Zheng Quan Shi Bao·2025-09-01 11:42Core Viewpoint - *ST Gaohong's stock price has fallen below 1 yuan, raising the risk of delisting due to continuous trading below the par value [1][3] Group 1: Stock Performance - On September 1, *ST Gaohong's stock closed at 0.98 yuan per share, with a total market capitalization of 1.1 billion yuan [1] - The stock has experienced a continuous decline, hitting the daily limit down for 16 consecutive trading days, resulting in a cumulative drop of over 55% since August 11 [3] Group 2: Regulatory Issues - The company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) on August 8, indicating fraudulent issuance of stocks and false records in annual reports from 2015 to 2023 [3][5] - The notice revealed that the company inflated its operating income by a total of 6.94 billion yuan to 3.94 billion yuan across various years, constituting a significant percentage of reported income [4] Group 3: Financial Implications - The CSRC plans to impose a fine of 160 million yuan on responsible parties and 7 million yuan on third parties involved in the fraud [6] - The company has not yet received a formal penalty decision regarding the ongoing investigation, but it is preparing to exercise its rights to defend itself [7] Group 4: Market Context - As of September 1, *ST Gaohong is the only stock in the A-share market trading below 1 yuan, with *ST Suwu's stock price also nearing the threshold at 1.04 yuan [8] - The company faces multiple risks, including potential delisting due to major violations and financial issues [8]