GOHIGH(SZ:000851) Mei Ri Jing Ji Xin Wen·2025-10-09 12:48Core Viewpoint - *ST Gaohong is facing a dual delisting crisis due to its stock price falling below 1 yuan for 20 consecutive trading days and allegations of significant financial fraud [2][4][7] Group 1: Delisting Risk - On September 30, *ST Gaohong received a notice from the Shenzhen Stock Exchange regarding the potential termination of its stock listing due to its stock price being below 1 yuan for 20 consecutive trading days from September 1 to September 26, 2025 [4][10] - The company's stock price has dropped to 0.38 yuan, with a total market value of only 440 million yuan, contrasting sharply with its peak in 2015 [4][9] - *ST Gaohong has issued 11 consecutive risk warning announcements regarding delisting [2][4] Group 2: Financial Fraud - The financial fraud case against *ST Gaohong, which spanned nearly a decade, involved the company inflating its revenue by 19.876 billion yuan and profits by 76.2259 million yuan through fictitious trades [6][9] - 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 year [6] - Key figures in the fraud include Jiang Qing, the actual controller of Nanjing Qingya Trading Co., and Cao Bingjiao, a former director of *ST Gaohong, who were involved in orchestrating the fraudulent activities [6] Group 3: Consequences of Fraud - In 2024, *ST Gaohong reported a net loss of 2.29 billion yuan, and in the first half of 2025, its revenue decreased by 48.32% after shutting down its IT sales business, leading to a further net loss of 140 million yuan [9] - The company has faced multiple risk warnings, including being classified as "ST" due to doubts about its ability to continue operations [9] - Following the issuance of the delisting notice, *ST Gaohong has a limited window to appeal or respond, with specific deadlines for submitting requests for hearings or written statements [9][10]