Core Points - *ST Gaohong's stock will be delisted due to a continuous closing price below 1 yuan for twenty trading days, effective November 3, 2025 [2] - The company is facing potential claims from investors who suffered losses due to its misconduct [3] - The company has been under investigation by the China Securities Regulatory Commission for information disclosure violations [2] Company Overview - *ST Gaohong was established on January 20, 1994, with a registered capital of 1.15786 billion yuan, and is based in Guizhou Province [4] - The company operates in smart connected ecosystems, digital transformation for government and enterprises, information security, and domestic IT products [4] - The current chairman is Fu Jinglin, and the company employs 445 people [5] Financial Performance - The company's revenue for 2022, 2023, 2024, and the first three quarters of 2025 were 6.122 billion yuan, 5.537 billion yuan, 1.464 billion yuan, and 571 million yuan, reflecting year-on-year declines of 19.78%, 13.51%, 75.31%, and 44.64% respectively [5] - The net profit attributable to shareholders for the same periods were -216 million yuan, -821 million yuan, -2.237 billion yuan, and -432 million yuan, with year-on-year changes of 45.46%, -8184.82%, -47.21%, and -586.90% respectively [5] - The company's asset-liability ratios were 51.78%, 57.84%, 82.44%, and 89.73% over the same periods [5] Risk Factors - The company has a total of 4,191 risk alerts, with 279 related to surrounding risks, 74 historical risks, and 528 warning alerts [6]

Core Viewpoint - *ST Gaohong's stock price has fallen below 1 yuan for the first time, raising the risk of delisting due to its share price being below par value [2][4][11] Group 1: Stock Price and Delisting Risk - On September 1, *ST Gaohong announced that its stock closed at 0.98 yuan per share, marking the first time it has fallen below 1 yuan, which poses a risk of being delisted [4][11] - According to regulations, if a company listed on the Shenzhen Stock Exchange has a closing price below 1 yuan for 20 consecutive trading days, it will face termination of its stock listing [7] Group 2: Major Violations and Regulatory Actions - *ST Gaohong has significant internal control issues, and in addition to the risk of delisting due to share price, it may also face major violations leading to forced delisting [9] - On August 8, *ST Gaohong received a notice from the China Securities Regulatory Commission (CSRC) indicating that its 2020 private placement constituted fraudulent issuance, and its annual reports from 2015 to 2023 contained false records, which could lead to major violations under the Shenzhen Stock Exchange listing rules [9][10] - The company has received adverse audit opinions regarding its financial reports for 2023 and has shown negative net profits for three consecutive years from 2021 to 2023 [9] Group 3: Financial Performance and Future Outlook - As of September 1, *ST Gaohong's total market capitalization was 1.1 billion yuan [11] - The company is focusing on developing smart connected ecosystems, trusted computing, and digital transformation services, although its financial stability remains uncertain [10]

Group 1 - The stock price of Zhongke Jiangnan closed at 25.24 yuan on August 12, 2025, with an increase of 0.17 yuan, representing a rise of 0.68% [1] - The trading volume on that day was 50,664 hands, with a transaction amount of 128 million yuan [1] - Zhongke Jiangnan operates in the software development industry, focusing on digital finance, digital government, and enterprise intelligence [1] Group 2 - The company plans to continue advancing the implementation of core customer projects and the application of technology [1] - As of August 8, the number of combined account holders was 22,480 [1] - On August 12, the net inflow of main funds was 7.49 million yuan, accounting for 0.09% of the circulating market value, while the cumulative net outflow over the past five days was 54.33 million yuan, representing 0.07% of the circulating market value [1]