每经热评：监管组合拳严处*ST高鸿造假 惩“首恶”也要惩“第三人”

Core Viewpoint - *ST Gaohong has engaged in severe financial fraud from 2015 to 2023, inflating revenue by approximately 19.8 billion and profits by over 76.2 million through fictitious trade activities [1][5] Regulatory Actions - Regulatory authorities have adopted a "zero tolerance" approach towards severe fraud, implementing both administrative and criminal penalties [2] - The company faces mandatory delisting due to significant violations, with the stock price experiencing volatility prior to the delisting warning [2] - Key executives, including the chairman and general manager, have been fined and banned from the market for their roles in the fraud [2][3] Fraud Details - The fraud involved fictitious trade operations, with direct involvement from company executives and third parties, leading to inflated financial statements [3][5] - Specific individuals, including a former director, were found to have knowingly participated in the fraudulent activities, which were linked to the company's financial misreporting [3] Audit Oversight - Despite the severity of the fraud, the auditing firm failed to detect the financial discrepancies prior to the investigation, raising questions about the effectiveness of audit practices [4] Media and Public Oversight - Investigative journalism has played a crucial role in uncovering the fraud, highlighting the importance of media in monitoring corporate behavior [6] - The company has ceased disclosing key financial relationships, which could hinder the detection of fraudulent activities in the future [6]