11月25日晚，*ST东通发布《关于收到行政处罚决定书的公告》及《关于公司股票停牌暨可能被终止上 市的风险提示公告》，确认公司因长期系统性财务造假及欺诈发行，收到中国证券监督管理委员会北京 监管局《行政处罚决定书》。 公司股票将于11月26日开市起停牌，面临被深交所终止上市的重大风险。 财务造假手段恶劣 根据《行政处罚决定书》查明的事实，*ST东通的违法事实主要集中在两个方面：一是连续4年年度报 告信息披露存在虚假记载；二是证券发行文件编造重大虚假内容。 经查，2018年12月，东方通收购北京泰策科技有限公司(下称"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，导致东方通披露的2019年至2022年年度报告存在虚假记载。 具体来看，*ST东通的财务造假规模逐年扩大：从虚增收入看，2019年至2022年，公司分别虚增收入 6145.10万元、8485.06万元、12550.58万元、16052.95万元，分别占公司当期披露营业收入的12.29%、 13.25%、14.54%、17.68%。 从虚增利润看 ...

Core Viewpoint - *ST Dongtong has been penalized by the China Securities Regulatory Commission (CSRC) for long-term systematic financial fraud and fraudulent issuance, leading to a significant risk of being delisted from the Shenzhen Stock Exchange [2][3]. Financial Fraud Details - The company engaged in severe financial fraud, which included false disclosures in annual reports for four consecutive years and fabricating significant false content in securities issuance documents [4]. - From 2019 to 2022, *ST Dongtong inflated its revenue by amounts of 61.45 million, 84.85 million, 125.51 million, and 160.53 million, which represented 12.29%, 13.25%, 14.54%, and 17.68% of the reported revenue for those years, respectively [4]. - The inflated profits during the same period were 52.23 million, 58.77 million, 79.48 million, and 123.69 million, accounting for 34.11%, 22.72%, 30.35%, and 219.43% of the reported total profits [4]. Fraudulent Issuance - The company’s fraudulent activities also included issuing stocks based on false financial data from 2019 to 2021, which facilitated a successful fundraising of 2.2 billion yuan through a targeted issuance [5]. Regulatory Actions - The Beijing Securities Regulatory Bureau imposed a total fine of 273 million yuan on the company and related responsible individuals for these serious violations [6]. - The company was fined 229 million yuan in total, which included 9 million yuan for information disclosure violations and 220 million yuan for fraudulent issuance [7]. - The former chairman, general manager, and actual controller, Huang Yongjun, received a warning and a combined fine of 26.5 million yuan, along with a 10-year ban from the securities market [7].

2023年6月7日，*ST东通披露《向特定对象发行股票发行情况报告书》,称本次发行的股数为1.06亿股， 募集资金总额为22亿元。*ST东通披露的《募集说明书》引用了公司2019年至2021年年度报告中营业收 入、利润总额等虚假财务数据，在公告的证券发行文件中编造重大虚假内容。 11月25日晚*ST东通（300379）公告称，公司收到中国证监会北京监管局下发的《行政处罚决定书》， 认定公司2019年至2022年年度报告信息披露存在虚假记载，同时构成欺诈发行。该行为触及重大违法强 制退市情形，公司股票可能被终止上市。根据相关规定，公司股票自11月26日起停牌。 《行政处罚决定书》显示，2018年12月，*ST东通收购泰策科技100%股权，泰策科技成为*ST东通全资 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。 *ST东通2019年至2022年分别虚增收入6145.10万元、8485.06万元、12550.58万元、16052.95万元，分别 占公司当期披露营业收入的12.29%、13.25 ...

*ST东通可能被终止上市。 《告知书》指出，*ST东通在2019年至2022年分别虚增收入6145.10万元、8485.06万元、12550.58万元、 16052.95万元；2019年至2022年分别虚增利润5222.79万元、5877.42万元、7948.22万元、12369.20万元，其 中2022年虚增利润金额占公司当期披露利润总额的219.43%。 记者估算，*ST东通在2019年至2022年期间，累计虚增收入4.32亿元，虚增利润3.14亿元。 11月25日，*ST东通(300379.SZ)公告称，公司收到中国证券监督管理委员会北京监管局下发的《行政处罚 决定书》，认定公司2019年至2022年年度报告信息披露存在虚假记载，同时构成欺诈发行。该行为触及 《创业板股票上市规则》规定的重大违法强制退市情形，公司股票可能被终止上市。根据相关规定，公司 股票自2025年11月26日起停牌。 *ST东通及相关当事人在9月12日收到中国证监会下发的《行政处罚事先告知书》（简称"《告知书》"）， 告知书称公司2019年至2022年度报告存在虚假记载、公司2022年向特定对象发行股票构成欺诈发行。 与此同时，20 ...

