198亿元严重财务造假，重罚，强制退市

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notice of administrative punishment to *ST Gaohong for suspected violations of information disclosure laws, leading to significant financial penalties and potential delisting due to serious misconduct [1][4][6]. Financial Misconduct - *ST Gaohong has been found to have inflated its revenue by a total of 19.876 billion yuan and its costs by 19.8 billion yuan from 2015 to 2023, resulting in an inflated profit of 76.2259 million yuan [2][3]. - The company was also involved in fraudulent activities related to a non-public stock issuance in 2020, which was based on the aforementioned inflated financial data [3][4]. Regulatory Actions - The CSRC plans to impose a fine of 1.6 billion yuan on the responsible parties and an additional 7 million yuan on third parties involved in the fraud [1]. - The company’s chairman and other key executives face penalties, including a 10-year ban from the securities market [4]. Delisting Risk - Due to the serious nature of the violations, *ST Gaohong is at risk of being forcibly delisted from the Shenzhen Stock Exchange [1][5][6]. - The company has already been flagged for risk warnings and has faced multiple internal control issues, leading to its stock being under additional risk warnings [7]. Company Status - As of August 8, the stock price of *ST Gaohong was 2.21 yuan per share, with a total market capitalization of 2.6 billion yuan [9]. - The company has been focusing on digital intelligence applications and services, although its financial integrity is under scrutiny [8].