Core Viewpoint - *ST Gaohong's stock will be delisted due to its closing price being below 1 yuan for twenty consecutive trading days, marking a forced delisting scenario [1] Summary by Sections Delisting Decision - The Shenzhen Stock Exchange has decided to terminate the listing of *ST Gaohong (000851.SZ) [1] - The stock's closing price was below 1 yuan from September 1 to September 26, 2025, triggering the delisting rule [1] Timeline and Process - The stock will be delisted fifteen trading days after the delisting decision is made [1] - The company will not enter a delisting adjustment period [1] Actions Taken - *ST Gaohong has signed a stock transfer agreement with Pacific Securities, appointing them as the agency for the transfer [1]

Core Viewpoint - *ST Gaohong (000851.SZ) has received a decision from the Shenzhen Stock Exchange to terminate its stock listing due to its stock price being below 1 yuan for twenty consecutive trading days from September 1 to September 26, 2025 [1] Group 1 - The company's stock will not enter a delisting arrangement period and will be delisted within fifteen trading days after the termination decision [1] - The company has signed a "Stock Transfer Agency Agreement" with Pacific Securities, appointing them as the agency for stock transfer [1]

证券代码：000851 证券简称：*ST 高鸿 公告编号：2025-142 大唐高鸿网络股份有限公司 关于收到股票终止上市决定的公告 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。 1、终止上市的证券种类：人民币普通股；证券简称：*ST 高鸿；证券代码：000851。 2、终止上市日期：公司股票被深圳证券交易所作出终止上市决定后，公司股票 在十五个交易日内摘牌，公司股票终止上市。 3、根据《深圳证券交易所股票上市规则（2025 年修订）》第 9.1.15 条的规定， 公司股票不进入退市整理期。 4、请投资者、证券公司等市场主体在股票摘牌前及时了结股票质押式回购、约 定购回、融资融券、转融通、深股通等业务。 5、对于将在股票摘牌后至完成退市板块初始登记期间到期的司法冻结业务，建 议有权机关在股票摘牌前通过原协助执行渠道提前办理续冻手续。 大唐高鸿网络股份有限公司（以下简称"公司"）于 2025 年 11 月 3 日收到深 圳证券交易所《关于大唐高鸿网络股份有限公司股票终止上市的决定》(深证上 〔2025〕1180 号)， 深圳证券交易所决定公司股票终止上市。现将 ...

证券代码：000851 证券简称：*ST 高鸿 公告编号：2025-143 1 （二）统一社会信用代码：91530000757165982D （三）企业类型：其他股份有限公司（上市） 大唐高鸿网络股份有限公司 关于聘请主办券商的公告 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。 一、聘请主办券商的情况说明 大唐高鸿网络股份有限公司（以下简称"公司 "）2025 年 9 月 1 日至 2025 年 9 月 26 日期间，公司连续二十个交易日的股票收盘价均低于 1 元，触及《深圳证券 交易所股票上市规则》第 9.2.1 条第一款第四项规定的股票终止上市情形。公司于 2025 年 11 月 3 日收到深圳证券交易所送达的《关于大唐高鸿网络股份有限公司股 票终止上市的决定》（深证上〔2025〕1180 号），深圳证券交易所决定公司股票终 止上市。 鉴于公司股票终止上市后将转入全国股转公司代为管理的退市板块挂牌转让， 根据《深圳证券交易所股票上市规则》《关于退市公司进入退市板块挂牌转让的实 施办法》等相关规定，公司应当与符合规定条件的证券公司（以下简称"主办券商"） ...

Core Points - *ST Gaohong (000851) announced the decision of termination of its stock listing by the Shenzhen Stock Exchange due to its stock closing price being below 1 yuan for twenty consecutive trading days from September 1 to September 26, 2025 [1] - The company will not enter a delisting transition period and will be delisted within fifteen trading days after the termination decision [1] - The company has signed a stock transfer agreement with Pacific Securities, appointing it as the agency for the transfer [1]

Core Points - The average stock price of A-shares is 13.91 yuan, with 27 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.38 yuan [1][2] - As of November 3, the Shanghai Composite Index closed at 3976.52 points, indicating a relatively low proportion of both high-priced and low-priced stocks in the A-share market [1] - Among the low-priced stocks, 10 are ST stocks, accounting for 37.04% of the total [1] Market Performance - Out of the low-priced stocks, 21 saw an increase today, with notable gains from Yabo Co., HNA Holding, and *ST Yun Wang, which rose by 3.39%, 3.39%, and 3.21% respectively [1] - Conversely, 4 stocks experienced declines, with *ST Yuan Cheng, ST Lingnan, and *ST Jin Ke dropping by 5.13%, 2.93%, and 1.43% respectively [1] Low-Priced Stock Rankings - The table lists various low-priced stocks, including their latest closing prices, daily price changes, turnover rates, price-to-book ratios, and industries [1][2] - Notable low-priced stocks include *ST Gao Hong (0.38 yuan), *ST Yuan Cheng (0.74 yuan), and *ST Su Wu (0.99 yuan) [1] - The highest daily gainers among low-priced stocks are Yabo Co. and HNA Holding, both increasing by 3.39% [1]

