侃股：立体化追责斩除财务造假“毒瘤”

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a pre-penalty notice against *ST Gaohong for serious financial fraud, proposing fines totaling 1.6 billion yuan for responsible parties and 7 million yuan for third-party collaborators [1][2]. Group 1: Financial Fraud Penalties - The penalties against *ST Gaohong reflect a significant increase in the severity of financial fraud enforcement, with the company facing a potential forced delisting due to major violations [1][2]. - The total inflated revenue reported by *ST Gaohong from 2015 to 2021 reached nearly 19.9 billion yuan, with total profit overstated by over 76.2 million yuan [1]. - The penalties include a rare high fine of 1.35 billion yuan against *ST Gaohong, with the chairman and former general manager receiving a 7.5 million yuan fine and a 10-year market ban [2]. Group 2: Broader Regulatory Actions - The CSRC has adopted a comprehensive approach to tackle financial fraud, including administrative penalties, criminal referrals, and civil claims, creating a closed-loop accountability system [1][3]. - There has been a noticeable increase in criminal accountability for financial fraud this year, with cases like Jintongling facing public prosecution for multiple years of fraudulent activities [3]. - The civil liability aspect of the *ST Gaohong case will lead to significant claims from eligible investors, further enhancing the protection of small investors' interests [3].