GOHIGH(SZ:000851) Mei Ri Jing Ji Xin Wen·2025-10-08 13:17Core Viewpoint - *ST Gaohong is facing a potential delisting from the Shenzhen Stock Exchange due to its stock price falling below 1 yuan for twenty consecutive trading days, alongside serious allegations of financial fraud amounting to nearly 20 billion yuan [1][2][3] Financial Performance - As of September 30, *ST Gaohong's stock price was 0.38 yuan, with a total market capitalization of 440 million yuan, a stark contrast to its peak in 2015 [2] - The company reported a net loss of 2.29 billion yuan for 2024, and in the first half of 2025, its revenue dropped by 48.32% after shutting down its IT sales business, leading to a further net loss of 140 million yuan [4] Fraud Allegations - The financial fraud case, which has been ongoing for nearly a decade, involved the company inflating its revenue by 19.876 billion yuan and profits by 76.2259 million yuan through fictitious trades [3][4] - In 2019, the inflated revenue accounted for 49.38% of the total disclosed revenue, while the inflated profit represented 64.88% of the total profit for that period [3] Regulatory Actions - The company received a "Notice of Delisting" from the Shenzhen Stock Exchange on September 30, 2025, due to the continuous low stock price and the serious allegations of fraud [5] - *ST Gaohong has the right to request a hearing or submit written statements within specified timeframes following the notice, but failure to do so will result in the forfeiture of these rights [6] Future Implications - If the delisting is finalized, *ST Gaohong's shares will be transferred to the National Equities Exchange and Quotations (NEEQ) for management in a delisted segment, with further announcements to follow [6]