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]

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]