Group 1 - The core viewpoint of the article is the serious financial fraud case involving *ST Gaohong, which has led to administrative penalties and potential delisting from the Shenzhen Stock Exchange [2] - The China Securities Regulatory Commission (CSRC) has proposed a fine of 160 million yuan for *ST Gaohong and 7 million yuan for third parties involved in the fraud [2] - The company has been found to have engaged in non-substantive transactions, significantly inflating its revenue and profits, violating securities laws [2] Group 2 - The CSRC will transfer any criminal evidence related to the case to the public security authorities for further investigation [2] - The Shenzhen Stock Exchange will initiate delisting procedures for *ST Gaohong due to the serious violations [2]

Group 1 - The core revenue composition of *ST Gaohong for the year 2024 is as follows: telecommunications value-added services account for 35.31%, 3G-IT chain sales account for 33.01%, enterprise information services account for 30.98%, and other businesses account for 0.69% [1] Group 2 - On August 8, 2025, the Shenzhen Stock Exchange issued a letter of concern to *ST Gaohong regarding the receipt of an administrative penalty notice from the China Securities Regulatory Commission, indicating that the company engaged in false trade activities to inflate revenue and profits from 2015 to 2023 [3] - The notice states that the company’s actions constitute fraudulent issuance, as false revenue and profit data from 2018 to 2020 were referenced in documents related to a non-public stock issuance in 2020 [3] - The company may face mandatory delisting due to significant violations of the stock listing rules, and disciplinary procedures will be initiated against the company and relevant parties [3]

Core Viewpoint - The financial fraud case of *ST Gaohong has concluded after a decade, with the China Securities Regulatory Commission (CSRC) issuing a notice of administrative punishment, indicating that the company engaged in fraudulent issuance of shares and falsified financial reports from 2015 to 2023, potentially leading to mandatory delisting [1][2]. Summary by Relevant Sections Financial Fraud Details - From 2015 to 2023, *ST Gaohong inflated its revenue and profits through fictitious trade activities involving laptops, resulting in a total inflated revenue of nearly 20 billion yuan and an inflated profit of over 76 million yuan [1][2][3]. - In some years, the inflated revenue accounted for nearly 50% of the reported revenue [2]. Key Personnel Involved - The key individuals in the fraudulent activities include Jiang Qing, the actual controller of Nanjing Qingya Trading Co., and Cao Bingjiao, a former director of *ST Gaohong, who are married [1][4]. - Jiang Qing facilitated the connections between suppliers and customers, while Cao Bingjiao managed the fraudulent trade operations and approved payment requests [4][5]. Regulatory Actions - The CSRC plans to impose a fine of 135 million yuan on *ST Gaohong and issue warnings to related personnel, with fines ranging from 750,000 to 7.5 million yuan for other responsible individuals [3][4]. - The fraudulent activities were characterized as "empty turnover," where funds, contracts, and logistics documents circulated without actual goods being exchanged, lacking commercial substance [3][4].

Mergers and Acquisitions - Guangdong Hongda's subsidiary, Hongda Defense, plans to acquire 60% of Changzhilin for 1.02 billion yuan to strengthen its defense equipment segment, making Hongda Defense the controlling shareholder post-transaction [1] - Ningbo Energy intends to acquire 100% of Yongneng Comprehensive Energy by purchasing 41% stakes from Ningbo Meike and Ningbo Guotong for a total of 913.87 thousand yuan [2] - Tianyang Technology plans to invest 30.6 million yuan to acquire 51% of Moshuzhiqing, which will become a subsidiary and included in the consolidated financial statements [3] Performance Disclosure - Sanxin Medical reported a 10.83% year-on-year increase in revenue to 761 million yuan and an 8.35% increase in net profit attributable to shareholders to 115 million yuan for the first half of 2025 [4] - Huili B's revenue decreased by 0.11% to 7.635 million yuan, but net profit surged by 1222.72% to 42.1042 million yuan, primarily due to a transfer of equity resulting in an investment gain of 51.9596 million yuan [5] - Jinlongyu's revenue increased by 32.98% to 2.157 billion yuan, but net profit decreased by 20.19% to 66.716 million yuan, with solid-state battery business not yet contributing significantly to overall performance [6] Shareholding Changes - Xiongdi Technology's director Gao Jing plans to reduce his stake by up to 3%, equating to 559.9 thousand shares, within three months after the announcement [7] - Xuelang Environment's shareholders Yang Jianping and Xu Huifen plan to reduce their holdings by up to 3%, totaling 999.43 thousand shares, for family asset planning reasons [8] - Ailis's employee stock ownership platform plans to reduce its stake by up to 3%, totaling 1.35 million shares, within three months starting from September 1, 2025 [9]

