000851，拉响退市警报！

Core Viewpoint - *ST Gaohong's stock price closed at 0.98 yuan per share on September 1, marking the first time it has fallen below 1 yuan, which raises the risk of delisting due to the stock price being below par value [2][5]. Group 1: Delisting Risks - The company faces the risk of being delisted if its stock price remains below 1 yuan for 20 consecutive trading days, as per the regulations of the Shenzhen Stock Exchange [5]. - *ST Gaohong has received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) regarding fraudulent issuance of stocks and false records in annual reports from 2015 to 2023, which may lead to mandatory delisting due to major violations [7][8]. Group 2: Financial and Operational Issues - The company has received adverse audit opinions from accounting firms regarding its internal controls and financial statements for the years 2021 to 2023, indicating a lack of certainty about its ability to continue as a going concern [7]. - As of September 1, the company's total market capitalization is 1.1 billion yuan, with its stock price at 0.98 yuan per share [8].