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The China Securities Regulatory Commission (CSRC) has imposed sanctions on *ST Gaohong for suspected violations of information disclosure regulations. An investigation revealed that the company had significantly overstated its revenue and profits through protracted "idle" and "paper" laptop transactions devoid of commercial substance, thereby breaching securities laws and regulations. Consequently, the CSRC plans to levy a fine of RMB 160 million on the responsible entities and a penalty of RMB 7 million on third parties found to be colluding in the fraud. Furthermore, *ST Gaohong is under suspicion of committing significant violations that necessitate mandatory delisting, prompting the Shenzhen Stock Exchange to initiate delisting procedures. The CSRC will also refer any potential criminal leads to the public security authorities in accordance with legal requirements.
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