Core Viewpoint - The article discusses serious allegations against Huaxi Biological, including financial mismanagement, information disclosure issues, bond issuance fraud, and tax evasion, as revealed by a whistleblower who claims to be a former executive of the company [2][5][22]. Summary by Sections Whistleblower Allegations - The whistleblower, identified as David, has released a series of videos detailing alleged financial irregularities at Huaxi Biological, including a lack of proper financial management and low R&D investment [3][5][22]. - David claims that the financial team is poorly organized, lacking basic financial literature and effective data integration, which raises concerns about the company's governance [10][14][18]. Financial Mismanagement - David noted that R&D investment at Huaxi Biological is only 5% of revenue, significantly lower than the industry standard of over 25% [18]. - He reported that the CFO's office was disorganized, with outdated organizational charts and a lack of professional financial resources [14][16]. Specific Allegations of Fraud - The article outlines several specific allegations, including: 1. **False Promises**: Huaxi Xinyu allegedly concealed significant information during its IPO process in 2015, including the undisclosed holding of 30 million shares [23]. 2. **Financial Fabrication**: In 2017, Huaxi Xinyu reportedly fabricated financial statements, claiming 1.17 billion in revenue while the actual figure was only 1.23 million [23]. 3. **Bond Fraud**: The company allegedly misled the Shenzhen Stock Exchange to secure bond issuance approvals totaling 1.8 billion [23]. 4. **Tax Evasion**: Huaxi Xinyu is accused of orchestrating a scheme to evade 57.72 million in taxes through investment strategies exploiting tax exemptions [23]. IPO and Regulatory Issues - Despite ongoing investigations into Huaxi Xinyu's practices, Huaxi Biological successfully went public in 2019, with its IPO prospectus allegedly omitting critical information regarding the aforementioned fraudulent activities [24][31]. - The company has faced scrutiny from regulatory bodies, including the China Securities Regulatory Commission, which previously issued warnings regarding financial discrepancies [29][31]. Company Response - Huaxi Biological has publicly denied the allegations, claiming that the whistleblower's statements are fabricated and malicious, and has initiated legal actions against the individual [28][32]. - The company asserts that previous investigations by regulatory authorities found no evidence of fraud or significant information disclosure violations [31].

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].

Group 1 - Company *ST Gao Hong (000851.SZ) has been placed under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, leading to a trading halt with shares dropping to 2.1 yuan and over 4 million shares on hold [1] - The CSRC's notice indicates that the company engaged in fraudulent issuance of shares during its non-public offering in 2020, and its annual reports from 2015 to 2023 contain false records, potentially leading to mandatory delisting [1] - Investigations revealed that *ST Gao Hong inflated its revenue and profits through fictitious trade activities, resulting in a total inflated revenue of 19.876 billion yuan and inflated profit of 76.2259 million yuan from 2015 to 2023 [1] Group 2 - 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 fraudulent activities [1]

Core Viewpoint - The case of Liyuan Technology highlights the increasing severity of penalties for financial fraud in China's capital markets, reflecting a new enforcement trend that emphasizes criminal accountability for key perpetrators [1][2][4]. Group 1: Case Overview - Liyuan Technology's actual controller, Shen Wanzhong, was sentenced for the crime of illegally disclosing important information, marking the sixth listed company involved in financial fraud this year [1]. - The financial fraud lasted only one year before being addressed, contrasting with traditional cases that often take three to five years to resolve [2]. - Shen Wanzhong faced an administrative penalty of 3.3 million yuan and a criminal sentence of one year in prison, with a probation period of one and a half years [2]. Group 2: Regulatory Environment - The new securities law has increased the maximum fine for information disclosure violations from 600,000 yuan to 10 million yuan, introducing harsher penalties for controlling shareholders and actual controllers who organize or instruct fraud [3]. - The establishment of a comprehensive accountability system combining civil compensation, administrative penalties, and criminal accountability is being accelerated through policy coordination between the Supreme People's Court and the China Securities Regulatory Commission [3]. Group 3: Challenges and Recommendations - Despite intensified regulation, some actual controllers of listed companies still take risks due to unchanged profit-driven mechanisms, ineffective corporate governance, and failures of intermediary institutions [3]. - To combat financial fraud, a market ecosystem that discourages such behavior is needed, including a rapid response mechanism from the regulatory body to law enforcement [4]. - Enhancing corporate governance structures, granting substantial supervisory powers to audit committees, and establishing a lifetime accountability system for intermediary institutions are recommended [4].

