Securities Code: 000851
Securities Abbreviation: *ST Gaohong
Announcement Number: 2025-135
Datang Gaohong Network Co., Ltd. (hereinafter referred to as "the Company") and all members of the Board of Directors guarantee that the content of this announcement is true, accurate, and complete, with no false records, misleading statements, or significant omissions.
Special Reminder:
- As of September 26, 2025, the closing price of the Company's stock has been below 1 RMB for 20 consecutive trading days. According to Article 9.2.1 and Article 9.1.15 of the Shenzhen Stock Exchange Listing Rules (hereinafter referred to as "Listing Rules"), companies listed on the Shenzhen Stock Exchange that only issue A-shares will have their stock delisted if the closing price is below 1 RMB for 20 consecutive trading days. Stocks that are delisted due to trading-related mandatory delisting situations will not enter a delisting adjustment period. Investors are advised to pay attention to investment risks.
- According to Article 9.2.6 of the Listing Rules, companies listed on the Shenzhen Stock Exchange that only issue A-shares must disclose the fact on the next trading day before the market opens if the closing price is below 1 RMB for 20 consecutive trading days, and the Company's stock will be suspended from trading after the announcement. The Company's stock (Securities Abbreviation: *ST Gaohong, Securities Code: 000851) will be suspended from trading starting September 29, 2025 (Monday). Investors are advised to pay attention to investment risks.
- On August 8, 2025, the Company received a "Notice of Administrative Penalty" (hereinafter referred to as "Notice") issued by the China Securities Regulatory Commission. According to the Notice, the Company's non-public issuance of stocks in 2020 constitutes fraudulent issuance, and the annual reports from 2015 to 2023 contain false records, which will trigger significant illegal mandatory delisting situations as per Article 9.5.1 and Article 9.5.2 of the Listing Rules, potentially leading to significant illegal mandatory delisting. As of the date of this announcement, the Company has not received a formal penalty decision, and will continue to cooperate with the China Securities Regulatory Commission and actively exercise its legal rights to a hearing or make statements and defenses, with the final outcome subject to the formal penalty decision issued by the China Securities Regulatory Commission. According to Article 9.1.6 of the Listing Rules, if a listed company encounters more than two delisting situations, the stock will be delisted based on the principle of "first to trigger, first to apply."
I. Reasons for Possible Termination of Stock Listing
According to Article 9.2.1 and Article 9.1.15 of the Listing Rules, if a listed company on the Shenzhen Stock Exchange that only issues A-shares has a closing price below 1 RMB for 20 consecutive trading days, the Shenzhen Stock Exchange will terminate its stock listing. As of September 26, 2025, the Company has had a closing price below 1 RMB for 20 consecutive trading days, triggering the aforementioned delisting situation. The Company's stock (Securities Abbreviation: *ST Gaohong, Securities Code: 000851) will be terminated from listing by the Shenzhen Stock Exchange.