000851，终止上市

Core Points - The company *ST Gaohong (000851) received a notice from the Shenzhen Stock Exchange on October 8, 2025, indicating the intention to terminate its stock listing due to the stock closing price being below 1 yuan for twenty consecutive trading days from September 1 to September 26, 2025 [2] Group 1 - The company was placed under risk warnings starting from May 2024 due to an internal control audit report that was either unable to express an opinion or issued a negative opinion, and it reported negative net profits for three consecutive fiscal years from 2021 to 2023 [5] - On April 30, 2025, the company received a delisting risk warning due to an audit report for the 2024 fiscal year that was unable to express an opinion [5] - The company was found to have falsified its annual reports and engaged in fraudulent issuance, leading to an administrative penalty notice from the China Securities Regulatory Commission in August 2025 [5][6] Group 2 - The company inflated its reported revenue from 2015 to 2023 by amounts ranging from 6.94 billion yuan to 56.34 billion yuan, which constituted a significant percentage of the disclosed revenue for each year [6] - The inflated profit figures for the same period ranged from 67.36 million yuan to 2.19 billion yuan, representing a substantial portion of the total reported profits [6] - The company’s non-public stock issuance in 2021, which raised a total of 1.25 billion yuan, was identified as fraudulent due to the reliance on the previously inflated revenue and profit figures [6]