深夜突发！000851，终止上市

Core Points - *ST Gaohong's stock will be delisted due to a continuous closing price below 1 yuan for twenty trading days from September 1 to September 26, 2025, triggering mandatory delisting conditions [1] - The company has signed an agreement with Pacific Securities to act as its agent for stock transfer following the delisting decision [1] Summary of Relevant Sections - Delisting Decision: The Shenzhen Stock Exchange has decided to terminate the listing of *ST Gaohong's stock due to its failure to maintain a minimum stock price [1] - Regulatory Actions: The company received a prior notice of administrative penalty from the China Securities Regulatory Commission (CSRC) for significant violations related to information disclosure, with a proposed fine of 160 million yuan for responsible parties and 7 million yuan for third-party collaborators [3] - Financial Misconduct: *ST Gaohong has been found to engage in fraudulent activities, including inflating revenue and profits through non-substantial transactions, violating securities laws [3] - Fraudulent Issuance: The company is implicated in fraudulent issuance during its non-public stock offering in 2020, which raised 1.25 billion yuan based on false financial data from 2018 to 2020 [3]