GOHIGH(SZ:000851) Mei Ri Jing Ji Xin Wen·2025-08-08 14:27Core Viewpoint - The financial fraud case of *ST Gaohong has concluded after a decade, with the China Securities Regulatory Commission (CSRC) issuing a notice of administrative punishment, indicating that the company engaged in fraudulent issuance of shares and falsified financial reports from 2015 to 2023, potentially leading to mandatory delisting [1][2]. Summary by Relevant Sections Financial Fraud Details - From 2015 to 2023, *ST Gaohong inflated its revenue and profits through fictitious trade activities involving laptops, resulting in a total inflated revenue of nearly 20 billion yuan and an inflated profit of over 76 million yuan [1][2][3]. - In some years, the inflated revenue accounted for nearly 50% of the reported revenue [2]. Key Personnel Involved - The key individuals in the fraudulent activities include Jiang Qing, the actual controller of Nanjing Qingya Trading Co., and Cao Bingjiao, a former director of *ST Gaohong, who are married [1][4]. - Jiang Qing facilitated the connections between suppliers and customers, while Cao Bingjiao managed the fraudulent trade operations and approved payment requests [4][5]. Regulatory Actions - The CSRC plans to impose a fine of 135 million yuan on *ST Gaohong and issue warnings to related personnel, with fines ranging from 750,000 to 7.5 million yuan for other responsible individuals [3][4]. - The fraudulent activities were characterized as "empty turnover," where funds, contracts, and logistics documents circulated without actual goods being exchanged, lacking commercial substance [3][4].