000851，拉响退市警报！

Core Viewpoint - *ST Gaohong's stock price has fallen below 1 yuan for the first time, raising the risk of delisting due to its share price being below par value [2][4][11] Group 1: Stock Price and Delisting Risk - On September 1, *ST Gaohong announced that its stock closed at 0.98 yuan per share, marking the first time it has fallen below 1 yuan, which poses a risk of being delisted [4][11] - According to regulations, if a company listed on the Shenzhen Stock Exchange has a closing price below 1 yuan for 20 consecutive trading days, it will face termination of its stock listing [7] Group 2: Major Violations and Regulatory Actions - *ST Gaohong has significant internal control issues, and in addition to the risk of delisting due to share price, it may also face major violations leading to forced delisting [9] - On August 8, *ST Gaohong received a notice from the China Securities Regulatory Commission (CSRC) indicating that its 2020 private placement constituted fraudulent issuance, and its annual reports from 2015 to 2023 contained false records, which could lead to major violations under the Shenzhen Stock Exchange listing rules [9][10] - The company has received adverse audit opinions regarding its financial reports for 2023 and has shown negative net profits for three consecutive years from 2021 to 2023 [9] Group 3: Financial Performance and Future Outlook - As of September 1, *ST Gaohong's total market capitalization was 1.1 billion yuan [11] - The company is focusing on developing smart connected ecosystems, trusted computing, and digital transformation services, although its financial stability remains uncertain [10]