Core Viewpoint - The company *ST Gao Hong (000851) is at risk of being delisted due to its stock price falling below the par value of 1 yuan for 15 consecutive trading days, with potential for major illegal delisting due to fraudulent activities in its financial reporting [1][2]. Summary by Sections Stock Price and Delisting Risk - As of September 19, 2025, *ST Gao Hong's stock price closed at 0.48 yuan per share, indicating that even with five consecutive trading days of limit-up, it cannot return to the par value of 1 yuan [5]. - The company has been warned that if its stock price remains below 1 yuan for 20 consecutive trading days, it will face delisting according to the Shenzhen Stock Exchange rules [1]. Regulatory Actions and Violations - On August 8, 2025, the company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC), indicating that its non-public stock issuance in 2020 constituted fraudulent issuance and that its annual reports from 2015 to 2023 contained false records [2][3]. - The fraudulent activities include inflated revenue and profit figures, with reported inflated revenues ranging from 6.94 million yuan to 56.34 million yuan across various years, significantly impacting the reported financial performance [3]. Financial Misrepresentation - The company’s annual reports from 2015 to 2023 showed inflated operating income and costs, with the inflated profits totaling up to 2,190.52 million yuan in 2020, representing 64.88% of the reported profit for that year [3]. - The CSRC's notice also highlighted that the documents related to the 2020 non-public stock issuance included false data from 2018 to 2020, further complicating the company's legal standing [4]. Company Background - *ST Gao Hong, established in 2003 and initiated by the China Academy of Telecommunications Technology, has developed a business structure focusing on digital applications, information services, and IT sales over the past two decades [7].

Core Viewpoint - *ST Gaohong faces the risk of being delisted due to its stock price falling below par value, with a closing price of 0.48 yuan as of September 19, 2025, and has been below 1 yuan for 15 consecutive trading days [1][5]. Group 1: Delisting Risks - The company announced that its stock may be terminated from listing if it continues to trade below 1 yuan for 20 consecutive trading days, as per the Shenzhen Stock Exchange regulations [1]. - The company is also at risk of being subject to mandatory delisting due to significant legal violations, as indicated by a notice from the China Securities Regulatory Commission (CSRC) regarding fraudulent issuance of shares and false financial reporting from 2015 to 2023 [2]. Group 2: Financial Misreporting - The CSRC's notice revealed that the company inflated its reported revenue and costs significantly over several years, with inflated revenues ranging from 6.94 million yuan to 56.34 million yuan, constituting up to 49.38% of reported revenues in certain years [3]. - The inflated profits reported by the company also showed substantial discrepancies, with inflated profit totals reaching as high as 2,190.52 million yuan, representing 64.88% of the reported profit in one year [3]. Group 3: Recent Developments - The company’s non-public stock issuance in 2020 was found to contain false data, leading to accusations of fraudulent issuance, with a total fundraising amount of 1.25 billion yuan approved by the CSRC [4]. - The stock has experienced significant volatility, with a cumulative price drop exceeding 12% over three consecutive trading days in September 2025 [4].

责编：陈丽湘 此前，公司公告称，收到中国证监会《行政处罚决定书》。证监会认定，公司披露的2018年至2023年年 度报告、2024年半年度报告及《2024年度向特定对象发行股票募集说明书(草案)》存在虚假记载。 前述事实触及《北京证券交易所股票上市规则》(以下简称《股票上市规则》)第10.5.1条第（七）项规 定的重大违法强制退市情形，北交所拟决定终止公司股票上市交易。 *ST广道9月19日晚间公告，公司于9月19日收到北交所送达的《关于拟终止公司股票上市的事先告知 书》。 校对：祝甜婷 ...

Group 1 - The stock of *ST Suwu (600200) closed at 0.95 yuan on September 18, 2025, with an increase of 2.15% and a turnover rate of 4.14% [1] - On September 18, 2025, the net outflow of main funds was 246.04 million yuan, accounting for 8.77% of the total transaction amount [1][3] - The company has been under investigation by the China Securities Regulatory Commission (CSRC) since February 26, 2025, for suspected violations of information disclosure [1] Group 2 - The company received an administrative penalty notice on July 13, 2025, for inflating revenue and profits through transactions with related companies, with inflated revenues reported from 2020 to 2023 totaling 49.53 million yuan, 46.85 million yuan, 43.07 million yuan, and 37.67 million yuan, respectively [1] - The inflated profits during the same period were reported as 1.46 million yuan, 2.03 million yuan, 1.99 million yuan, and 2.12 million yuan [1] - The company’s stock has been subject to a delisting risk warning since July 14, 2025, due to the potential for major illegal delisting circumstances [1][3]

Group 1 - The stock of Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. (*ST Suwu) closed at 0.95 yuan on September 18, 2025, with a market capitalization of 675 million yuan, reflecting a 2.15% increase from the previous trading day [1] - The stock experienced a trading volume of 28.05 million yuan and a turnover rate of 4.14% on the same day [1] Group 2 - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. issued its eleventh risk warning regarding the potential for major illegal forced delisting due to suspected violations of information disclosure [2] - The company has been under investigation by the China Securities Regulatory Commission (CSRC) since February 26, 2025, for alleged violations [2] - The company’s subsidiaries were found to have inflated revenue, costs, and profits through transactions with related companies, with inflated revenues reported from 2020 to 2023 totaling approximately 494.26 million yuan, 468.51 million yuan, 430.75 million yuan, and 376.66 million yuan, representing 26.46%, 26.39%, 21.26%, and 16.82% of the respective reported revenues [2] - The inflated total profits during the same period amounted to approximately 14.58 million yuan, 20.27 million yuan, 19.92 million yuan, and 21.22 million yuan [2] - The stock has been subject to delisting risk warnings since July 14, 2025, and if formal penalties confirm delisting criteria, the stock will be terminated from listing [2]

