财务造假近200亿！强制退市

Core Viewpoint - *ST Gaohong is facing potential delisting due to significant financial misconduct, including inflated revenues and profits amounting to nearly 20 billion yuan over nine years [1][6]. Financial Misconduct Details - From 2015 to 2023, *ST Gaohong systematically inflated its revenue and profits through fictitious trade activities, particularly involving notebook computers [2][3]. - The company engaged in "empty" and "single" transactions that lacked real commercial substance, despite having complete documentation [2][3]. Revenue and Profit Inflation Breakdown - The following table summarizes the inflated revenue, costs, and profits from 2015 to 2021: | Year | Inflated Revenue (billion) | Inflated Cost (billion) | Inflated Profit (million) | |------|-----------------------------|--------------------------|----------------------------| | 2015 | 0.694 | 0.693 | 67.36 | | 2016 | 2.452 | 2.449 | 243.88 | | 2017 | 2.420 | 2.418 | 242.24 | | 2018 | 3.063 | 3.060 | 305.11 | | 2019 | 5.634 | 5.612 | 2190.52 | | 2020 | 2.480 | 2.468 | 1234.19 | | 2021 | 1.805 | 1.796 | 894.46 | - In 2018 and 2020, additional fictitious trade activities involving IT systems further inflated revenues and profits [3][4]. Total Inflation Summary - From 2015 to 2023, *ST Gaohong inflated its total revenue by approximately 19.876 billion yuan and total profits by about 76.226 million yuan [6]. - The inflated revenues represented significant percentages of the reported revenues for each year, with the highest being 49.38% in 2019 [5]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) has proposed a fine of 160 million yuan against *ST Gaohong and 7 million yuan against third parties involved in the fraud [1]. - The company is under investigation for potential criminal activities related to its fraudulent practices [1].