值得注意的是，今年以来上市公司、相关责任人因财务造假被追究刑事责任的案例明显增多。诸如，7 月18日，金通灵就曾披露公告称，因涉嫌连续六年财务造假，公司及6名相关责任人因欺诈发行股票 罪、违规披露重要信息罪被检察机关提起公诉。 财务造假者终食恶果。近日，证监会对*ST高鸿严重财务造假案开出预罚单，拟对相关责任主体罚款1.6 亿元，对配合造假的第三方罚款700万元。 从越博动力到*ST高鸿，对财务造假立体化追责的打击力度持续加大。行政处罚高额罚单毫不手软，刑 事移送"应移尽移"，民事索赔诉讼更好地保护投资者利益，立体化、全方位的追责惩戒体系形成闭环， 有助于彻底斩断资本市场上的财务造假"毒瘤"。 另外，对*ST高鸿责令改正，给予警告，并处以1.35亿元罚款。对上市公司的罚款金额属于罕见的高额 罚款。对其他责任人处罚金额也均高于以往同类情形，其中，*ST高鸿董事长、时任总经理付景林更是 被给予警告，并处以750万元的高额罚款，而且还被10年证券市场禁入。无论是上市公司还是直接责任 人，都涉及顶格处罚。 2015—2021年，*ST高鸿的财务造假长达九年，累计虚增营业收入近199亿元、利润总额超7620万元。 与此 ...

[ 高鸿股份2015年至2023年年度报告虚增营业收入合计198.76亿元，虚增利润总额合计7622.59万元。证 监会拟对相关责任主体罚款1.6亿元，对配合造假的第三方罚款700万元。由于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。 ] 9年财务造假近200亿元，被重罚1.6亿元，*ST高鸿（000851.SZ）不仅走到了退市的边缘，同时也有可 能面临"三位一体"的立体化追责。 8月8日，证监会通报严肃查处*ST高鸿严重财务造假案，经查，*ST高鸿长期开展无商业实质的笔记本 电脑等"空转""走单"业务，大幅虚增收入和利润，违反证券法律法规。证监会拟对相关责任主体罚款 1.6亿元，对配合造假的第三方罚款700万元。由于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。 同时，证监会还表示，对于可能涉及的犯罪线索，将坚持应移尽移的工作原则，严格按照相关规定移送 公安机关。 值得注意的是，这也是继今年6月证监会严肃查处越博动力（已退市）财务造假案之后，又一例对配合 造假方同步追责，显示出监管部门对上市公司财务造假"零容忍"的态度。 Wind数据显示，截至7月31日，*ST高鸿股东总户数为5. ...

财务造假者终食恶果。近日，证监会对*ST高鸿严重财务造假案开出预罚单，拟对相关责任主体罚款1.6 亿元，对配合造假的第三方罚款700万元。 从越博动力到*ST高鸿，对财务造假立体化追责的打击力度持续加大。行政处罚高额罚单毫不手软，刑 事移送"应移尽移"，民事索赔诉讼更好地保护投资者利益，立体化、全方位的追责惩戒体系形成闭环， 有助于彻底斩断资本市场上的财务造假"毒瘤"。 2015—2021年，*ST高鸿的财务造假长达九年，累计虚增营业收入近199亿元、利润总额超7620万元。 与此同时，财务造假还导致*ST高鸿2020年非公开发行股票构成欺诈发行。 监管层重拳出击，以零容忍、立体化追责的强监管姿态，亮剑财务造假"毒瘤"。从预罚单来看，行政处 罚方面有两大特点。一是罚得足够重。因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，*ST高鸿恐遭强制退市，坚决对害群之马说"不"。 另外，对*ST高鸿责令改正，给予警告，并处以 1.35亿元罚款。对上市公司的罚款金额属于罕见的高额 罚款。对其他责任人处罚金额也均高于以往同类情形，其中，*ST高鸿董事长、时任总经理付景林更是 被给予警告，并处以750万元的高额罚 ...

