GOHIGH(SZ:000851) Xin Lang Cai Jing·2025-08-08 13:05Core 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]