GOHIGH(SZ:000851) Guo Ji Jin Rong Bao·2025-08-11 10:28Core Viewpoint - *ST Gaohong has been implicated in a massive financial fraud spanning nine years, leading to a significant drop in stock price and potential delisting due to major violations of regulations [1][5][6] Financial Misconduct - The company inflated its revenue by nearly 20 billion yuan through fictitious trade activities from 2015 to 2023, with total inflated revenue amounting to 198.76 billion yuan and inflated profit totaling 76.23 million yuan [3][4] - Specific years of inflated revenue include: - 2015: 6.94 million yuan (9.34%) - 2016: 24.52 million yuan (28.27%) - 2017: 24.20 million yuan (26.97%) - 2018: 32.59 million yuan (35.18%) - 2019: 56.34 million yuan (49.38%) - 2020: 24.83 million yuan (35.38%) - 2021: 18.05 million yuan (21.11%) - 2022: 7.35 million yuan (10.72%) - 2023: 3.94 million yuan (6.65%) [3][4] Regulatory Actions - The company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) for fraudulent issuance of stocks in 2020, which involved false data from 2018 to 2020 [4][5] - Due to continuous negative audit opinions from different accounting firms over the past two years, the company has been marked with a risk warning (ST) and is facing potential delisting [5][6] Industry Context - Since 2025, 24 companies have been delisted, with three companies facing delisting due to major violations, including *ST Gaohong [6][7] - Other companies currently under investigation for similar violations include *ST Suwu, *ST Zitian, and others, indicating a broader issue within the industry regarding financial misconduct [7]