000851，严重财务造假，证监会立马出手

Core Viewpoint - The China Securities Regulatory Commission (CSRC) announced on August 8 that it intends to impose penalties on *ST Gaohong (000851) and related parties for serious financial fraud, including inflated revenue and profits, and fraudulent issuance of shares [1][4][7]. Group 1: Financial Misconduct - *ST Gaohong is accused of serious financial fraud, characterized by two main violations: inflating revenue and profits through fictitious trade activities and committing fraudulent issuance of shares during a non-public offering in 2020 [4][5]. - From 2015 to 2023, *ST Gaohong inflated its reported revenue by approximately 20 billion yuan, with specific annual inflated amounts ranging from 3.94 billion yuan to 56.34 billion yuan [4][5]. - The company also inflated its total profit by amounts ranging from 370.74 thousand yuan to 2.19 million yuan during the same period [5]. Group 2: Regulatory Actions - The CSRC has decided to impose a fine of 135 million yuan on *ST Gaohong and has mandated corrective actions [7]. - Key executives, including the former chairman and financial director, face fines ranging from 750,000 yuan to 7.5 million yuan, along with warnings [7][8]. - The CSRC plans to impose a 10-year market ban on the former chairman and another executive, while the financial director will face a 5-year ban [8]. Group 3: Potential Consequences - Due to the severity of the violations, *ST Gaohong is at risk of being delisted for major violations, and its stock will be subject to additional delisting risk warnings [6][9]. - The CSRC will also refer any criminal evidence to law enforcement agencies for further investigation, adhering to strict legal protocols [9].