上市公司持续9年财务造假、虚增收入近200亿元！

Core Viewpoint - The regulatory authorities have imposed severe penalties on *ST Gaohong Network Co., Ltd. for engaging in financial fraud over nine years, inflating revenues by nearly 20 billion yuan [1][4]. Group 1: Financial Fraud Details - From 2015 to 2023, *ST Gaohong inflated its revenue by approximately 19.8 billion yuan and profits by over 76.2 million yuan through fictitious trade activities [2][3]. - The fraudulent activities involved a closed-loop system with no actual goods flow, organized by the actual controller of a trading company [2]. - The company used inflated financial statements to raise funds, constituting fraudulent issuance of shares [3]. Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) plans to impose a fine of 135 million yuan on *ST Gaohong and an additional 26.75 million yuan on nine involved executives [4]. - The chairman and former general manager, Fu Jinglin, faces a dual penalty of 7.5 million yuan and a 10-year market ban [4]. - The CSRC has indicated that *ST Gaohong may face mandatory delisting due to serious violations, including fraudulent issuance of shares and false financial reporting [4][5]. Group 3: Industry Implications - The crackdown on *ST Gaohong reflects a zero-tolerance policy towards securities violations, aiming to maintain market order and protect investor rights [1][7]. - The regulatory environment has intensified, with an increase in criminal accountability for financial fraud among listed companies [7].