Group 1 - The China Securities Regulatory Commission (CSRC) has proposed an administrative penalty of 160 million yuan against *ST Gaohong (000851) for suspected violations of information disclosure laws, with an additional 7 million yuan fine for third-party collaborators [1] - *ST Gaohong has been found to engage in non-substantive business activities, significantly inflating revenue and profits, which constitutes a serious violation of securities laws [1] - The CSRC emphasizes the importance of combating financial fraud, which undermines market integrity, and has intensified efforts to address issues such as fictitious business operations and misuse of accounting policies [1] Group 2 - Recent trends in financial fraud in the capital market include third-party collaboration with listed companies, forming a profit chain that disrupts market order and damages trust [2] - The number of forced delistings due to financial fraud has increased by 30% year-on-year, indicating a normalization of strict penalties for such offenses [2] - The CSRC is implementing a comprehensive accountability mechanism that includes direct penalties, referrals to relevant authorities, and criminal prosecutions to dismantle the fraud ecosystem [2]

责编：叶舒筠 校对： 赵燕 监管出手！ 8月8日，证监会称近日对深交所主板上市公司大唐高鸿网络股份有限公司（简称*ST高鸿，证券代码： 000851）涉嫌信息披露违法违规行为依法作出行政处罚事先告知，拟对相关责任主体罚款1.6亿元，对配合造 假的第三方罚款700万元。*ST高鸿涉嫌触及重大违法强制退市情形，深交所将依法启动退市程序。 经证监会调查，*ST高鸿长期开展无商业实质的笔记本电脑等"空转""走单"业务，大幅虚增收入和利润，违反 证券法律法规。对于可能涉及的犯罪线索，证监会表示，将坚持应移尽移的工作原则，严格按照《刑法》《最 高人民检察院 公安部关于公安机关管辖的刑事案件立案追诉标准的规定（二）》的规定移送公安机关。 财务造假是侵蚀市场根基的毒瘤，一直是证监会的重点打击对象。近年来，证监会聚焦重点领域和市场关切， 通过严厉打击虚构业务、滥用会计政策等信息披露违法行为，坚决做到"长牙带刺"、有棱有角，"惩防治"并 举，努力塑造良好市场生态。2024年，证监会通过年报审阅、现场检查、舆情监测、投诉举报、大数据建模 分析等多元化渠道发现财务造假线索，查办相关案件128件，重点打击第三方配合造假等违法行为。 " ...

Core Viewpoint - Company *ST Gao Hong (000851) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may lead to significant penalties including forced delisting [1] Summary by Relevant Sections - **Investigation and Allegations** - The company received a notice of administrative penalty from the CSRC on August 8, 2025, indicating that its non-public stock issuance in 2020 constituted fraudulent issuance [1] - The annual reports from 2015 to 2023 are found to contain false records, which may trigger major violations under the Shenzhen Stock Exchange listing rules [1] - **Potential Consequences** - The company may face forced delisting due to the serious violations identified, which are in accordance with the Shenzhen Stock Exchange's regulations [1] - Following the risk warning, the company's stock will continue to be labeled as "*ST Gao Hong" with the same security code "000851" [1] - The daily price fluctuation limit for the stock remains at 5% even after the addition of the delisting risk warning [1]

Core Viewpoint - Company *ST Gao Hong (000851.SZ) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may lead to significant penalties including forced delisting [1] Summary by Relevant Sections - **Investigation and Allegations** - The company received an administrative penalty notice from the CSRC on August 8, 2025, indicating that its 2020 private placement of shares constituted fraudulent issuance [1] - The annual reports from 2015 to 2023 are found to contain false records, which may trigger major violations under the Shenzhen Stock Exchange listing rules [1] - **Potential Consequences** - The company may face forced delisting due to the serious violations identified, which are in accordance with Article 9.5.1 and Article 9.5.2 of the Shenzhen Stock Exchange listing rules [1] - Following the risk warning, the company's stock will continue to be labeled as *ST Gao Hong, with the stock code remaining 000851, and the daily price fluctuation limit will still be set at 5% [1]

