000851，突发！锁定面值退市！

Core Viewpoint - The company *ST Gao Hong (000851) is at risk of being delisted due to its stock price falling below the par value of 1 yuan for 15 consecutive trading days, with potential for major illegal delisting due to fraudulent activities in its financial reporting [1][2]. Summary by Sections Stock Price and Delisting Risk - As of September 19, 2025, *ST Gao Hong's stock price closed at 0.48 yuan per share, indicating that even with five consecutive trading days of limit-up, it cannot return to the par value of 1 yuan [5]. - The company has been warned that if its stock price remains below 1 yuan for 20 consecutive trading days, it will face delisting according to the Shenzhen Stock Exchange rules [1]. Regulatory Actions and Violations - On August 8, 2025, the company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC), indicating that its non-public stock issuance in 2020 constituted fraudulent issuance and that its annual reports from 2015 to 2023 contained false records [2][3]. - The fraudulent activities include inflated revenue and profit figures, with reported inflated revenues ranging from 6.94 million yuan to 56.34 million yuan across various years, significantly impacting the reported financial performance [3]. Financial Misrepresentation - The company’s annual reports from 2015 to 2023 showed inflated operating income and costs, with the inflated profits totaling up to 2,190.52 million yuan in 2020, representing 64.88% of the reported profit for that year [3]. - The CSRC's notice also highlighted that the documents related to the 2020 non-public stock issuance included false data from 2018 to 2020, further complicating the company's legal standing [4]. Company Background - *ST Gao Hong, established in 2003 and initiated by the China Academy of Telecommunications Technology, has developed a business structure focusing on digital applications, information services, and IT sales over the past two decades [7].