Core Viewpoint - *ST Gaohong has been implicated in a massive financial fraud spanning nine years, leading to a significant drop in stock price and potential delisting due to major violations of regulations [2][7][9]. Financial Fraud Details - The company inflated its revenue by nearly 20 billion yuan through fictitious trade activities from 2015 to 2023, with total inflated revenue amounting to 19.876 billion yuan and inflated profit totaling 76.2259 million yuan [4][6]. - Specific years of inflated revenue include: - 2015: 6.94 million yuan (9.34%) - 2016: 24.52 million yuan (28.27%) - 2017: 24.20 million yuan (26.97%) - 2018: 32.59 million yuan (35.18%) - 2019: 56.34 million yuan (49.38%) - 2020: 24.83 million yuan (35.38%) - 2021: 18.05 million yuan (21.11%) - 2022: 7.35 million yuan (10.72%) - 2023: 3.94 million yuan (6.65%) [5][6]. Regulatory Actions - The company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) for fraudulent issuance of stocks in 2020, which involved false data from 2018 to 2020 [2][6]. - Due to the ongoing investigations and findings, *ST Gaohong's stock has been marked with a "ST" label, indicating it is under special treatment due to financial irregularities [8][9]. Audit Opinions - The company has faced consecutive years of adverse audit opinions from different accounting firms, indicating significant issues with its financial reporting and internal controls [8]. - The 2023 audit report highlighted uncertainties regarding the company's ability to continue as a going concern [8]. Industry Context - Since 2025, a total of 24 companies have been delisted, with several facing similar financial misconduct issues, indicating a broader trend of regulatory scrutiny in the market [10]. - Other companies currently under investigation for major violations include *ST Suwu, *ST Zitian, and others, reflecting systemic issues within the industry [11].

日前，大唐高鸿网络股份有限公司(以下简称"*ST高鸿"，000851)发布公告称，公司收到了中国证监会下发的《行政 处罚事先告知书》，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，将触及相关规 定的重大违法强制退市情形，可能被实施重大违法强制退市。 制图：佘诗婕 虚增营业收入近200亿 具体来看，*ST高鸿通过参与、组织开展虚假贸易业务的方式虚增收入和利润，2015年至2023年年度报告存在虚假记 载。 2015年至2021年，*ST高鸿通过子公司北京大唐高鸿科技发展有限公司参与南京庆亚贸易有限公司实际控制人江庆组 织开展的笔记本电脑虚假贸易业务。该业务供应商和客户均由江庆联系撮合，业务资金、合同、物流单据流转形成闭 环，无实际货物流转，相关交易不具有商业实质。 8月11日，*ST高鸿不出意料地开盘即跌停，股价收报2.1元。 这或许是因为公司被爆出长达9年的巨额财务造假。 据悉，*ST高鸿成立于1994年，目前主营智能网联生态、政企数智化、信息安全与国产化IT产品等领域产品提供、技 术开发和集成服务。 IPO日报发现，早在被披露财务造假前，上市公司已经连续两年被会计师事 ...