当日，*ST高鸿亦发布公告称，公司收到中国证监会下发的《行政处罚事先告知书》(以下简称《告知 书》)。根据《告知书》认定的事实，公司2020年非公开发行股票构成欺诈发行、2015年至2023年年度 报告存在虚假记载，将触及重大违法强制退市情形，可能被实施重大违法强制退市。 近日，证监会对*ST高鸿涉嫌信息披露违法违规行为依法作出行政处罚事先告知。经查，*ST高鸿长期 开展无商业实质的笔记本电脑等"空转""走单"业务，大幅虚增收入和利润，违反证券法律法规。证监会 拟对相关责任主体罚款1.6亿元，对配合造假的第三方罚款700万元。 *ST高鸿涉嫌触及重大违法强制退市情形，深交所将依法启动退市程序。对于可能涉及的犯罪线索，证 监会将坚持应移尽移的工作原则，严格按照《刑法》《最高人民检察院公安部关于公安机关管辖的刑事 案件立案追诉标准的规定(二)》的规定移送公安机关。 据中国证监会网站8月8日消息，证监会严肃查处贵州辖区深交所主板上市公司大唐高鸿网络股份有限公 司(以下简称"*ST高鸿（000851）")严重财务造假案件。 ...

证券代码：000851 证券简称：*ST 高鸿 公告编号：2025-086 大唐高鸿网络股份有限公司 关于公司股票被叠加实施退市风险警示的公告 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。 2025 年 8 月 8 日，公司收到中国证券监督管理委员会下发的《行政处罚事先告 知书》处罚字〔2025〕62 号。主要内容如下： （一）高鸿股份通过参与、组织开展虚假贸易业务的方式虚增收入和利润，2015 年至 2023 年年度报告存在虚假记载 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的《行政处罚事先告知书》(以下简称"《告知书》")。根 据《告知书》认定的事实，公司 2020 年非公开发行股票构成欺诈发行、2015 年至 2023 年年度报告存在虚假记载，将触及《深圳证券交易所股票上市规则》第 9.5.1 条第一 项、第 9.5.2 条第一款第（六）项规定的重大违法强制退市情形，可能被实施重大违 法强制退市 ...

Core Viewpoint - *ST Gaohong (000851.SZ) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may lead to significant penalties including mandatory delisting of its shares [1] Summary by Relevant Sections - **Investigation Details** - The company received an administrative penalty notice from the CSRC on August 8, 2025, regarding its non-public stock issuance in 2020, which is deemed fraudulent [1] - The annual reports from 2015 to 2023 are found to contain false records, which may trigger major violations under the Shenzhen Stock Exchange listing rules [1] - **Potential Consequences** - The company may face mandatory delisting if the formal penalty decision confirms the findings of major violations [1] - The specific provisions of the Shenzhen Stock Exchange rules that may apply include Article 9.5.1 and Article 9.5.2, which outline conditions for significant legal violations leading to delisting [1]

*ST高鸿（000851）(000851.SZ)公告，公司因涉嫌信息披露违法违规，被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的《行政处罚事先告知书》。根据《告知书》认定的事实，公司2020 年非公开发行股票构成欺诈发行、2015年至2023年年度报告存在虚假记载，将触及《深圳证券交易所股 票上市规则》第9.5.1条第一项、第9.5.2条第一款第(六)项规定的重大违法强制退市情形，可能被实施重 大违法强制退市。如根据正式的处罚决定书结论，公司触及重大违法强制退市情形，公司股票将被终止 上市。 ...

Core Viewpoint - The company *ST Gao Hong is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may lead to significant penalties including potential delisting of its stock [1] Group 1: Investigation and Allegations - The company has received an administrative penalty notice from the CSRC regarding its 2020 non-public stock issuance, which is deemed fraudulent [1] - Annual reports from 2015 to 2023 are reported to contain false records, potentially triggering major violations that could result in mandatory delisting [1] Group 2: Company Response - The company has stated it will fully cooperate with the CSRC's investigation and will strictly adhere to information disclosure obligations [1]

*ST高鸿涉嫌触及重大违法强制退市情形，深交所将依法启动退市程序。对于可能涉及的犯罪线索，证 监会将坚持应移尽移的工作原则，严格按照《刑法》《最高人民检察院 公安部关于公安机关管辖的刑 事案件立案追诉标准的规定(二)》的规定移送公安机关。 本文编选自"中国证监会官网"，智通财经编辑：徐文强。 智通财经APP获悉，近日，中国证监会对深交所主板上市公司大唐高鸿网络股份有限公司(简称：*ST高 鸿(000851.SZ))涉嫌信息披露违法违规行为依法作出行政处罚事先告知。经查，*ST高鸿长期开展无商 业实质的笔记本电脑等"空转""走单"业务，大幅虚增收入和利润，违反证券法律法规。证监会拟对相关 责任主体罚款1.6亿元，对配合造假的第三方罚款700万元。 ...