Core Viewpoint - The company, 大唐高鸿网络股份有限公司, is facing potential delisting due to serious violations, including fraudulent issuance of shares and inflated financial reports, as determined by the China Securities Regulatory Commission (CSRC) [1][2]. Group 1: Risk of Delisting - The company has been investigated by the CSRC for suspected violations of information disclosure laws, which may lead to a significant illegal forced delisting [1][2]. - The company reported inflated revenues from 2015 to 2023, with discrepancies amounting to 6.94 billion, 24.52 billion, 24.20 billion, and others, representing 9.34%, 28.27%, 26.97%, 35.18%, 49.38%, 35.38%, and 21.11% of the reported revenues for those years [1]. - The inflated profit figures for the same period included amounts of 67.36 million, 243.88 million, 242.24 million, and others, constituting 0.42%, 1.44%, 0.99%, 13.56%, 64.88%, 11.35%, and 22.11% of the reported profits [1]. Group 2: Compliance and Future Actions - The company has not yet received a formal penalty decision regarding the investigation and will cooperate fully with the CSRC while exercising its rights to hearings and defenses [2]. - The company is committed to fulfilling its information disclosure obligations as required by regulations [2]. - If the formal penalty decision confirms the violations, the company's stock will be terminated from listing [2].

罚字〔2025〕58 号），认定公司子公司江苏吴中进出口有限公司、中吴贸易发 展(杭州)有限公司、江苏吴中海利国际贸易有限公司通过与浙江优诺德贸易有限 公司等多家关联公司开展无商业实质的贸易业务，虚增营业收入、营业成本和利 润。上述行为导致*ST 苏吴在 2020 年至 2023 年年度报告中分别虚增营业收入 露营业收入的 26.46%、26.39%、21.26%、16.82%；分别虚增营业成本 48,068.05 万元、44,823.70 万元、41,082.09 万元、35,544.47 万元，占当期披露营业成 本的 37.08%、35.47%、28.40%、20.95%；分别虚增利润总额 1,458.27 万元、 强制退市。 证券代码：600200 证券简称：*ST 苏吴 公告编号：临 2025-083 江苏吴中医药发展股份有限公司关于公司股票 可能被实施重大违法强制退市的第六次风险提示公告 本公司董事会及董事会全体成员保证公告内容不存在虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实、准确和完整承担法律责任。 重要风险提示： 一、公司股票可能被实施重大违法强制退市风险暨立案调查进展情况 公司于 2 ...

Core Viewpoint - The A-share market has seen a significant increase in both voluntary and involuntary delistings, indicating a tightening regulatory environment and a shift towards higher quality standards in the capital market [3][4]. Group 1: Voluntary Delistings - As of August 10, 2023, there have been five companies that voluntarily delisted through shareholder resolutions or mergers, surpassing the annual average of 1-4 cases from 2020 to 2024 [3]. - Companies such as 中航产融 (AVIC Capital) and 玉龙股份 (Yulong Co.) have already completed their delistings, while *ST天茂 (ST Tianmao) is in the process of withdrawing its listing due to failure to disclose financial reports [3]. - The proactive delisting of *ST天茂 is attributed to its inability to disclose the 2024 annual report, which could trigger mandatory delisting if not resolved by early September [3]. Group 2: Involuntary Delistings - Ten companies have triggered mandatory delisting criteria due to serious violations, with *ST高鸿 (ST Gaohong) being a notable case involving systematic financial fraud, including inflated revenues of 3.5 billion and profits of 4 billion [3]. - The chairman of *ST高鸿 has been fined 7.5 million and banned from the market for life, with total penalties for responsible parties amounting to 167 million [3]. Group 3: Regulatory Changes - New regulations effective in 2024 will raise the financial delisting revenue threshold from 100 million to 300 million, and introduce new criteria for delisting due to severe fraud [4]. - Eight companies have already been delisted this year for failing to meet the new market capitalization requirement of 500 million or for having share prices below par [4]. Group 4: Market Trends - A total of 30 companies have been delisted this year, with a balanced distribution among those delisted for major violations, financial issues, and trading problems [5]. - The regulatory body has initiated investigations against 35 out of 55 delisted companies, reflecting a more stringent enforcement approach [5]. - Policies encouraging market-driven delistings and discouraging "shell protection" behaviors have led to 12 cases of mergers, such as the absorption of 海通证券 (Haitong Securities) by 国泰君安 (Guotai Junan) [5].

