Due to false records in the annual report and fraudulent issuance, Gao Hong Corporation was fined 135 million by the Securities Regulatory Commission, and relevant personnel were banned from the market.

On April 17, the China Securities Regulatory Commission (CSRC) announced an administrative penalty decision. In accordance with relevant regulations, the CSRC conducted an investigation into the illegal and irregular disclosure of information by Gaohong Stock and informed the relevant parties, including the former directors and executives, of the facts, reasons, and legal basis for the administrative penalties. Gaohong Stock had falsified records in its annual reports from 2015 to 2023, and committed fraud in its non-public issuance of shares in 2020. Taking both violations into account, the CSRC ordered Datang Gaohong Network Co., Ltd. to make corrections, issued a warning, and imposed a fine of 135 million RMB. Fu Jinglin and Jiang Qing were found to have more serious violations, resulting in a 10-year ban from the securities market for Fu Jinglin and Jiang Qing, and a 5-year ban for Ding Mingfeng. The original text in Chinese discusses the administrative penalty decision made by the CSRC against Gaohong Stock for illegal activities related to false information disclosure in annual reports and fraudulent share issuance in 2020. The decision includes fines and bans for individuals involved in the violations.