Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an administrative penalty notice to *ST Gaohong (000851) for suspected violations of information disclosure laws, leading to significant financial misreporting and potential delisting [1][5]. Group 1: Financial Misreporting - *ST Gaohong engaged in fictitious trading activities involving laptops and IT systems, resulting in inflated revenues and profits from 2015 to 2023 [2][3]. - The company reported inflated operating revenues of 694 million, 2.452 billion, 2.420 billion, 3.063 billion, 5.634 billion, 2.480 billion, and 1.805 billion from 2015 to 2021, respectively [2]. - The inflated operating costs for the same years were 693 million, 2.449 billion, 2.418 billion, 3.060 billion, 5.612 billion, 2.468 billion, and 1.796 billion, respectively [2]. - The total inflated profits for the years 2015 to 2021 were 673,600, 2.4388 million, 2.4224 million, 3.0511 million, 21.9052 million, 12.3419 million, and 894,460, respectively [2]. Group 2: Legal and Regulatory Actions - The CSRC plans to impose a fine of 160 million on responsible parties and 7 million on third parties involved in the fraudulent activities [1]. - The company is facing potential delisting due to serious violations of securities laws, with the Shenzhen Stock Exchange initiating delisting procedures [1][5]. - The 2020 non-public stock issuance by *ST Gaohong is classified as fraudulent, as it relied on the inflated revenue and profit figures from 2018 to 2020 [4][6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) announced on August 8 that it intends to impose penalties on *ST Gaohong (000851) and related parties for serious financial fraud, including inflated revenue and profits, and fraudulent issuance of shares [1][4][7]. Group 1: Financial Misconduct - *ST Gaohong is accused of serious financial fraud, characterized by two main violations: inflating revenue and profits through fictitious trade activities and committing fraudulent issuance of shares during a non-public offering in 2020 [4][5]. - From 2015 to 2023, *ST Gaohong inflated its reported revenue by approximately 20 billion yuan, with specific annual inflated amounts ranging from 3.94 billion yuan to 56.34 billion yuan [4][5]. - The company also inflated its total profit by amounts ranging from 370.74 thousand yuan to 2.19 million yuan during the same period [5]. Group 2: Regulatory Actions - The CSRC has decided to impose a fine of 135 million yuan on *ST Gaohong and has mandated corrective actions [7]. - Key executives, including the former chairman and financial director, face fines ranging from 750,000 yuan to 7.5 million yuan, along with warnings [7][8]. - The CSRC plans to impose a 10-year market ban on the former chairman and another executive, while the financial director will face a 5-year ban [8]. Group 3: Potential Consequences - Due to the severity of the violations, *ST Gaohong is at risk of being delisted for major violations, and its stock will be subject to additional delisting risk warnings [6][9]. - The CSRC will also refer any criminal evidence to law enforcement agencies for further investigation, adhering to strict legal protocols [9].

Group 1 - The China Securities Regulatory Commission (CSRC) has proposed an administrative penalty of 160 million yuan against *ST Gaohong (000851) for suspected violations of information disclosure laws, with an additional 7 million yuan fine for third-party collaborators [1] - *ST Gaohong has been found to engage in non-substantive business activities, significantly inflating revenue and profits, which constitutes a serious violation of securities laws [1] - The CSRC emphasizes the importance of combating financial fraud, which undermines market integrity, and has intensified efforts to address issues such as fictitious business operations and misuse of accounting policies [1] Group 2 - Recent trends in financial fraud in the capital market include third-party collaboration with listed companies, forming a profit chain that disrupts market order and damages trust [2] - The number of forced delistings due to financial fraud has increased by 30% year-on-year, indicating a normalization of strict penalties for such offenses [2] - The CSRC is implementing a comprehensive accountability mechanism that includes direct penalties, referrals to relevant authorities, and criminal prosecutions to dismantle the fraud ecosystem [2]

责编：叶舒筠 校对： 赵燕 监管出手！ 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，证券代码： 000851）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。 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。 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， 通过严厉打击虚构业务、滥用会计政策等信息披露违法行为，坚决做到"长牙带刺"、有棱有角，"惩防治"并 举，努力塑造良好市场生态。2024年，证监会通过年报审阅、现场检查、舆情监测、投诉举报、大数据建模 分析等多元化渠道发现财务造假线索，查办相关案件128件，重点打击第三方配合造假等违法行为。 " ...

当日，*ST高鸿亦发布公告称，公司收到中国证监会下发的《行政处罚事先告知书》(以下简称《告知 书》)。根据《告知书》认定的事实，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，将触及重大违法强制退市情形，可能被实施重大违法强制退市。 近日，证监会对*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。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。 *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。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。 据中国证监会网站8月8日消息，证监会严肃查处贵州辖区深交所主板上市公司大唐高鸿网络股份有限公 司(以下简称"*ST高鸿（000851）")严重财务造假案件。 ...