Core Viewpoint - *ST Gaohong has been implicated in a massive financial fraud spanning nine years, leading to a significant drop in stock price and potential delisting due to major violations of regulations [2][7][9]. Financial Fraud Details - The company inflated its revenue by nearly 20 billion yuan through fictitious trade activities from 2015 to 2023, with total inflated revenue amounting to 19.876 billion yuan and inflated profit totaling 76.2259 million yuan [4][6]. - Specific years of inflated revenue include: - 2015: 6.94 million yuan (9.34%) - 2016: 24.52 million yuan (28.27%) - 2017: 24.20 million yuan (26.97%) - 2018: 32.59 million yuan (35.18%) - 2019: 56.34 million yuan (49.38%) - 2020: 24.83 million yuan (35.38%) - 2021: 18.05 million yuan (21.11%) - 2022: 7.35 million yuan (10.72%) - 2023: 3.94 million yuan (6.65%) [5][6]. Regulatory Actions - The company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) for fraudulent issuance of stocks in 2020, which involved false data from 2018 to 2020 [2][6]. - Due to the ongoing investigations and findings, *ST Gaohong's stock has been marked with a "ST" label, indicating it is under special treatment due to financial irregularities [8][9]. Audit Opinions - The company has faced consecutive years of adverse audit opinions from different accounting firms, indicating significant issues with its financial reporting and internal controls [8]. - The 2023 audit report highlighted uncertainties regarding the company's ability to continue as a going concern [8]. Industry Context - Since 2025, a total of 24 companies have been delisted, with several facing similar financial misconduct issues, indicating a broader trend of regulatory scrutiny in the market [10]. - Other companies currently under investigation for major violations include *ST Suwu, *ST Zitian, and others, reflecting systemic issues within the industry [11].

Core Viewpoint - *ST Gaohong has been implicated in a massive financial fraud spanning nine years, leading to a significant drop in stock price and potential delisting due to major violations of regulations [1][5][6] Financial Misconduct - The company inflated its revenue by nearly 20 billion yuan through fictitious trade activities from 2015 to 2023, with total inflated revenue amounting to 198.76 billion yuan and inflated profit totaling 76.23 million yuan [3][4] - Specific years of inflated revenue include: - 2015: 6.94 million yuan (9.34%) - 2016: 24.52 million yuan (28.27%) - 2017: 24.20 million yuan (26.97%) - 2018: 32.59 million yuan (35.18%) - 2019: 56.34 million yuan (49.38%) - 2020: 24.83 million yuan (35.38%) - 2021: 18.05 million yuan (21.11%) - 2022: 7.35 million yuan (10.72%) - 2023: 3.94 million yuan (6.65%) [3][4] Regulatory Actions - The company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) for fraudulent issuance of stocks in 2020, which involved false data from 2018 to 2020 [4][5] - Due to continuous negative audit opinions from different accounting firms over the past two years, the company has been marked with a risk warning (ST) and is facing potential delisting [5][6] Industry Context - Since 2025, 24 companies have been delisted, with three companies facing delisting due to major violations, including *ST Gaohong [6][7] - Other companies currently under investigation for similar violations include *ST Suwu, *ST Zitian, and others, indicating a broader issue within the industry regarding financial misconduct [7]

Core Viewpoint - 大唐高鸿网络股份有限公司 is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may lead to a forced delisting due to significant legal violations [1][2][3] Group 1: Investigation and Legal Issues - The company received a notice from the CSRC regarding a formal investigation due to suspected fraudulent issuance of shares in 2020 and false disclosures in annual reports from 2015 to 2023 [2][3] - The CSRC's preliminary findings indicate that the company inflated its operating income by a total of 6.94 billion yuan, 24.52 billion yuan, 24.20 billion yuan, and other amounts across various years, representing significant percentages of reported income [2] - The inflated profit totals were also reported, with discrepancies amounting to 67.36 million yuan, 243.88 million yuan, and other figures, indicating a pattern of misrepresentation [2] Group 2: Potential Consequences - The company is at risk of being subject to mandatory delisting under the Shenzhen Stock Exchange's rules due to the identified major legal violations [3] - As of the announcement date, the company has not yet received a formal penalty decision regarding the investigation, but it is cooperating fully with the CSRC [3] - The company emphasizes the importance of following future announcements and being aware of investment risks related to its stock [3]