又一家上市公司因严重财务造假被中国证监会查处，将被退市。 近日，中国证监会对深交所创业板上市公司北京东方通科技股份有限公司（以下简称"*ST东通 （300379）"）涉嫌定期报告等财务数据存在虚假记载作出行政处罚事先告知。经查，*ST东通连续4年 虚增收入和利润，违反证券法律法规。 在市场人士看来，今年以来，重大违法强制退市数量创新高，形成了强大的执法震慑，促使上市公司 及"关键少数"更加敬畏法律、敬畏市场，依法依规经营。 连续4年虚增收入和利润 9月12日晚，*ST东通发布公告称，收到中国证监会《行政处罚事先告知书》（以下简称《告知 书》）。根据《告知书》，*ST东通2019年、2020年、2021年、2022年年度报告信息披露存在虚假记 载、公告的证券发行文件编造重大虚假内容。 《告知书》显示，2018年12月，*ST东通收购北京泰策科技有限公司（以下简称"泰策科技"）100%股 权，泰策科技成为东方通全资子公司。2019年至2022年期间，*ST东通通过泰策科技虚构业务、提前确 认收入等方式虚增收入、利润，导致*ST东通披露的2019年至2022年年度报告存在虚假记载，4年间合 计虚增收入4.32亿元， ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notice of administrative punishment against Beijing Orient Telecom Science & Technology Co., Ltd. (*ST Dongtong*) for suspected false reporting of financial data, indicating serious violations of securities laws and regulations [1][3]. Group 1: Financial Misconduct - *ST Dongtong* has inflated its revenue and profits for four consecutive years, leading to significant legal repercussions [3]. - The CSRC plans to impose a fine of 229 million yuan on the company and a total of 44 million yuan on seven responsible individuals [3]. - The actual controller of *ST Dongtong* faces a 10-year ban from the securities market due to these violations [3]. Group 2: Potential Consequences - The company is suspected of major illegal activities that could lead to mandatory delisting, prompting the Shenzhen Stock Exchange to initiate delisting procedures [3]. - The CSRC will transfer any potential criminal evidence to the public security authorities in accordance with relevant legal standards [3]. Group 3: Market Impact - As of September 12, *ST Dongtong*'s stock price closed at 6.58 yuan, reflecting a decline of over 56% year-to-date, with a total market capitalization of 3.671 billion yuan [4].

记者丨黎雨桐 对于可能涉及的犯罪线索，证监会将坚持应移尽移的工作原则，严格按照《刑法》《最高人民检察院公安部关于公安机关管辖的刑事案件立案 追诉标准的规定（二）》的规定移送公安机关。 编辑丨吴桂兴 截至9月12日收盘，*ST东通股价报收6.58元，年内跌超56%，总市值36.71亿元。 据证监会网站消息，近日，证监会对深交所创业板上市公司北京东方通科技股份有限公司（简称*ST东通）涉嫌定期报告等财务数据存在虚假 记载作出行政处罚事先告知。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 出品 | 2 1财经客户端 南财快讯工作室 编辑 | 黎雨桐 实习生林芷仪 六个核桃卖不动了，前衡水首富转身搞起半导体 西贝承认部分菜品是隔夜菜 深圳罗湖二手房签约量激增109% SFC 21君荐读 经查，ST东通连续四年虚增收入和利润，违反证券法律法规。证监会拟对上市公司罚款2.29亿元，对7名责任人合计罚款4400万元，对实际控 制人采取10年证券市场禁入。ST东通涉嫌触及重大违法强制退市情形，深交所将依法启动退市程序。 ...

Core Viewpoint - *ST Gaohong has faced significant stock price declines, with a continuous drop for 20 trading days, closing at 0.8 yuan per share as of September 5 [1] Group 1: Stock Price and Trading Activity - The company has experienced a continuous decline in stock price, with a 20-day trading halt, indicating severe market concerns [1] - As of September 1, the stock price fell below 1 yuan, raising the risk of delisting due to trading rules [6] Group 2: Regulatory Issues and Financial Irregularities - The company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) for inflating revenue and profit figures from 2015 to 2023, with inflated revenues totaling 6.94 billion yuan to 56.34 billion yuan across various years [4] - The CSRC's notice also indicated that the company had engaged in fraudulent issuance of shares during its non-public offering in 2021, raising 1.25 billion yuan based on false financial data [5] - The cumulative litigation and arbitration amount against the company stands at 3.176 billion yuan, which is 386.88% of the latest audited consolidated net assets [6]

关于公司股票可能被实施重大违法强制退市的第五次风险提示 公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假 记载、误导性陈述或者重大遗漏。 证券代码：000851 证券简称：*ST 高鸿 公告编号：2025-112 大唐高鸿网络股份有限公司 罚字〔2025〕62 号）。根据收到的《行政处罚事先告知书》认定情况，公司 2015 年至 2023 年年度报告分别虚增营业收入 6.94 亿元、24.52 亿元、24.20 亿元、 占各期披露营业收入的 9.34%、28.27%、26.97%、35.18%、49.38%、35.38%、21.11%、 亿元、56.12 亿元、24.68 亿元、17.96 亿元、7.32 亿元、3.86 亿元;分别虚 增利润总额 67.36 万元、243.88 万元、242.24 万元、1,282.80 万元、2,190.52 万元、1,542.38 万元、894.46 万元、370.74 万元、788.21 万元，占各期披露 利润总额绝对值的 0.42%、1.44%、0.99%、13.56%、64.88%、11.35%、22.11%、 与此同时，《行政处罚事先告知书》 ...