人民财讯8月8日电，*ST高鸿（000851）收到深交所关注函。公司8月8日晚间披露公告称，收到中国证 监会《行政处罚事先告知书》。公司通过参与、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，2020年非公开发行股票相关文件引用了上述2018年至2020年虚假业务 收入和利润的数据，存在虚假记载，构成欺诈发行。公司的上述行为将触及深交所《股票上市规则 (2025年修订)》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。公司及相关当事人涉嫌 违反了深交所《股票上市规则》的相关规定，深交所将对公司及相关当事人启动纪律处分程序。 ...

Group 1: Company Announcements - Puyuan Precision plans to issue H-shares and list on the Hong Kong Stock Exchange [4] - Wanxing Technology intends to issue H-shares and list on the Hong Kong Stock Exchange [11] - Liou Co. plans to use no more than 3 billion yuan of its own funds for securities investment [13] - Guangdong Hongda's subsidiary intends to acquire 60% equity of Changzhilin for 1.02 billion yuan [12] Group 2: Financial Performance and Investments - GSK Gas plans to use 350 million yuan of raised funds for the Wuhan GSK Semiconductor Electronic Gas Station project, with a total investment of 503 million yuan [3] - Lianyungang's wholly-owned subsidiary plans to invest 548.8 million yuan in shipbuilding [2] - Hongjing Optoelectronics plans to invest 1.533 billion yuan in the construction of its R&D and manufacturing headquarters [9] Group 3: Regulatory Issues - Jihua Group is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [7] - *ST Gaohong may face forced delisting due to major violations related to fraudulent issuance of shares and false records in annual reports from 2015 to 2023 [8] Group 4: Sales Performance - Jingji Zhinnong reported sales of 3.51 billion yuan from selling 203,600 pigs in July, with a cumulative sales revenue of 2.243 billion yuan from January to July [8] - Zhengbang Technology reported sales of 7.41 billion yuan from selling 695,200 pigs in July, with a cumulative sales revenue of 4.818 billion yuan from January to July, showing significant year-on-year growth [10] Group 5: Share Transfers - Anzheng Fashion's shareholder plans to transfer 5.35% of the company's shares at a price of 6.78 yuan per share, totaling 141 million yuan [5] - Bidetech's actual controller and associates plan to transfer 29.9% of the company's shares to Dinglong Qishun for 897 million yuan [6]

Group 1: Investment Announcements - Panjiang Co. plans to increase investment by 55.8 million yuan in its wholly-owned subsidiary, New Energy Zhenning Co., for the construction of a wind power project with a total investment of 279 million yuan [1] - Lianyungang's wholly-owned subsidiary, Yunport Ferry Co., intends to invest 548.8 million yuan in building a passenger and vehicle ferry, having signed a construction contract with Huanghai Shipbuilding Co. [1] - Guanggang Gas plans to use 350 million yuan of raised funds for the Wuhan Guanggang Semiconductor Electronic Gas Station project, with a total planned investment of 503 million yuan [1] - Hongjing Optoelectronics intends to invest in a new R&D and manufacturing headquarters with a total investment of 1.533 billion yuan [6] Group 2: Share Transfers - Anzheng Fashion's shareholder plans to transfer 5.35% of the company's shares, totaling 20.8 million shares at a price of 6.78 yuan per share, amounting to 141 million yuan [2] - Bidetech's actual controllers plan to transfer 29.9% of the company's shares, totaling 56.1672 million shares at a price of 15.97 yuan per share, amounting to 897 million yuan [3] Group 3: Financial Performance - Jingji Zhino reported sales of 203,600 pigs in July, generating revenue of 351 million yuan, with a cumulative sales revenue of 2.243 billion yuan from January to July [6] - Zhengbang Technology reported sales of 695,200 pigs in July, with a revenue of 741 million yuan, showing a year-on-year increase of 91.38% and a cumulative revenue of 4.818 billion yuan from January to July [6] - Shuoshi Bio reported a 1.05% decrease in revenue to 176 million yuan for the first half of the year, with a net profit decline of 86.35% to 3.9926 million yuan [9] Group 4: Regulatory Issues - Jihua Group is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [4] - *ST Gaohong received a notice indicating potential major illegal delisting due to fraudulent issuance of shares and false records in annual reports from 2015 to 2023 [4] Group 5: Other Announcements - Wanjing Technology plans to issue H-shares and list on the Hong Kong Stock Exchange [7] - Guangdong Hongda's subsidiary intends to acquire 60% of Changzhilin for 1.02 billion yuan, enhancing its defense equipment business [7] - Lio Co. approved a plan to use up to 3 billion yuan of its own funds for securities investments [8]

