Core Viewpoint - *ST Gaohong has been implicated in a massive financial fraud spanning nine years, leading to a significant drop in stock price and potential delisting due to major violations of regulations [1][5][6] Financial Misconduct - The company inflated its revenue by nearly 20 billion yuan through fictitious trade activities from 2015 to 2023, with total inflated revenue amounting to 198.76 billion yuan and inflated profit totaling 76.23 million yuan [3][4] - Specific years of inflated revenue include: - 2015: 6.94 million yuan (9.34%) - 2016: 24.52 million yuan (28.27%) - 2017: 24.20 million yuan (26.97%) - 2018: 32.59 million yuan (35.18%) - 2019: 56.34 million yuan (49.38%) - 2020: 24.83 million yuan (35.38%) - 2021: 18.05 million yuan (21.11%) - 2022: 7.35 million yuan (10.72%) - 2023: 3.94 million yuan (6.65%) [3][4] Regulatory Actions - The company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) for fraudulent issuance of stocks in 2020, which involved false data from 2018 to 2020 [4][5] - Due to continuous negative audit opinions from different accounting firms over the past two years, the company has been marked with a risk warning (ST) and is facing potential delisting [5][6] Industry Context - Since 2025, 24 companies have been delisted, with three companies facing delisting due to major violations, including *ST Gaohong [6][7] - Other companies currently under investigation for similar violations include *ST Suwu, *ST Zitian, and others, indicating a broader issue within the industry regarding financial misconduct [7]

证券代码：000851 证券简称：*ST 高鸿 公告编号：2025-088 特此公告。 大唐高鸿网络股份有限公司董事会 2025 年 08 月 11 日 董事会将按照法定程序尽快完成新任独立董事的补选工作。 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。 大唐高鸿网络股份有限公司（以下简称"公司"）董事会于 2025 年 8 月 11 日收到公司独立董事万岩女士的书面辞职报告，独立董事万岩女士因个人原因， 辞去公司第十届董事会独立董事及董事会战略委员会、董事会薪酬与考核委员会， 辞职后，万岩女士不在公司担任任何职务。 万岩女士的辞职将导致公司独立董事人数少于董事会成员的三分之一、相 关董事会专门委员会中独立董事未超半数，根据《上市公司独立董事管理办法》 《深圳证券交易所上市公司自律监管指引第 1 号一一主板上市公司规范运作》等 法律法规的要求以及《公司章程》的规定，万岩女士的辞职报告将在公司股东大 会选举产生新任独立董事后生效。在此期间，万岩女士仍将按照有关法律法规和 《公司章程》的规定继续履行独立董事及董事会专门委员会中的相关职责。公司 截至本公告披露日，万 ...

8月11日，*ST高鸿大宗交易成交280.16万股，成交额588.34万元，占当日总成交额的55.25%，成交价2.1 元，较市场收盘价2.1元持平。 | 交易日期 | 证券代码 | 证券简称 | | 成交价格 成交量 | 成交全额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | (元) (万股/万份) (万元) | | | | | 2025-08-11 | 000851 | *ST高鸡 | 2.10 | 49.99 | 104.98 | 德邦证券股份有限 | 海通证券股份有限 | | | | | | | | 公司常州太湖东路 | 公司烟台解放路证 | | | | | | | | 证券营业部 | 养营业部 | | 2025-08-11 | 000851 | *ST高鸡 | 2.10 | 50.00 | 105.00 | 东海证券股份有限 | 兴业证券股份有限 | | | | | | | | 公司南京分公司 | 公司深圳分公司 | | 2025-08-11 | 000851 | *ST高鸡 | 2.10 ...

