Key Points - The article discusses the recent developments in the China-Europe export control dialogue held in Brussels, emphasizing the constructive communication between both parties to stabilize supply chains [4] - It highlights the significant asset restructuring planned by Yaxing Chemical, which involves acquiring control of Tianyi Chemical, leading to a stock suspension [12] - The termination of the listing of *ST Gaohong is noted, as the company failed to maintain a stock price above 1 yuan for twenty consecutive trading days [2][15] Group 1: China-Europe Export Control Dialogue - The "upgraded" China-Europe export control dialogue took place from October 31 to November 1, 2025, focusing on mutual concerns in the export control field [4] - Both parties agreed to maintain communication to promote stability and smoothness in the China-Europe industrial and supply chains [4] Group 2: Corporate Developments - Yaxing Chemical is planning to acquire control of Tianyi Chemical through a combination of share issuance and cash payment, which is expected to constitute a major asset restructuring and related party transaction, leading to a stock suspension starting November 4 [12] - *ST Gaohong has received a decision for stock termination due to its stock price being below 1 yuan for twenty consecutive trading days [2][15] - Other companies like Pingtan Development and Huanyu Century reported no significant changes in their operational environments [7][9]

Core Points - *ST Gaohong's stock will be delisted due to a continuous closing price below 1 yuan for twenty trading days from September 1 to September 26, 2025, triggering mandatory delisting conditions [1] - The company has signed an agreement with Pacific Securities to act as its agent for stock transfer following the delisting decision [1] Summary of Relevant Sections - **Delisting Decision**: The Shenzhen Stock Exchange has decided to terminate the listing of *ST Gaohong's stock due to its failure to maintain a minimum stock price [1] - **Regulatory Actions**: The company received a prior notice of administrative penalty from the China Securities Regulatory Commission (CSRC) for significant violations related to information disclosure, with a proposed fine of 160 million yuan for responsible parties and 7 million yuan for third-party collaborators [3] - **Financial Misconduct**: *ST Gaohong has been found to engage in fraudulent activities, including inflating revenue and profits through non-substantial transactions, violating securities laws [3] - **Fraudulent Issuance**: The company is implicated in fraudulent issuance during its non-public stock offering in 2020, which raised 1.25 billion yuan based on false financial data from 2018 to 2020 [3]

Core Viewpoint - *ST Gaohong (000851) has received a decision from the Shenzhen Stock Exchange to terminate its listing due to its stock price being below 1 yuan for twenty consecutive trading days, leading to its direct delisting without a transition period [1][3]. Group 1: Company Overview - *ST Gaohong, officially known as 大唐高鸿网络股份有限公司, was established by the China Academy of Telecommunications Technology (Datang Telecom Group) [3]. - The company has developed three main business segments: digital application, information services, and IT sales over its more than twenty years of listing [3]. - At its peak, *ST Gaohong reported revenue exceeding 7 billion yuan, with 2023 revenue recorded at 5.93 billion yuan and total assets at 8.3 billion yuan [3]. Group 2: Financial Irregularities - The China Securities Regulatory Commission identified that from 2015 to 2021, *ST Gaohong engaged in fraudulent trade activities through its subsidiary, Beijing Datang Gaohong Technology Co., Ltd., involving a company controlled by Jiang Qing [4]. - These fraudulent activities resulted in inflated revenue and profits in annual reports, with 2019 alone seeing an inflated revenue of 5.634 billion yuan, accounting for nearly half of the reported revenue, and an inflated profit exceeding 20 million yuan [4]. - The company has also faced issues of inflated revenue and profits in its 2022 and 2023 annual reports [4]. Group 3: Shareholder Information - As of the end of the third quarter, *ST Gaohong had over 80,000 shareholders [5].

Core Viewpoint - *ST Gaohong's stock will be delisted due to continuous trading below 1 yuan for twenty consecutive trading days, triggering mandatory delisting conditions [2][4]. Group 1: Delisting Decision - On November 3, *ST Gaohong received a notice from the Shenzhen Stock Exchange regarding the termination of its stock listing [2]. - The delisting will occur within fifteen trading days after the decision, without entering a delisting adjustment period [2]. Group 2: Legal and Regulatory Issues - *ST Gaohong is facing significant legal issues, including a prior notice of administrative penalties from the China Securities Regulatory Commission (CSRC) for information disclosure violations [4]. - 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 fraud [4]. - The company has been accused of engaging in non-substantive business practices, significantly inflating revenue and profits, which violates securities laws [4]. - *ST Gaohong's actions during a 2020 private placement, which included the use of false financial data, have been classified as fraudulent issuance, further triggering mandatory delisting conditions [4].

