智通财经网·2025-08-08 11:11Core Viewpoint - *ST Gaohong (000851.SZ) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may lead to significant penalties including mandatory delisting of its shares [1] Summary by Relevant Sections - Investigation Details - The company received an administrative penalty notice from the CSRC on August 8, 2025, regarding its non-public stock issuance in 2020, which is deemed fraudulent [1] - The annual reports from 2015 to 2023 are found to contain false records, which may trigger major violations under the Shenzhen Stock Exchange listing rules [1] - Potential Consequences - The company may face mandatory delisting if the formal penalty decision confirms the findings of major violations [1] - The specific provisions of the Shenzhen Stock Exchange rules that may apply include Article 9.5.1 and Article 9.5.2, which outline conditions for significant legal violations leading to delisting [1]