GOHIGH(SZ:000851) Zheng Quan Shi Bao·2025-09-01 11:53Core Viewpoint - *ST Gaohong's stock price has fallen below 1 yuan, raising the risk of delisting due to continuous trading below the par value [2][4]. 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 [2]. - The stock has experienced a continuous decline, hitting the daily limit down for 16 consecutive trading days since August 11, resulting in a cumulative drop of over 55% [4]. 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 shares and false records in annual reports from 2015 to 2023 [4][6]. - The notice revealed that the company inflated its operating income and costs significantly over multiple years, with inflated operating income reaching up to 56.34 million yuan in 2020 [5]. Group 3: Financial Audits and Risks - The company has faced multiple audit challenges, with the auditing firm issuing an opinion of inability to express due to concerns over internal controls and ongoing operational viability [8]. - As of 2024, the company's main bank accounts have been frozen, adding to its financial distress [9]. Group 4: Market Context - As of September 1, *ST Gaohong is the only stock in the A-share market trading below 1 yuan, highlighting its unique position amidst a generally rising market [10].