Core Viewpoint - ST Gaohong officially delisted from the A-share market on November 11, 2025, after a dramatic decline in stock price, marking the end of its 27-year listing history with a record of 35 consecutive trading halts [1][7] Financial Misconduct - The China Securities Regulatory Commission (CSRC) found that ST Gaohong engaged in financial fraud for nine consecutive years from 2015 to 2023, inflating total revenue by 19.876 billion yuan and total profit by 76.2259 million yuan [3] - The peak of the fraud occurred in 2019, with inflated revenue of 5.634 billion yuan, accounting for 49.38% of disclosed revenue, and inflated profit of 21.9052 million yuan, representing 64.88% of total profit [3] - In 2020, the company fraudulently raised 1.25 billion yuan through a non-public stock issuance based on false data [3] Methods of Fraud - The fraudulent activities primarily involved "false trade" methods, with significant participation from subsidiaries like Gaohong Technology and Gaohong Data, which engaged in fictitious trades of laptops and IT products [5] - The fraudulent operations were facilitated by a close relationship between key individuals, including the company's director and the actual controller of a trading partner [5] Regulatory Actions - On August 8, 2025, the CSRC issued a notice of administrative penalty, imposing a fine of 160 million yuan on ST Gaohong, including 135 million yuan for false reporting and 125 million yuan for fraudulent issuance [5][7] - Key executives, including the chairman and financial director, received substantial fines and were banned from the securities market for several years [7] Stock Performance and Delisting - Following the regulatory actions, ST Gaohong's stock price plummeted from 2.21 yuan to 0.38 yuan, resulting in a cumulative decline of over 80% [7] - The stock was suspended from trading after hitting the delisting threshold, with the Shenzhen Stock Exchange deciding to terminate its listing without a transition period [7] Financial Health and Legal Issues - As of the third quarter of 2025, ST Gaohong reported total revenue of 571 million yuan, a year-on-year decline of 44.64%, and a net loss of 432 million yuan, significantly worsening from a loss of 6.291 million yuan in the previous year [8] - The company faces a total of 3.273 billion yuan in litigation and arbitration claims, which is 398.68% of its latest audited net assets [8] Future Prospects - After delisting, ST Gaohong will be transferred to the National Equities Exchange and Quotations (NEEQ), but faces a challenging path ahead due to its substantial legal liabilities and financial losses [10]

Core Points - A state-owned telecommunications company has been delisted after its stock price plummeted from 19.8 yuan to 0.38 yuan, resulting in over 90% losses for investors [1][4] - The company faced a record 34 consecutive trading halts, with the last trading day seeing no price recovery [1][4] - The firm was found to have inflated its revenue by 20 billion yuan and engaged in fraudulent issuance over a nine-year period, leading to severe penalties from regulatory authorities [1][4] Financial Performance - The company's stock price experienced a dramatic decline, with a 99% drop compared to the average 80% decline seen in other delisted A-share companies [7] - The total market value of the company fell to 440 million yuan, while it reported a loss of 22.37 billion yuan for the year 2024, equivalent to losing five times its market value [7] - The company also reported a loss of 4.32 billion yuan in its third-quarter report, indicating ongoing financial distress [7] Investor Impact - Approximately 83,850 investors suffered significant losses, with some losing up to 94% of their investments made last year [3][7] - The allure of investing in a state-owned enterprise led many investors to overlook the risks, resulting in substantial financial losses [7] - The delisting incident highlights the low cost of financial fraud and the need for investors to be more vigilant and informed about financial reports [7]

