*ST高鸿：公司股票连续三日跌幅超12%

Core Viewpoint - The company *ST Gao Hong is under investigation by the China Securities Regulatory Commission for fraudulent issuance of shares and false records in annual reports from 2015 to 2023, which may lead to mandatory delisting due to serious violations of regulations [1] Group 1 - The company's stock price has dropped over 12% cumulatively over three consecutive trading days (August 11, 12, and 13, 2025) [1] - The company has been placed under a delisting risk warning by the Shenzhen Stock Exchange starting from August 11, 2025 [1] - The investigation is based on the determination that the company's non-public offering of shares in 2020 constitutes fraudulent issuance [1] Group 2 - The annual reports from 2015 to 2023 have been found to contain false records, which may trigger significant legal consequences [1] - The company is at risk of being subjected to mandatory delisting as per the Shenzhen Stock Exchange's regulations [1] - The situation reflects serious compliance issues within the company that could impact investor confidence and market perception [1]