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Market Overview - As of October 31, there are 942 stocks with a circulating market value below 3 billion yuan, and 367 stocks with a circulating market value below 2 billion yuan across the two markets [1] - A total of 1,661 stocks have a total market value below 5 billion yuan, with 553 stocks having a total market value below 3 billion yuan [1] Smallest Market Capitalization Stocks - The three stocks with the smallest circulating market values are: - *ST元成: 2.54 billion yuan - *ST高鸿: 4.30 billion yuan - 坤泰股份: 6.55 billion yuan [1] - The three stocks with the smallest total market values are: - *ST元成: 2.54 billion yuan - *ST高鸿: 4.40 billion yuan - *ST苏吴: 7.04 billion yuan [1] Selected Stocks with Low Market Capitalization - A list of stocks with circulating market values below 2 billion yuan includes: - *ST元成: Circulating market value 2.54 billion yuan, total market value 2.54 billion yuan, PE ratio not applicable, industry: Construction Decoration - *ST高鸿: Circulating market value 4.30 billion yuan, total market value 4.40 billion yuan, PE ratio not applicable, industry: Communication - 坤泰股份: Circulating market value 6.55 billion yuan, total market value 23.71 billion yuan, PE ratio 47.62, industry: Automotive - 康力源: Circulating market value 6.95 billion yuan, total market value 27.22 billion yuan, PE ratio 36.00, industry: Light Industry Manufacturing - *ST苏吴: Circulating market value 7.04 billion yuan, total market value 7.04 billion yuan, PE ratio not applicable, industry: Pharmaceutical Biology [1][2]

Group 1 - The average stock price of A-shares is 13.84 yuan, with 26 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.38 yuan [1] - Among the low-priced stocks, 9 are ST stocks, accounting for 34.62% of the total [1] - The Shanghai Composite Index closed at 3954.79 points as of October 31 [1] Group 2 - Among the low-priced stocks, 11 increased in price today, with Jin Zheng Da, Rong Sheng Development, and Ya Bo Shares leading with increases of 2.79%, 2.55%, and 2.31% respectively [1] - Conversely, 9 stocks decreased, with *ST Yuan Cheng, Liao Gang Shares, and Shan Ying International showing declines of 4.88%, 4.47%, and 2.21% respectively [1] - The table lists various low-priced stocks along with their latest closing prices, daily price changes, turnover rates, and industry classifications [1][2]

Group 1: New Stock Issuances - Multiple new stock issuances are scheduled for October 31, 2025, including Jiangbolong (301308) and Shikong Technology (605178) [1] - A total of 30 companies have announcements related to stock issuance or trading on this date [1] Group 2: Trading Alerts - Jiangbolong (301308) reported severe abnormal fluctuations in trading [1] - Other companies such as ST Wanfang (000638) and Yashichuangneng (603378) also have trading alerts on the same date [1] Group 3: Recent Announcements - Recent announcements include companies like Tianpu Co. (605255) and Kangsheng Co. (002418) with updates on October 31, 2025 [1] - The announcements cover various sectors, indicating a broad market activity [1]

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Market Overview - As of October 30, there are 983 stocks with a circulating market value below 3 billion yuan, and 385 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,694 stocks have a total market value below 5 billion yuan, with 580 stocks below 3 billion yuan [1] Smallest Market Capitalization Stocks - The three stocks with the smallest circulating market values are: - *ST元成: 267 million yuan - *ST高鸿: 430 million yuan - 坤泰股份: 642 million yuan [1] - The three stocks with the smallest total market values are: - *ST元成: 267 million yuan - *ST高鸿: 440 million yuan - *ST苏吴: 718 million yuan [1] Selected Stocks with Low Market Capitalization - A list of stocks with circulating market values below 2 billion yuan includes: - *ST元成: 267 million yuan, total market value 267 million yuan, PE ratio not applicable, industry: Construction Decoration - *ST高鸿: 430 million yuan, total market value 440 million yuan, PE ratio not applicable, industry: Communication - 坤泰股份: 642 million yuan, total market value 2.325 billion yuan, PE ratio 46.70, industry: Automotive - 康力源: 683 million yuan, total market value 2.674 billion yuan, PE ratio 35.36, industry: Light Industry Manufacturing - 科瑞思: 709 million yuan, total market value 2.411 billion yuan, PE ratio 173.40, industry: Communication [1][2]