Group 1 - The core viewpoint of the article is the serious financial fraud case involving *ST Gaohong, which has led to administrative penalties and potential delisting from the Shenzhen Stock Exchange [2] - The China Securities Regulatory Commission (CSRC) has proposed a fine of 160 million yuan for *ST Gaohong and 7 million yuan for third parties involved in the fraud [2] - The company has been found to have engaged in non-substantive transactions, significantly inflating its revenue and profits, violating securities laws [2] Group 2 - The CSRC will transfer any criminal evidence related to the case to the public security authorities for further investigation [2] - The Shenzhen Stock Exchange will initiate delisting procedures for *ST Gaohong due to the serious violations [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced administrative penalties against *ST Gaohong for violations related to information disclosure, including significant revenue and profit inflation through non-substantive business activities [2] Group 1: Company Actions - *ST Gaohong has been found to engage in "empty transfer" and "fake orders" related to notebook computers, leading to substantial inflation of its reported income and profits [2] - The CSRC plans to impose a fine of 160 million RMB on the responsible parties and an additional 7 million RMB on third parties involved in the fraud [2] Group 2: Regulatory Response - The Shenzhen Stock Exchange will initiate delisting procedures for *ST Gaohong due to serious violations that may trigger mandatory delisting conditions [2] - The CSRC will transfer any potential criminal evidence to law enforcement agencies in accordance with relevant legal standards [2]

Core Viewpoint - The financial fraud case of *ST Gaohong has concluded after a decade, with the China Securities Regulatory Commission (CSRC) issuing a notice of administrative punishment, indicating that the company engaged in fraudulent issuance of shares and falsified financial reports from 2015 to 2023, potentially leading to mandatory delisting [1][2]. Summary by Relevant Sections Financial Fraud Details - From 2015 to 2023, *ST Gaohong inflated its revenue and profits through fictitious trade activities involving laptops, resulting in a total inflated revenue of nearly 20 billion yuan and an inflated profit of over 76 million yuan [1][2][3]. - In some years, the inflated revenue accounted for nearly 50% of the reported revenue [2]. Key Personnel Involved - The key individuals in the fraudulent activities include Jiang Qing, the actual controller of Nanjing Qingya Trading Co., and Cao Bingjiao, a former director of *ST Gaohong, who are married [1][4]. - Jiang Qing facilitated the connections between suppliers and customers, while Cao Bingjiao managed the fraudulent trade operations and approved payment requests [4][5]. Regulatory Actions - The CSRC plans to impose a fine of 135 million yuan on *ST Gaohong and issue warnings to related personnel, with fines ranging from 750,000 to 7.5 million yuan for other responsible individuals [3][4]. - The fraudulent activities were characterized as "empty turnover," where funds, contracts, and logistics documents circulated without actual goods being exchanged, lacking commercial substance [3][4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notice of administrative punishment to *ST Gaohong for suspected violations of information disclosure laws, leading to significant financial penalties and potential delisting due to serious misconduct [1][4][6]. Financial Misconduct - *ST Gaohong has been found to have inflated its revenue by a total of 19.876 billion yuan and its costs by 19.8 billion yuan from 2015 to 2023, resulting in an inflated profit of 76.2259 million yuan [2][3]. - The company was also involved in fraudulent activities related to a non-public stock issuance in 2020, which was based on the aforementioned inflated financial data [3][4]. Regulatory Actions - The CSRC plans to impose a fine of 1.6 billion yuan on the responsible parties and an additional 7 million yuan on third parties involved in the fraud [1]. - The company’s chairman and other key executives face penalties, including a 10-year ban from the securities market [4]. Delisting Risk - Due to the serious nature of the violations, *ST Gaohong is at risk of being forcibly delisted from the Shenzhen Stock Exchange [1][5][6]. - The company has already been flagged for risk warnings and has faced multiple internal control issues, leading to its stock being under additional risk warnings [7]. Company Status - As of August 8, the stock price of *ST Gaohong was 2.21 yuan per share, with a total market capitalization of 2.6 billion yuan [9]. - The company has been focusing on digital intelligence applications and services, although its financial integrity is under scrutiny [8].

