Securities Code: 000851
Securities Abbreviation: *ST Gaohong
Announcement Number: 2025-126
Datang Gaohong Network Co., Ltd. announces that the company and all members of the board guarantee the authenticity, accuracy, and completeness of the announcement content, with no false records, misleading statements, or significant omissions.
I. Introduction to Abnormal Stock Trading Fluctuations
Datang Gaohong Network Co., Ltd. (hereinafter referred to as "the Company") has experienced a cumulative decline of over 12% in its stock closing prices over three consecutive trading days (September 17, 2025, September 18, 2025, and September 19, 2025). According to relevant regulations of the Shenzhen Stock Exchange, this constitutes an abnormal fluctuation in stock trading.
II. Explanation of Concerns and Verification
In accordance with relevant regulations, the Company, along with its board of directors, management, and major shareholders, has conducted necessary verifications regarding related issues. The following explains the verification situation and market concerns:
- Investigation by the China Securities Regulatory Commission
On August 9, 2025, the Company disclosed the "Announcement on Receiving the Administrative Penalty Notice from the China Securities Regulatory Commission and Risk Warning of Major Illegal Forced Delisting" and other related announcements. According to the "Administrative Penalty Notice," the Company's non-public issuance of shares in 2020 constitutes fraudulent issuance, and the annual reports from 2015 to 2023 contain false records, which may trigger major illegal forced delisting as per the Shenzhen Stock Exchange Listing Rules. The final outcome will be based on the formal penalty decision issued by the China Securities Regulatory Commission. The Company's stock has been subject to a delisting risk warning since August 11, 2025. For specific details, please refer to the announcements published on August 9, 2025, on the Giant Tide Information Network (www.cninfo.com.cn).