Group 1 - Company *ST Gao Hong (000851.SZ) has been placed under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, leading to a trading halt with shares dropping to 2.1 yuan and over 4 million shares on hold [1] - The CSRC's notice indicates that the company engaged in fraudulent issuance of shares during its non-public offering in 2020, and its annual reports from 2015 to 2023 contain false records, potentially leading to mandatory delisting [1] - Investigations revealed that *ST Gao Hong inflated its revenue and profits through fictitious trade activities, resulting in a total inflated revenue of 19.876 billion yuan and inflated profit of 76.2259 million yuan from 2015 to 2023 [1] Group 2 - The CSRC plans to impose a fine of 160 million yuan on the responsible parties and an additional 7 million yuan on third parties involved in the fraudulent activities [1]

Group 1 - Several A-share listed companies are facing delisting risks due to suspected financial fraud or information disclosure violations, with *ST Zitian, *ST Suwu, *ST Tianmao, and *ST Gaohong being the focus of investor attention [1] - *ST Gaohong has been subjected to mandatory delisting procedures by the Shenzhen Stock Exchange due to serious financial fraud and has incurred an administrative fine of 160 million yuan [1] - *ST Tianmao announced its intention to voluntarily withdraw its A-shares from trading on the Shenzhen Stock Exchange through a shareholders' meeting resolution [1] Group 2 - A total of 23 companies have been delisted from the A-share market this year, primarily due to financial-related delisting, trading-related delisting, major illegal mandatory delisting, and voluntary delisting [2] - Companies such as Zhonghang Chanyin and Yulong Co. are categorized as voluntary delisting, while companies like Tuishe Zhuolang and Tuishe Jinguang are classified under major illegal mandatory delisting [2] - Several companies, including *ST Furun, *ST Dongfang, *ST Xulan, *ST Jiayu, and *ST Jiyuan, have been delisted due to stock prices falling below par value [2]

Group 1 - The article discusses the refund policy of Zhonggong Education, which states that if a student fails the exam, they are entitled to a refund of 17,000 yuan, but in reality, they can only receive 1,000 yuan per year, meaning it would take 17 years to get the full refund [5][6] - The staff at Zhonggong Education confirmed the refund conditions and attributed them to issues with the company's cash flow [5][6] - The article highlights a case where a student, Liu, spent over 20,000 yuan on a training program and faced difficulties in obtaining her refund [5][6] Group 2 - Kewei Medical announced plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy and brand recognition [3] - Shuangdeng Group has passed the listing hearing at the Hong Kong Stock Exchange, with joint sponsors including CICC, Huatai International, and Jianyin International [4] Group 3 - The China Securities Regulatory Commission (CSRC) has imposed a fine of 160 million yuan on *ST Gaohong for serious financial fraud, with the company facing potential delisting due to major violations [7] - Crocs, the manufacturer of "Croc" shoes, reported a projected revenue decline for Q3, leading to a nearly 30% drop in stock price, attributed to cautious consumer spending and rising costs from U.S. tariffs [8][8] Group 4 - The article mentions that the average price of new commercial housing in Hegang has increased from 3,046 yuan per square meter to 3,860 yuan over the past five years, with a significant rise in the number of properties sold to non-local buyers [6] - The report indicates that 512 million people have participated in subsidized vocational skills training in China this year, reflecting a government initiative to enhance the supply of skilled labor [12]

Group 1: Company Announcements - Kewei Medical plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy and brand image [1] - Shuangdeng Group has passed the listing hearing on the Hong Kong Stock Exchange, with joint sponsors including CICC, Huatai International, and Jianyin International [2] Group 2: Financial Issues and Consumer Concerns - Zhonggong Education faces criticism for a refund policy that could take 17 years to process, attributed to financial chain issues [3] - ST Gaohong is under investigation for serious financial fraud, with a proposed fine of 160 million yuan and potential delisting risks [4] - Crocs' stock plummeted nearly 30% after announcing expected revenue declines due to cautious consumer spending and increased tariffs, with an estimated additional cost of $40 million in the second half of the year [5] Group 3: Real Estate Trends - In Hegang, the average price of new commercial housing has risen from 3046 yuan/m² to 3860 yuan/m² over five years, with a significant increase in transactions from 1134 units in 2019 to 5680 units in 2024 [4] Group 4: Market Insights - A survey indicates that only about one-third of large Japanese companies expect economic growth due to uncertainties from U.S. tariffs, a significant drop from 70% earlier in the year [9][10] - The U.S. government’s tax credit for electric vehicles is set to end, leading to a surge in electric vehicle sales, which reached a record 9.1% of total passenger car sales in July [11]

