ST Gao Hong: Company's stock has fallen by over 12% for three consecutive days.

ST Gao Hong announcement, the company's stock price has dropped by more than 12% for three consecutive trading days. The company is under investigation by the China Securities Regulatory Commission, and based on the "Administrative Penalty Advance Notice", it is determined that the non-public issuance of stocks in 2020 constitutes fraudulent issuance, and there are false records in the annual reports from 2015 to 2023, which may trigger the major illegal mandatory delisting situation stipulated in Article 9.5.1 and Article 9.5.2 of the Shenzhen Stock Exchange Listing Rules. The company's stock will be subject to the implementation of delisting risk warning by the Shenzhen Stock Exchange starting from August 11, 2025.