严重财务造假，顶格处罚 8月8日，*ST高鸿公告收到证监会下发的《行政处罚事先告知书》，经查明，高鸿股份及相关人员存在 两项违法事实：一是高鸿股份通过参与、组织开展虚假贸易业务的方式虚增收入和利润，2015年至2023 年年度报告存在虚假记载。 2015年至2021年，高鸿股份通过子公司北京大唐高鸿科技发展有限公司（下称"高鸿科技"）参与南京庆 亚贸易有限公司（下称"南京庆亚"）实际控制人江庆组织开展的笔记本电脑虚假贸易业务。该业务供应 商和客户均由江庆联系撮合，业务资金、合同、物流单据流转形成闭环，无实际货物流转，相关交易不 具有商业实质。 9年财务造假近200亿元，被重罚1.6亿元，*ST高鸿（000851.SZ）不仅走到了退市的边缘，同时也有可 能面临"三位一体"的立体化追责。 昨日，证监会通报严肃查处*ST高鸿严重财务造假案，经查，*ST高鸿长期开展无商业实质的笔记本电 脑等"空转""走单"业务，大幅虚增收入和利润，违反证券法律法规。证监会拟对相关责任主体罚款1.6 亿元，对配合造假的第三方罚款700万元。由于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。 同时，证监会还表示，对于可能涉及 ...

Core Viewpoint - Huaxi Biological is facing serious allegations of financial misconduct, including accusations of financial fraud and inflated revenue figures, as detailed by a former employee who claims to have evidence supporting these claims [1][2][4]. Financial Allegations - The controlling shareholder, Huaxi Xinyu Investment Co., holds 283.5 million shares of Huaxi Biological, representing 58.86% ownership [2]. - The former employee, David, alleges that Huaxi Xinyu concealed the holding of 30 million shares of Jinzhou Bank and committed fraud in bond issuance, as well as inflating revenue figures [1][2]. - Significant discrepancies were noted in financial reports, with 2017's first half revenue reported at 2.78 billion yuan, a dramatic increase from 25 million yuan in 2016, while the annual report showed a return to only 303 million yuan [5][12]. Stock Performance - As of August 7, Huaxi Biological's stock price was 52.19 yuan per share, down over 80% from its peak of 299 yuan in July 2021 [3]. Internal Conflicts and Governance Issues - The company has faced multiple internal disputes, including a recent incident involving a former employee's allegations of workplace bullying and financial misconduct [20][21]. - The company has been under scrutiny for its governance practices, reflecting a broader trust crisis within the organization [22]. Regulatory Scrutiny - The China Securities Regulatory Commission issued a warning to Huaxi Xinyu regarding inaccurate cost disclosures in bond issuance documents, stemming from the allegations made by the former employee [18]. - Previous investigations into the company during its IPO process found no evidence of fraud, despite the ongoing allegations [17]. Historical Context - The former employee claims to have reported financial irregularities to regulatory bodies in 2019, which led to investigations that ultimately cleared the company of wrongdoing at that time [17][18].

本文字数：2855，阅读时长大约4分钟 作者 | 第一财经 安卓 9年财务造假近200亿元，被重罚1.6亿元，*ST高鸿（000851.SZ）不仅走到了退市的边缘，同时 也有可能面临"三位一体"的立体化追责。 昨日，证监会通报严肃查处*ST高鸿严重财务造假案，经查，*ST高鸿长期开展无商业实质的笔记本 电脑等"空转""走单"业务，大幅虚增收入和利润，违反证券法律法规。证监会拟对相关责任主体罚 款1.6亿元，对配合造假的第三方罚款700万元。由于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。 同时，证监会还表示，对于可能涉及的犯罪线索，将坚持应移尽移的工作原则，严格按照相关规定移 送公安机关。 值得注意的是，这也是继今年6月证监会严肃查处越博动力（已退市）财务造假案之后，又一例对配 合造假方同步追责，显示出监管部门对上市公司财务造假"零容忍"的态度。 Wind数据显示：截至7月31日，*ST高鸿股东总户数为5.2万户，在前十大股东中，还有一家私募基 金。 严重财务造假，顶格处罚 2025.08. 10 8月8日，*ST高鸿公告收到证监会下发的《行政处罚事先告知书》，经查明，高鸿股份及相关人员 存在两 ...