9年财务造假近200亿元！000851，被证监会通报

Core Viewpoint - *ST Gaohong has been severely penalized for financial fraud amounting to nearly 20 billion yuan over nine years, facing a fine of 160 million yuan and potential delisting due to serious violations of securities laws [3][5][6]. Summary by Sections Financial Fraud Details - *ST Gaohong engaged in fictitious trade activities, significantly inflating revenue and profits from 2015 to 2023, with a total inflated revenue of 19.876 billion yuan and inflated profit of 76.2259 million yuan [5][6]. - In 2019, the inflated revenue accounted for 49.38% of the reported figures, while the inflated profit represented 64.88% of the total profit for that period [5]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) has proposed a fine of 1.35 billion yuan for the fraudulent activities, marking the maximum penalty under the Securities Law [6]. - Key executives, including the chairman and the actual controller of the involved trading company, face severe penalties, including a 10-year market ban for the chairman and a 5-year ban for the financial director [7][9]. Company Financial Health - *ST Gaohong has reported continuous losses since 2021, with an expected loss of 130 to 180 million yuan in the first half of 2025 due to overdue loans and other financial difficulties [8]. - The company has faced significant operational challenges, including frozen bank accounts and numerous lawsuits, impacting its revenue generation [8]. Broader Regulatory Context - The CSRC has adopted a "three-in-one" accountability system to combat financial fraud, emphasizing the need to penalize not only the companies but also the accomplices involved in fraudulent activities [10][11]. - Recent regulatory actions reflect a zero-tolerance policy towards financial fraud in the capital market, aiming to restore investor confidence and market integrity [10][12].