Core Viewpoint - *ST Gaohong has been involved in financial fraud for nine years, significantly inflating its revenue and profits through fictitious trading activities, leading to potential delisting from the Shenzhen Stock Exchange [1][8]. Group 1: Fraudulent Activities - The company engaged in fictitious trading of notebook computers and IT systems, resulting in inflated revenues and profits from 2015 to 2023 [3][4][5]. - Cumulatively, the company inflated its operating revenue by nearly 20 billion and total profits by over 76.2 million during the nine-year period, with some years showing an inflation rate as high as 49.38% [5][6]. Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has proposed a fine of 1.6 billion for the company and involved parties due to serious violations of securities laws [1][7]. - The CSRC's notice indicates that the company may face mandatory delisting due to significant violations of disclosure regulations [8][9]. Group 3: Key Individuals Involved - Key figures such as the chairman and former general manager, as well as the financial director, have been implicated in the fraudulent activities, with severe penalties proposed against them [6][7].

Core Viewpoint - *ST Gaohong is facing potential delisting due to significant financial misconduct, including inflated revenues and profits amounting to nearly 20 billion yuan over nine years [1][6]. Financial Misconduct Details - From 2015 to 2023, *ST Gaohong systematically inflated its revenue and profits through fictitious trade activities, particularly involving notebook computers [2][3]. - The company engaged in "empty" and "single" transactions that lacked real commercial substance, despite having complete documentation [2][3]. Revenue and Profit Inflation Breakdown - The following table summarizes the inflated revenue, costs, and profits from 2015 to 2021: | Year | Inflated Revenue (billion) | Inflated Cost (billion) | Inflated Profit (million) | |------|-----------------------------|--------------------------|----------------------------| | 2015 | 0.694 | 0.693 | 67.36 | | 2016 | 2.452 | 2.449 | 243.88 | | 2017 | 2.420 | 2.418 | 242.24 | | 2018 | 3.063 | 3.060 | 305.11 | | 2019 | 5.634 | 5.612 | 2190.52 | | 2020 | 2.480 | 2.468 | 1234.19 | | 2021 | 1.805 | 1.796 | 894.46 | - In 2018 and 2020, additional fictitious trade activities involving IT systems further inflated revenues and profits [3][4]. Total Inflation Summary - From 2015 to 2023, *ST Gaohong inflated its total revenue by approximately 19.876 billion yuan and total profits by about 76.226 million yuan [6]. - The inflated revenues represented significant percentages of the reported revenues for each year, with the highest being 49.38% in 2019 [5]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) has proposed a fine of 160 million yuan against *ST Gaohong and 7 million yuan against third parties involved in the fraud [1]. - The company is under investigation for potential criminal activities related to its fraudulent practices [1].

Core Viewpoint - *ST Gaohong has been found to have inflated its revenue by nearly 20 billion over nine years, leading to potential delisting due to violations of information disclosure regulations [1] Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has issued an administrative penalty notice against *ST Gaohong for suspected violations of information disclosure laws [1] - The CSRC plans to impose a fine of 160 million yuan on the responsible parties and 7 million yuan on third parties involved in the fraud [1] - The Shenzhen Stock Exchange will initiate delisting procedures due to serious violations, and any criminal evidence will be forwarded to the police [1] Group 2: Financial Misconduct Details - From 2015 to 2023, *ST Gaohong systematically inflated its revenue and profits through fictitious trade activities, particularly involving its subsidiary Beijing Datang Gaohong Technology Development Co., Ltd [2][3] - The company engaged in "empty" and "single" transactions for notebook computers, which lacked real commercial substance despite having complete documentation [2] - The inflated revenue and profit figures for each year from 2015 to 2023 are detailed, showing significant discrepancies in reported figures [4] Group 3: Specific Financial Figures - The total inflated revenue from 2015 to 2023 amounted to 19.876 billion yuan, with inflated profits totaling 76.2259 million yuan [4] - Yearly breakdown of inflated revenue and profits shows significant percentages of total reported figures, with the highest inflation occurring in 2019 [4] - The company also committed fraud in its 2020 private stock issuance, using inflated figures from 2018 to 2020 [5] Group 4: Company Background - *ST Gaohong has been listed since June 1998 and has a current market capitalization of 2.559 billion yuan, with a stock price of 2.21 yuan per share [6]