Core Points - The company *ST Gao Hong has been delisted from the Shenzhen Stock Exchange due to its stock price being below 1 yuan for twenty consecutive trading days, triggering mandatory delisting conditions [2] - The company has been found to have inflated revenue and profits through fraudulent trade practices from 2015 to 2023, leading to significant discrepancies in its financial reports [3][4][5] - The company’s 2020 non-public stock issuance was deemed fraudulent, as it relied on inflated financial data from these fraudulent activities [6] - Key personnel responsible for the fraudulent activities have been identified, including the chairman and financial director, who failed to fulfill their supervisory duties [7] Summary of Financial Misconduct - From 2015 to 2021, the company inflated its revenue by amounts ranging from 6.94 billion to 56.34 billion yuan, with corresponding inflated profits [3][5] - In 2018 and 2020, the company also inflated revenue through IT system trades, with inflated amounts of 1.96 billion and 308.19 million yuan respectively [4] - The total inflated revenue from 2015 to 2023 accounted for 9.34% to 49.38% of the reported revenue for those periods [5] Regulatory Actions - The company received an administrative penalty notice from the China Securities Regulatory Commission for fraudulent issuance of stocks and false financial reporting [2][6] - Following the delisting, the company will transition to the National Equities Exchange and Quotations system for trading [7]

Core Points - *ST Gaohong's stock will be delisted due to continuous closing prices below 1 yuan for twenty trading days [3] - The company will not enter a delisting preparation period but will be directly delisted within fifteen trading days after the decision [3] - After delisting, *ST Gaohong's shares will be transferred to the National Equities Exchange and Quotations system [3] - The company has signed a stock transfer agreement with Pacific Securities for share transfer services [3] - *ST Gaohong, established by the China Academy of Telecommunications Technology, has three main business segments: digital applications, information services, and IT sales [3] - The company reported peak revenue exceeding 7 billion yuan, with 2023 revenue at 5.93 billion yuan and total assets of 8.3 billion yuan [3] - The China Securities Regulatory Commission identified fraudulent trading activities from 2015 to 2021, leading to inflated revenue and profits [4] - In 2019, the company inflated revenue by 5.634 billion yuan, accounting for nearly half of its reported revenue [4] - The company has over 80,000 shareholders as of the third quarter [5] - On November 3, *ST Gaohong received the official notice of stock termination from the Shenzhen Stock Exchange [7]

Core Viewpoint - *ST Gaohong's stock will be delisted due to continuous trading below 1 yuan for twenty consecutive trading days, triggering mandatory delisting conditions [1] Group 1: Delisting Announcement - On November 3, *ST Gaohong received a notice from the Shenzhen Stock Exchange regarding the termination of its stock listing [1] - The stock will be delisted within fifteen trading days after the decision, without entering a delisting adjustment period [1] - The company has signed a stock transfer agreement with Pacific Securities to act as its agent [1] Group 2: Legal and Regulatory Issues - The company is facing significant legal issues, including a prior notice of administrative penalties from the China Securities Regulatory Commission (CSRC) for information disclosure violations [2] - The CSRC has proposed a fine of 160 million yuan against responsible parties and an additional 7 million yuan against third parties involved in the fraud [2] - *ST Gaohong has been accused of engaging in sham transactions to inflate revenue and profits, violating securities laws [2] Group 3: Fraudulent Activities - The company has been implicated in fraudulent issuance, having used false revenue and profit data from 2018 to 2020 during a non-public stock issuance application in 2020 [2] - This fraudulent issuance was approved by the CSRC, allowing the company to raise 1.25 billion yuan [2]

Core Viewpoint - *ST Gaohong's stock will be delisted due to continuous trading below 1 yuan for twenty consecutive trading days, triggering mandatory delisting conditions [1][4]. Group 1: Delisting Announcement - On November 3, *ST Gaohong received a notice from the Shenzhen Stock Exchange regarding the termination of its stock listing [1]. - The stock will be delisted within fifteen trading days after the decision, without entering a delisting adjustment period [1]. Group 2: Legal and Regulatory Issues - *ST Gaohong is facing significant legal issues, including a prior notice of administrative penalties from the China Securities Regulatory Commission (CSRC) for information disclosure violations, with proposed fines of 160 million yuan and 7 million yuan for involved third parties [4]. - The company has been accused of engaging in non-substantive business practices, significantly inflating revenue and profits, which violates securities laws [4]. - Additionally, *ST Gaohong is implicated in fraudulent issuance during its 2020 non-public stock offering, which raised 1.25 billion yuan based on falsified financial data from 2018 to 2020 [4].

Core Points - The company *ST Gao Hong (000851)* has received a decision from the Shenzhen Stock Exchange to terminate its stock listing due to triggering mandatory delisting conditions [1] - The company's stock will not enter a delisting transition period and will be delisted within fifteen trading days after the decision [1] Summary by Category Company Announcement - The company announced on November 3, 2025, that it received a notice regarding the termination of its stock listing [1] - The termination is a result of the company triggering trading-related mandatory delisting conditions [1] Stock Market Impact - The company's stock will be delisted without a transition period, indicating an immediate impact on its trading status [1] - The delisting will occur within fifteen trading days following the announcement, affecting investors and market perception [1]

Core Viewpoint - The company *ST Gaohong (000851.SZ) has received a decision from the Shenzhen Stock Exchange to terminate its stock listing due to triggering mandatory delisting conditions related to trading [1] Group 1 - The termination of the company's stock listing is effective as of November 3, 2025, and will occur without entering a delisting arrangement period [1] - The company's stock will be delisted within fifteen trading days following the decision [1]