000851，突发！锁定面值退市

Core Viewpoint - *ST Gaohong faces the risk of being delisted due to its stock price falling below par value, with a closing price of 0.48 yuan as of September 19, 2025, and has been below 1 yuan for 15 consecutive trading days [1][5] Group 1: Delisting Risks - The company announced that its stock may be terminated from listing if it continues to trade below 1 yuan for 20 consecutive trading days, as per the Shenzhen Stock Exchange regulations [1] - The company is also at risk of being subject to mandatory delisting due to significant legal violations, as indicated by a notice from the China Securities Regulatory Commission (CSRC) regarding fraudulent issuance of shares [2] Group 2: Financial Irregularities - The CSRC's notice revealed that from 2015 to 2023, the company inflated its reported revenue by a total of 6.94 billion yuan to 3.94 billion yuan across various years, representing a percentage increase of 9.34% to 49.38% of the reported revenue for those years [3] - The company also inflated its reported costs and total profits during the same period, with total profit inflation ranging from 67.36 thousand yuan to 2.19 million yuan, accounting for 0.42% to 64.88% of the reported profit [3] Group 3: Recent Developments - The CSRC identified that the company's 2020 non-public stock issuance involved false data from 2018 to 2020, leading to accusations of fraudulent issuance [4] - The company experienced a significant stock price drop, with a cumulative decline of over 12% in three consecutive trading days leading up to September 19, 2025, indicating abnormal trading fluctuations [4]