The inflated profits over the same period amounted to 76.23 million yuan, with the highest annual inflation occurring in 2019, where approximately 50% of the revenue was fabricated [3][13] - The fraudulent activities were primarily facilitated by the company's major stakeholders, including Jiang Qing and his spouse, who controlled key suppliers and customers [12][13] Group 2: Role of Guoxin Securities - Guoxin Securities, as the sponsor and independent financial advisor for *ST Gaohong's 2020 private placement, failed to detect the extensive financial fraud over seven years, during which the fraud amount reached 187.47 billion yuan, accounting for 94.32% of the total fraud [2][6] - Despite having a legal obligation to conduct thorough due diligence, Guoxin Securities did not identify any anomalies in *ST Gaohong's financial reports or related documents [5][11] - The lack of oversight by Guoxin Securities during the critical years of 2015-2021 raises questions about their diligence and responsibility in safeguarding investor interests [11][12] Group 3: Regulatory Actions and Consequences - The CSRC plans to impose penalties exceeding 160 million yuan on *ST Gaohong and related parties, including a fine of 135 million yuan for the company [4][5] - The potential for criminal charges against key individuals involved in the fraud is also being considered by the CSRC [4][5] - Guoxin Securities has not yet faced any formal investigation or penalties, but the ongoing scrutiny may lead to future accountability [5][12]

Core Viewpoint - The A-share market has seen a significant increase in both voluntary and involuntary delistings, indicating a tightening regulatory environment and a shift towards higher quality standards in the capital market [3][4]. Group 1: Voluntary Delistings - As of August 10, 2023, there have been five companies that voluntarily delisted through shareholder resolutions or mergers, surpassing the annual average of 1-4 cases from 2020 to 2024 [3]. - Companies such as 中航产融 (AVIC Capital) and 玉龙股份 (Yulong Co.) have already completed their delistings, while *ST天茂 (ST Tianmao) is in the process of withdrawing its listing due to failure to disclose financial reports [3]. - The proactive delisting of *ST天茂 is attributed to its inability to disclose the 2024 annual report, which could trigger mandatory delisting if not resolved by early September [3]. Group 2: Involuntary Delistings - Ten companies have triggered mandatory delisting criteria due to serious violations, with *ST高鸿 (ST Gaohong) being a notable case involving systematic financial fraud, including inflated revenues of 3.5 billion and profits of 4 billion [3]. - The chairman of *ST高鸿 has been fined 7.5 million and banned from the market for life, with total penalties for responsible parties amounting to 167 million [3]. Group 3: Regulatory Changes - New regulations effective in 2024 will raise the financial delisting revenue threshold from 100 million to 300 million, and introduce new criteria for delisting due to severe fraud [4]. - Eight companies have already been delisted this year for failing to meet the new market capitalization requirement of 500 million or for having share prices below par [4]. Group 4: Market Trends - A total of 30 companies have been delisted this year, with a balanced distribution among those delisted for major violations, financial issues, and trading problems [5]. - The regulatory body has initiated investigations against 35 out of 55 delisted companies, reflecting a more stringent enforcement approach [5]. - Policies encouraging market-driven delistings and discouraging "shell protection" behaviors have led to 12 cases of mergers, such as the absorption of 海通证券 (Haitong Securities) by 国泰君安 (Guotai Junan) [5].

Core Viewpoint - The implementation of the new delisting regulations has led to an increase in the number of companies delisted from the A-share market, with a focus on companies involved in major violations and financial fraud [2][6][10] Delisting Statistics - As of August 11, 2025, 23 A-share listed companies have been delisted, primarily due to financial issues, trading problems, major violations, and voluntary delisting [2][6] - Among these, 7 companies are suspected of major violations, with 3 already delisted [2][4] - The number of companies delisted for fraud in 2025 has already surpassed the total for 2024, indicating increased regulatory scrutiny [2][6] Case Study: *ST Gao Hong - *ST Gao Hong is facing forced delisting due to serious violations, as indicated by the China Securities Regulatory Commission (CSRC) [3][4] - The company has been found to have engaged in financial fraud from 2015 to 2023, inflating revenues by a total of 198.76 billion yuan and profits by 76.23 million yuan [4] - The fraudulent data was used in a non-public offering in 2020, raising 1.25 billion yuan, constituting fraudulent issuance [4] Regulatory Environment - The new delisting regulations, effective from January 2025, aim to enhance the removal of "zombie" companies and those involved in major violations [6][10] - The CSRC has emphasized the need for a balance between clearing out poor-quality companies and protecting investor rights [2][10] Types of Delisting - The delisting types include trading-related, financial-related, and voluntary delisting, with 9 companies delisted for trading issues and 2 for financial issues as of August 11, 2025 [6][7] - Companies like China Heavy Industries are undergoing voluntary delisting due to mergers, while others like *ST Tianmao are also opting for voluntary delisting amid business adjustments [8][9] Investor Protection Mechanisms - The new regulations include provisions for protecting minority shareholders during voluntary delistings, such as cash exit options [9][10] - For instance, *ST Tianmao has proposed a buyback at a premium price to provide a clear exit path for shareholders [9]