Zheng Quan Shi Bao·2025-09-21 22:52Core 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 Misconduct - The CSRC's notice revealed that from 2015 to 2023, the company inflated its reported revenue by a total of 192.67 million yuan across various years, with the highest inflation occurring in 2020 at 56.34 million yuan, representing 49.38% of that year's reported revenue [3] - The company also inflated its reported costs and total profits during the same period, with the highest profit inflation in 2020 amounting to 2.19 million yuan, which was 64.88% of the reported profit for that year [3] Group 3: Stock Issuance Issues - The notice further stated that the company's 2020 non-public stock issuance documents contained false data regarding business income and profits, leading to a fraudulent issuance classification [4] - The company has been experiencing abnormal stock trading fluctuations, with a cumulative price drop exceeding 12% over three consecutive trading days [4]