Group 1 - The A-share market is facing increased scrutiny as multiple listed companies are at risk of delisting due to suspected financial fraud or information disclosure violations, with *ST Zitian, *ST Suwu, *ST Tianmao, and *ST Gaohong being the focal points for investors [1] - On August 8, *ST Gaohong was subjected to mandatory delisting procedures by the Shenzhen Stock Exchange due to serious financial fraud and was fined 160 million yuan, while *ST Tianmao announced its intention to voluntarily withdraw its A-share listing [1] - *ST Zitian's stock price has plummeted by 87.01% this year, and it received a notice from the Shenzhen Stock Exchange regarding the potential termination of its stock listing [1] Group 2 - A total of 23 companies have been delisted from the A-share market this year, primarily due to financial-related delistings, trading-related delistings, and major illegal activities leading to mandatory or voluntary delistings [2] - Companies such as *ST Furun, *ST Dongfang, *ST Xulan, *ST Jiayu, and *ST Jiyuan have been delisted for having stock prices below par value, while others like *ST Boxin and *ST Dayao were delisted for having market capitalizations below 500 million yuan [2]

Group 1 - The core viewpoint of the articles highlights the severe penalties imposed on *ST Gaohong for financial fraud, including a proposed fine of 1.6 billion yuan and additional penalties for involved third parties [1][2] - The regulatory body has adopted a zero-tolerance approach towards financial fraud, establishing a comprehensive accountability system that includes administrative penalties, criminal referrals, and civil compensation lawsuits to protect investors [1][3] - *ST Gaohong's financial fraud lasted for nine years from 2015 to 2021, resulting in inflated revenue of nearly 19.9 billion yuan and total profits exceeding 76.2 million yuan [1] Group 2 - The penalties for *ST Gaohong are characterized by their severity, with the company facing potential delisting due to significant violations, reflecting a strong stance against malpractices in the market [2] - The crackdown on accomplices involved in financial fraud has intensified, with significant fines imposed on individuals and companies that facilitated the fraudulent activities, indicating a shift towards stricter enforcement [2] - There has been an increase in cases where listed companies and responsible individuals face criminal charges for financial fraud, demonstrating a growing trend in the regulatory environment [3]

Core Viewpoint - *ST Gaohong has been found guilty of serious financial fraud, resulting in a total revenue inflation of 19.876 billion yuan and profit inflation of 76.2259 million yuan from 2015 to 2023, leading to severe penalties and potential delisting from the stock exchange [1][3][4]. Group 1: Financial Fraud Details - The company engaged in fictitious trade activities, significantly inflating its revenue and profits through non-substantive transactions involving laptops and IT products [3][4]. - The inflated revenue accounted for 49.38% of the reported figures in 2019, while the inflated profit represented 64.88% of the total profit for that year [3]. - The total penalties proposed by the China Securities Regulatory Commission (CSRC) include a fine of 1.6 billion yuan for the company and 7 million yuan for third parties involved in the fraud [1][3]. Group 2: Regulatory Actions - The CSRC has initiated a delisting process for *ST Gaohong due to serious violations of securities laws, marking a "zero tolerance" approach towards financial fraud in the market [1][6]. - Key individuals involved, including the chairman and other executives, face significant penalties and market bans, with the chairman facing a 10-year ban [5][6]. - The regulatory framework is evolving to include a comprehensive accountability system that targets both the primary offenders and those who facilitate fraudulent activities [6][7]. Group 3: Company Financial Health - *ST Gaohong has reported continuous losses since 2021, with an expected loss of 130 to 180 million yuan in the first half of 2025 due to overdue loans and other financial strains [5]. - The company has faced multiple lawsuits and has had its bank accounts frozen, further impacting its operational capabilities and revenue generation [5].