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 ...

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 ...

Core Viewpoint - *ST Gaohong is facing potential delisting due to serious violations of securities laws, including fraudulent financial reporting and illegal issuance of shares, as indicated by the China Securities Regulatory Commission (CSRC) [1][2][3] Summary by Relevant Sections Company Violations - *ST Gaohong has been found to have engaged in fictitious trading activities, significantly inflating its revenue and profits from 2015 to 2023, with inflated revenue percentages ranging from 6.65% to 49.38% across different years [2] - The company’s fraudulent activities included false reporting in its annual reports and the use of inflated figures in its 2020 non-public stock issuance, which raised a total of 1.25 billion yuan [2][3] Regulatory Actions - The CSRC has proposed fines totaling 1.62 billion yuan against *ST Gaohong and its responsible parties, with an additional 7 million yuan fine against a third party involved in the fraud [3] - The CSRC plans to initiate delisting procedures for *ST Gaohong due to its serious violations, which may also involve criminal referrals to law enforcement [1][7] Broader Industry Context - Since 2025, 24 companies have been delisted, with 9 due to financial fraud, highlighting a trend of increasing regulatory scrutiny and enforcement actions against fraudulent practices in the industry [4] - Other companies, such as Fujian Zitian Media Technology Co., Jiangsu Wuzhong Pharmaceutical Development Co., and Shenzhen Guangdao Digital Technology Co., are also facing potential delisting due to similar financial misconduct [5][6] Future Implications - The regulatory environment is shifting towards a more stringent approach, with a focus on comprehensive accountability for all parties involved in financial fraud, including civil and criminal liabilities [7][8] - The recent actions signal a "zero tolerance" policy from regulators, emphasizing the need for companies to adhere strictly to financial reporting standards to avoid severe penalties [8]

Core Viewpoint - The regulatory authorities have intensified oversight on delisted companies, with a significant increase in penalties issued this year compared to the previous year, aimed at protecting the rights of small and medium investors and enhancing market integrity [1][2][3]. Regulatory Actions - As of July 10, 2023, 19 delisted companies have received 20 penalties from the China Securities Regulatory Commission (CSRC) or local regulatory bodies, a substantial increase from 10 penalties in the same period last year [2]. - The penalties include 18 administrative punishment decisions and 2 advance notices of administrative punishment, reflecting a strict "delisting does not exempt from liability" policy [2]. Case Examples - Nanjing Yuebo Power System Co., Ltd. was fined a total of 3.8 million yuan for failing to disclose its annual report on time and for financial misconduct, highlighting the regulatory focus on financial integrity [2]. - Guangdong Haiyin Group Co., Ltd. was penalized 13 million yuan for failing to disclose significant transactions with related parties in its annual reports, demonstrating the zero-tolerance approach of regulators [3]. Investor Compensation - Efforts to support investor compensation are ongoing, with various lawsuits initiated against delisted companies for losses incurred due to fraudulent activities [4]. - The Supreme People's Court and the CSRC have issued guidelines allowing investors to file civil compensation lawsuits for losses caused by false statements [4]. Legal Framework and Enforcement - There is a call for improved legal frameworks to facilitate investor rights and lower the costs of legal actions, emphasizing the need for streamlined processes and enhanced collaboration among regulatory bodies [5]. - The regulatory framework includes a multi-faceted accountability system that combines administrative, civil, and criminal measures to deter fraudulent activities in the capital market [6][7].