Core Viewpoint - *ST Gaohong's stock will be delisted due to continuous trading below 1 yuan for twenty consecutive trading days, triggering mandatory delisting conditions [2][4]. Group 1: Delisting Decision - On November 3, *ST Gaohong received a notice from the Shenzhen Stock Exchange regarding the termination of its stock listing [2]. - The delisting will occur within fifteen trading days after the decision, without entering a delisting adjustment period [2]. Group 2: Legal and Regulatory Issues - *ST Gaohong is facing significant legal issues, including a prior notice of administrative penalties from the China Securities Regulatory Commission (CSRC) for information disclosure violations [4]. - The CSRC plans to impose a fine of 160 million yuan on the responsible parties and an additional 7 million yuan on third parties involved in the fraud [4]. - The company has been accused of engaging in non-substantive business practices, significantly inflating revenue and profits, which violates securities laws [4]. - *ST Gaohong's actions during a 2020 private placement, which included the use of false financial data, have been classified as fraudulent issuance, further triggering mandatory delisting conditions [4].

Core Points - The company *ST Gao Hong has been delisted from the Shenzhen Stock Exchange due to its stock price being below 1 yuan for twenty consecutive trading days, triggering mandatory delisting conditions [2] - The company has been found to have inflated revenue and profits through fraudulent trade practices from 2015 to 2023, leading to significant discrepancies in its financial reports [3][4][5] - The company’s 2020 non-public stock issuance was deemed fraudulent, as it relied on inflated financial data from these fraudulent activities [6] - Key personnel responsible for the fraudulent activities have been identified, including the chairman and financial director, who failed to fulfill their supervisory duties [7] Summary of Financial Misconduct - From 2015 to 2021, the company inflated its revenue by amounts ranging from 6.94 billion to 56.34 billion yuan, with corresponding inflated profits [3][5] - In 2018 and 2020, the company also inflated revenue through IT system trades, with inflated amounts of 1.96 billion and 308.19 million yuan respectively [4] - The total inflated revenue from 2015 to 2023 accounted for 9.34% to 49.38% of the reported revenue for those periods [5] Regulatory Actions - The company received an administrative penalty notice from the China Securities Regulatory Commission for fraudulent issuance of stocks and false financial reporting [2][6] - Following the delisting, the company will transition to the National Equities Exchange and Quotations system for trading [7]

Core Viewpoint - *ST Gaohong's stock will be delisted due to continuous trading below 1 yuan for twenty consecutive trading days, triggering mandatory delisting conditions [1] Group 1: Delisting Announcement - On November 3, *ST Gaohong received a notice from the Shenzhen Stock Exchange regarding the termination of its stock listing [1] - The stock will be delisted within fifteen trading days after the decision, without entering a delisting adjustment period [1] - The company has signed a stock transfer agreement with Pacific Securities to act as its agent [1] Group 2: Legal and Regulatory Issues - The company is facing significant legal issues, including a prior notice of administrative penalties from the China Securities Regulatory Commission (CSRC) for information disclosure violations [2] - The CSRC has proposed a fine of 160 million yuan against responsible parties and an additional 7 million yuan against third parties involved in the fraud [2] - *ST Gaohong has been accused of engaging in sham transactions to inflate revenue and profits, violating securities laws [2] Group 3: Fraudulent Activities - The company has been implicated in fraudulent issuance, having used false revenue and profit data from 2018 to 2020 during a non-public stock issuance application in 2020 [2] - This fraudulent issuance was approved by the CSRC, allowing the company to raise 1.25 billion yuan [2]

Core Viewpoint - *ST Gaohong's stock will be delisted due to continuous trading below 1 yuan for twenty consecutive trading days, triggering mandatory delisting conditions [1][4]. Group 1: Delisting Announcement - On November 3, *ST Gaohong received a notice from the Shenzhen Stock Exchange regarding the termination of its stock listing [1]. - The stock will be delisted within fifteen trading days after the decision, without entering a delisting adjustment period [1]. Group 2: Legal and Regulatory Issues - *ST Gaohong is facing significant legal issues, including a prior notice of administrative penalties from the China Securities Regulatory Commission (CSRC) for information disclosure violations, with proposed fines of 160 million yuan and 7 million yuan for involved third parties [4]. - The company has been accused of engaging in non-substantive business practices, significantly inflating revenue and profits, which violates securities laws [4]. - Additionally, *ST Gaohong is implicated in fraudulent issuance during its 2020 non-public stock offering, which raised 1.25 billion yuan based on falsified financial data from 2018 to 2020 [4].