Group 1 - The core issue revolves around ST Dongtong (300379.SZ) and its actual controller Huang Yongjun facing regulatory scrutiny due to suspected violations of information disclosure laws, with the China Securities Regulatory Commission (CSRC) formally initiating an investigation [1] - This marks the second regulatory action against ST Dongtong within a short period, following an earlier investigation in April for suspected false financial data reporting, highlighting significant governance and disclosure system vulnerabilities within the company [1][2] - The company is at risk of delisting, having received a "warning of delisting risk" from the Shenzhen Stock Exchange due to a "disclaimer of opinion" from its auditing firm regarding its 2024 annual report, alongside a reported loss of 576 million yuan in 2024 and an additional loss of 30.54 million yuan in Q1 2025 [2] Group 2 - Huang Yongjun's involvement in the investigation underscores a shift in regulatory focus from penalizing companies to holding key individuals accountable, aligning with the new Securities Law's principle of targeting the "principal offenders" [3] - The company’s reported revenue growth juxtaposed with significant losses and non-standard audit opinions raises suspicions of potential revenue manipulation or cost control issues, which are central to the ongoing investigations [3] - Investors who purchased shares between April 2023 and April 2025 and incurred losses are now eligible to seek legal compensation, indicating a growing avenue for investor rights protection [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notice of administrative penalty against *ST Gaohong (000851.SZ) for suspected violations of information disclosure laws, involving significant financial misconduct [1] Summary by Relevant Sections Regulatory Actions - CSRC has proposed a fine of 160 million yuan for the responsible parties involved in the misconduct and an additional 7 million yuan for third parties that facilitated the fraud [1] Company Operations - *ST Gaohong has been engaged in non-substantive business activities, such as "empty transfers" and "fake orders" related to notebook computers, which have led to a substantial inflation of revenue and profits, violating securities laws [1] Potential Consequences - The company is suspected of triggering conditions for mandatory delisting due to serious violations, prompting the Shenzhen Stock Exchange to initiate delisting procedures [1] - CSRC will transfer any criminal evidence to law enforcement agencies in accordance with relevant legal standards [1]

证监会一纸罚单震动资本市场！上市公司*ST高鸿因严重财务造假+欺诈发行，被重罚1.6亿元，同时面 临强制退市，第三方帮凶领罚700万元，这场监管风暴才刚刚开始—— 0:00 【重罚核心】 上市公司*ST高鸿：领罚1.35亿元； 董事长、时任总经理付景林：750万罚款+10年市场禁入； 关键帮凶江庆：作为第三方虚假贸易操盘手，被处700万罚款+10年禁入（处罚力度直逼上市公司掌门 人）； 配合造假第三方处罚力度加大，证监会正推动三记重拳： 争取立法赋予直接处罚权； 推动政府部门之间"齐抓共管"； 通报配合造假第三方黑名单。 特殊身份：*ST高鸿案成为今年配合造假第三方行政处罚第二例，距首例案发仅隔2个月！ 【终极审判】 深交所启动强制退市：*ST高鸿27年上市历程即将终结； 主要责任人移送公安机关； 【监管重拳升级】 从上市公司到第三方帮凶，监管利剑已无死角！ ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed a hefty fine of 160 million yuan on *ST Gaohong for serious financial fraud and fraudulent issuance, marking a significant regulatory crackdown on corporate misconduct [1][2][9]. Group 1: Penalties and Consequences - *ST Gaohong was fined 135 million yuan, while nine responsible executives faced fines ranging from 750,000 to 7.5 million yuan [1][9]. - The chairman and former general manager, Fu Jinglin, received the highest penalty of 7.5 million yuan and a 10-year market ban [1][9]. - The company is likely to face mandatory delisting due to severe violations, with the Shenzhen Stock Exchange initiating delisting procedures [2][10]. Group 2: Criminal Implications - *ST Gaohong and its key responsible individuals will be referred to law enforcement for potential criminal prosecution, indicating a shift towards stricter enforcement against corporate fraud [3][10]. Group 3: Role of Third Parties - The case highlights the involvement of third parties in facilitating fraud, specifically Jiang Qing, the actual controller of Nanjing Qingya Trading Co., who was fined 7 million yuan and banned from the market for 10 years [5][11]. - The regulatory trend is shifting towards punishing third parties involved in corporate fraud, with the CSRC aiming to strengthen its authority to impose administrative penalties on these entities [5][12][13]. Group 4: Fraud Mechanisms - The primary method of fraud involved fictitious trade activities, with Nanjing Qingya orchestrating these operations, creating a closed loop of funds and contracts without actual goods being exchanged [7][8]. - *ST Gaohong also engaged in similar fraudulent activities through its subsidiaries, although on a smaller scale compared to the third-party operations [7][8]. Group 5: Regulatory Trends - The CSRC is actively working on regulatory reforms to enhance the punishment of third parties involved in fraud, including the introduction of new regulations to clarify its authority [12][13]. - The recent surge in criminal cases against listed companies reflects a broader trend of heightened regulatory scrutiny and enforcement in the market [10].

ST云动公告称，公司于2025年8月8日收到云南证监局下发的《行政处罚决定书》。经查明，公司2021 年年度报告、2022年年度报告存在虚假记载。具体包括销售和采购返利、供应商索赔补偿、期间费用的 会计核算不准确、不规范，未实际交付货物但开具发票并依据发票确认收入，导致虚构收入；仅依据发 票确认收入，导致跨期确认收入，以及计提存货跌价准备及应收账款信用减值不准确、未计提产品质量 保证费用等问题。上述行为导致公司2021年年度报告虚减营业收入180,406,240.72元，虚增利润总额 7674987.06元；2022年年度报告虚增营业收入22577173.38元，虚减利润总额101813468.95元。公司董事 长杨波、董事代云辉、董事宋国富、董事屠建国、董事王洪亮等相关人员被认定为直接负责的主管人 员。 ...