作者：IPO再融资组/郑权 近日，*ST东通（维权）（或称东方通）发布公告称，证监会拟对公司罚款2.29亿元，因为公司2019—2022年度报告存在虚假记载、2022年定增构成 欺诈发行。此外，*ST东通公告称可能被实施重大违法强制退市。 值得关注的是，2019—2022年是*ST东通定增募资的报告期及第一创业的保荐期，第一创业竟然对*ST东通严重财务造假没有察觉，尤其是2022年*ST 东通虚增的利润总额是披露数值的219.43%。 登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：上市公司研究院 更有意思的是，*ST东通财务造假的主体泰策科技2022年提前或虚增确认的一笔超1亿元的收入，对应的招投标信息或直到2024年网上才有相关线索， 第一创业是否充分尽调核查待考。此外，泰策科技是*ST东通高溢价收购的标的，泰策科技2021年完成业绩承诺后2022年就迅速"变脸"，第一创业理 应对泰策科技业绩真实性保持高度警惕。 *ST东通定增期间严重财务造假 第一创业毫无察觉客观上协助欺诈发行 根据证监会近日下发的《行政处罚事先告知书》， ...

Core Viewpoint - *ST Gaohong faces significant risks of forced delisting due to nearly 20 billion yuan in financial fraud and fraudulent issuance, as indicated by the China Securities Regulatory Commission's (CSRC) administrative penalty notice [1][4][5] Group 1: Financial Fraud Details - From 2015 to 2023, *ST Gaohong inflated its revenue by a total of 198.76 billion yuan through various fraudulent activities, including fictitious trade operations [3][12] - The inflated profits over the same period amounted to 76.23 million yuan, with the highest annual inflation occurring in 2019, where approximately 50% of the revenue was fabricated [3][13] - The fraudulent activities were primarily facilitated by the company's major stakeholders, including Jiang Qing and his spouse, who controlled key suppliers and customers [12][13] Group 2: Role of Guoxin Securities - Guoxin Securities, as the sponsor and independent financial advisor for *ST Gaohong's 2020 private placement, failed to detect the extensive financial fraud over seven years, during which the fraud amount reached 187.47 billion yuan, accounting for 94.32% of the total fraud [2][6] - Despite having a legal obligation to conduct thorough due diligence, Guoxin Securities did not identify any anomalies in *ST Gaohong's financial reports or related documents [5][11] - The lack of oversight by Guoxin Securities during the critical years of 2015-2021 raises questions about their diligence and responsibility in safeguarding investor interests [11][12] Group 3: Regulatory Actions and Consequences - The CSRC plans to impose penalties exceeding 160 million yuan on *ST Gaohong and related parties, including a fine of 135 million yuan for the company [4][5] - The potential for criminal charges against key individuals involved in the fraud is also being considered by the CSRC [4][5] - Guoxin Securities has not yet faced any formal investigation or penalties, but the ongoing scrutiny may lead to future accountability [5][12]