Core Viewpoint - *ST Gaohong has been found to have inflated its revenue by nearly 20 billion over nine years, leading to potential delisting due to violations of information disclosure regulations [1] Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has issued an administrative penalty notice against *ST Gaohong for suspected violations of information disclosure laws [1] - The CSRC plans to impose a fine of 160 million yuan on the responsible parties and 7 million yuan on third parties involved in the fraud [1] - The Shenzhen Stock Exchange will initiate delisting procedures due to serious violations, and any criminal evidence will be forwarded to the police [1] Group 2: Financial Misconduct Details - From 2015 to 2023, *ST Gaohong systematically inflated its revenue and profits through fictitious trade activities, particularly involving its subsidiary Beijing Datang Gaohong Technology Development Co., Ltd [2][3] - The company engaged in "empty" and "single" transactions for notebook computers, which lacked real commercial substance despite having complete documentation [2] - The inflated revenue and profit figures for each year from 2015 to 2023 are detailed, showing significant discrepancies in reported figures [4] Group 3: Specific Financial Figures - The total inflated revenue from 2015 to 2023 amounted to 19.876 billion yuan, with inflated profits totaling 76.2259 million yuan [4] - Yearly breakdown of inflated revenue and profits shows significant percentages of total reported figures, with the highest inflation occurring in 2019 [4] - The company also committed fraud in its 2020 private stock issuance, using inflated figures from 2018 to 2020 [5] Group 4: Company Background - *ST Gaohong has been listed since June 1998 and has a current market capitalization of 2.559 billion yuan, with a stock price of 2.21 yuan per share [6]

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。 当晚，*ST高鸿也公告称，公司因涉嫌信息披露违法违规被中国证监会立案调查，并收到《行政处罚事先告知 书》。根据《告知书》，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， 可能触及重大违法强制退市情形。如最终被处罚决定确认，公司股票将被终止上市。公司将全力配合中国证监 会工作，并严格履行信息披露义务。 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）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。 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 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an administrative penalty notice to *ST Gaohong (000851) for suspected violations of information disclosure laws, leading to significant financial misreporting and potential delisting [1][5]. Group 1: Financial Misreporting - *ST Gaohong engaged in fictitious trading activities involving laptops and IT systems, resulting in inflated revenues and profits from 2015 to 2023 [2][3]. - The company reported inflated operating revenues of 694 million, 2.452 billion, 2.420 billion, 3.063 billion, 5.634 billion, 2.480 billion, and 1.805 billion from 2015 to 2021, respectively [2]. - The inflated operating costs for the same years were 693 million, 2.449 billion, 2.418 billion, 3.060 billion, 5.612 billion, 2.468 billion, and 1.796 billion, respectively [2]. - The total inflated profits for the years 2015 to 2021 were 673,600, 2.4388 million, 2.4224 million, 3.0511 million, 21.9052 million, 12.3419 million, and 894,460, respectively [2]. Group 2: Legal and Regulatory Actions - The CSRC plans to impose a fine of 160 million on responsible parties and 7 million on third parties involved in the fraudulent activities [1]. - The company is facing potential delisting due to serious violations of securities laws, with the Shenzhen Stock Exchange initiating delisting procedures [1][5]. - The 2020 non-public stock issuance by *ST Gaohong is classified as fraudulent, as it relied on the inflated revenue and profit figures from 2018 to 2020 [4][6].