Core Viewpoint - The company, 大唐高鸿网络股份有限公司, is under investigation by the China Securities Regulatory Commission (CSRC) for fraudulent activities related to its financial reporting and stock issuance, which may lead to mandatory delisting due to serious violations of stock exchange rules [1][5]. Group 1: Investigation and Regulatory Actions - The company received an administrative penalty notice from the CSRC on August 8, 2025, indicating that its 2020 private placement of shares constituted fraudulent issuance and that its annual reports from 2015 to 2023 contained false records [1][5]. - The company is facing potential mandatory delisting as it has violated the Shenzhen Stock Exchange's rules regarding serious misconduct [1][5]. Group 2: Financial Misrepresentation - From 2015 to 2023, the company inflated its revenue and profits through fictitious trade activities, resulting in a total inflated revenue of 69.4 million yuan, 245.2 million yuan, and 32.46 billion yuan across various years [2][3]. - The inflated profits during the same period amounted to 673.6 thousand yuan, 2.19 million yuan, and 894.46 thousand yuan, significantly impacting the reported financial performance [2][3]. Group 3: Impact of Fraudulent Activities - The fraudulent activities led to the company’s financial statements being deemed unreliable, with the 2023 audit report indicating uncertainty regarding the company's ability to continue as a going concern [1][2]. - The company’s stock has been subjected to risk warnings and is currently labeled as "*ST 高鸿" due to these ongoing issues [1][2].

Core Viewpoint - Shenzhen Guangdao Digital Technology Co., Ltd. faces significant risk of being forcibly delisted due to major legal violations, as indicated by the China Securities Regulatory Commission's investigation and subsequent notice [2][3][4]. Group 1: Legal and Regulatory Issues - The company was investigated by the China Securities Regulatory Commission on December 4, 2024, for suspected violations of information disclosure laws [2][3]. - On June 13, 2025, the company received an administrative penalty notice, indicating that it may be subject to major legal violations leading to forced delisting [2][3]. - The company has issued multiple risk warnings regarding the potential for forced delisting, with the first warning issued on June 13, 2025, and subsequent warnings issued on June 23, June 25, July 4, July 11, July 18, July 25, and August 1, 2025 [3][4]. Group 2: Stock Market Implications - If the company receives an administrative penalty decision that triggers major legal violations, its stock will be suspended from trading until the Beijing Stock Exchange makes a decision on whether to terminate its listing [2][3]. - The trading period for the delisting arrangement will last for 15 trading days, during which there will be no price limits on the stock [2][3]. - The company has not planned any major restructuring activities, such as debt restructuring or asset injections, and warns investors about the risks of stock price speculation [3][5].

Group 1 - The core revenue composition of *ST Gaohong for the year 2024 is as follows: telecommunications value-added services account for 35.31%, 3G-IT chain sales account for 33.01%, enterprise information services account for 30.98%, and other businesses account for 0.69% [1] Group 2 - On August 8, 2025, the Shenzhen Stock Exchange issued a letter of concern to *ST Gaohong regarding the receipt of an administrative penalty notice from the China Securities Regulatory Commission, indicating that the company engaged in false trade activities to inflate revenue and profits from 2015 to 2023 [3] - The notice states that the company’s actions constitute fraudulent issuance, as false revenue and profit data from 2018 to 2020 were referenced in documents related to a non-public stock issuance in 2020 [3] - The company may face mandatory delisting due to significant violations of the stock listing rules, and disciplinary procedures will be initiated against the company and relevant parties [3]

Core Viewpoint - The company, 大唐高鸿网络股份有限公司 (*ST高鸿), is facing potential delisting due to serious violations related to fraudulent trade practices that inflated revenue and profits from 2015 to 2023 [1] Group 1: Regulatory Actions - The Shenzhen Stock Exchange issued a notice of concern to the company regarding its financial practices [1] - The company received an administrative penalty notice from the China Securities Regulatory Commission, indicating that it engaged in false trade activities [1] - The fraudulent activities included misrepresentations in annual reports and documents related to a non-public stock issuance in 2020, which referenced inflated revenue and profit figures from 2018 to 2020 [1] Group 2: Potential Consequences - The company's actions may trigger mandatory delisting under the Shenzhen Stock Exchange's revised listing rules, specifically citing violations of significant legal provisions [1] - The Shenzhen Stock Exchange has initiated disciplinary proceedings against the company and related parties for breaching its listing rules [1]