000851，终止上市，即将摘牌

Core Viewpoint - *ST Gaohong (000851) has received a decision from the Shenzhen Stock Exchange to terminate its listing due to its stock price being below 1 yuan for twenty consecutive trading days, leading to its direct delisting without a transition period [1][3]. Group 1: Company Overview - *ST Gaohong, officially known as 大唐高鸿网络股份有限公司, was established by the China Academy of Telecommunications Technology (Datang Telecom Group) [3]. - The company has developed three main business segments: digital application, information services, and IT sales over its more than twenty years of listing [3]. - At its peak, *ST Gaohong reported revenue exceeding 7 billion yuan, with 2023 revenue recorded at 5.93 billion yuan and total assets at 8.3 billion yuan [3]. Group 2: Financial Irregularities - The China Securities Regulatory Commission identified that from 2015 to 2021, *ST Gaohong engaged in fraudulent trade activities through its subsidiary, Beijing Datang Gaohong Technology Co., Ltd., involving a company controlled by Jiang Qing [4]. - These fraudulent activities resulted in inflated revenue and profits in annual reports, with 2019 alone seeing an inflated revenue of 5.634 billion yuan, accounting for nearly half of the reported revenue, and an inflated profit exceeding 20 million yuan [4]. - The company has also faced issues of inflated revenue and profits in its 2022 and 2023 annual reports [4]. Group 3: Shareholder Information - As of the end of the third quarter, *ST Gaohong had over 80,000 shareholders [5].