Core Viewpoint - *ST Gaohong is facing severe financial misconduct allegations, leading to potential major illegal delisting due to significant violations of securities laws [2][5] Summary by Relevant Sections Financial Misconduct - *ST Gaohong has been found to have inflated revenue and profits through fictitious trade activities, resulting in a total inflated revenue of 19.876 billion yuan and inflated profits of 76.2259 million yuan from 2015 to 2023 [3][4] - The company also engaged in fraudulent issuance of stocks during a non-public offering in 2020, using inflated financial data from 2018 to 2020 [3][4] Regulatory Actions - The China Securities Regulatory Commission (CSRC) has proposed a fine of 1.6 billion yuan against *ST Gaohong and an additional 7 million yuan against third parties involved in the fraud [2][3] - The CSRC has initiated delisting procedures due to the company's serious violations, and relevant criminal evidence will be forwarded to law enforcement [2][5] Internal Control Issues - *ST Gaohong has been flagged for significant internal control problems, leading to its stock being marked with delisting risk warnings [5][6] - The company has received an audit report indicating uncertainty about its ability to continue as a going concern, with its stock facing additional risk warnings [5][6] Market Impact - As of August 8, *ST Gaohong's stock price was 2.21 yuan per share, with a total market capitalization of 2.6 billion yuan [6] - The company has approximately 52,000 shareholders as of July 31 [6]

经证监会调查，*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。对于可能涉及的犯罪线索，证监会表示，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。 当晚，*ST高鸿也公告称，公司因涉嫌信息披露违法违规被中国证监会立案调查，并收到《行政处罚事先告知 书》。根据《告知书》，公司2020年非公开发行股票构成欺诈发行，2015年至2023年年度报告存在虚假记载， 可能触及重大违法强制退市情形。如最终被处罚决定确认，公司股票将被终止上市。公司将全力配合中国证监 会工作，并严格履行信息披露义务。 8月8日，证监会称近日对深交所主板上市公司大唐高鸿网络股份有限公司（简称*ST高鸿）涉嫌信息披露 违法违规行为依法作出行政处罚事先告知，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。*ST高鸿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。 财务造假是侵蚀市场根基的毒瘤，一直是证监会的重点打击对象。近年来，证监会聚焦重点领域和市场关切， 通过严厉打击虚构 ...

Core Viewpoint - *ST Gaohong is facing severe financial misconduct allegations, leading to potential forced delisting due to significant violations of securities laws and regulations [2][10]. Summary by Sections Financial Misconduct - *ST Gaohong has been found to have inflated its revenue and profits through fictitious trade activities, resulting in a total inflated revenue of 19.876 billion yuan and inflated profits of 76.2259 million yuan from 2015 to 2023 [5][6]. - The company also engaged in fraudulent issuance of stocks during its non-public offering in 2020, which was based on the aforementioned inflated financial data [5]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) has proposed a fine of 135 million yuan against *ST Gaohong and additional penalties for responsible individuals, including a 10-year ban from the securities market for key executives [6]. - The company has received a notice of administrative penalty from the CSRC, indicating serious violations of the Securities Law [4][10]. Stock Market Impact - Due to the ongoing investigations and violations, *ST Gaohong's stock is under risk warning and may face forced delisting [7][10]. - As of August 8, 2023, the stock price was reported at 2.21 yuan per share, with a total market capitalization of 2.6 billion yuan [11]. Internal Control Issues - The company has been flagged for significant internal control problems, leading to a series of risk warnings and an inability to provide a clear audit opinion for its financial reports [11]. - As of July 31, 2023, *ST Gaohong had approximately 52,000 shareholders, indicating a broad base of retail investors potentially affected by the ongoing issues [12].