On the evening of February 27, *ST Hongxiang (formerly Hongxiang shares, **300427), which has been put on delisting risk warning, disclosed that it had received the "Prior Notice of Administrative Punishment and Market Prohibition" (hereinafter referred to as the "Notice"). 
However, to the relief of investors, according to the situation identified in the "Notice", the company judged that the violations of laws and regulations involved in the "Notice" did not touch the relevant circumstances of the "Implementation Measures for the Mandatory Delisting of Listed Companies with Major Violations", nor did they touch the "Listing Rules of the Shenzhen Stock Exchange's Growth Enterprise Market" as stated in the "Listing Rules of the Shenzhen Stock Exchange", and the final punishment result was subject to the "Administrative Penalty Decision" issued by the Xiamen Supervision Bureau of the China Securities Regulatory Commission. What is the reason for this punishment? Back to May 11, 2023, on the same day, the company received the "Notice of Case Filing" issued by the China Securities Regulatory Commission. Now, the violation of the law and regulations of *ST Red has been made public. According to the investigation of the Xiamen Securities Regulatory Bureau, Hongxiang shares and related personnel are suspected of several illegal facts, including illegal information disclosure and fraudulent issuance: Specifically,In terms of information disclosure violations and violations,The annual report of Hongxiang Co., Ltd. from 2017 to 2022 is suspected of having false records. Hongxiang Co., Ltd. and a number of its subsidiaries are suspected of inflating their operating income of 10,489 in 2017 through fictitious sales business, fictitious raw material procurement, and fictitious fixed assets440,000 yuan, inflated total profit of 5972440,000 yuan, accounting for the disclosed amount in the current period. 03%；In 2018, it was suspected of inflating operating income by 25,559320,000 yuan, with a total inflated profit of 14,422060,000 yuan, accounting for the disclosed amount in the current period. 72%；In 2019, it is suspected that the total amount of inflated operating income and inflated profits accounted for the disclosed amount in the current period. 19%；In 2020, it is suspected that the total amount of inflated operating income and inflated profits accounted for the disclosed amount in the current period. 79%, etc.; In 2021, it is suspected that the total amount of inflated operating income and inflated profits accounted for the disclosed amount in the current period. 51%；In 2022, it is suspected that the total amount of inflated operating costs and inflated profits will account for the disclosed amount in the current period. 27%。In terms of fraudulent issuances. The company's 2019 non-public offering** is suspected of fraudulent issuance. As the financial data involved in the declaration documents covers the period from 2014 to 2017. According to the "Notice", according to the above-mentioned facts about the suspected illegal information disclosure of Hongxiang shares, the application documents for the issuance of Hongxiang shares are suspected of having material false records, which do not meet the issuance conditions, and the issuance approval is obtained by deception. In addition, the public issuance of convertible corporate bonds in 2020, the application for the issuance of shares and the payment of cash to purchase assets and raise matching funds in 2020 are also suspected of fraudulent issuance. According to the disclosure, the above-mentioned illegal facts are proved by the issuance documents, periodic reports, meeting resolutions, self-inspection reports, explanations, financial information, business contracts, bank account information, relevant materials provided by Yinchuan Wolong, explanations and materials provided by relevant customers, businessmen and personnel, and records of inquiries by relevant personnel. The Xiamen Securities Regulatory Bureau believes that the annual reports of Hongxiang Co., Ltd. from 2017 to 2022 are suspected of false records and other behaviors, which are suspected of violating the relevant provisions of the 2005 ** Law and constitute illegal acts under the relevant provisions of the ** Law. In terms of responsible persons, the "Notice" pointed out that Yang Cheng, the then chairman and general manager of Hongxiang Co., Ltd., was fully responsible for the management of the company, and was the person in charge who was directly responsible, and at the same time organized and instructed the implementation of fraud as the actual controller; He Dongwu, the general manager of Yinchuan Wolong at the time, knew about and participated in the fraud, and was other directly responsible personnel; Wu Zhangkun, the supervisor at the time, knew about and participated in the fraud, and was the other directly responsible person; Liao Xuelin, the then chief financial officer, was responsible for the company's financial management and failed to be diligent and conscientious, and was other directly responsible personnel; Ma Luping, the logistics director at the time, knew about and participated in the fraud, and was the other person directly responsible; Li Xijiao, the secretary of the board of directors at the time, was responsible for the company's information disclosure affairs and failed to be diligent and conscientious, and was other directly responsible personnel. For Hongxiang shares suspected of illegal information disclosure, 2019 non-public issuance ** suspected of fraudulent issuance and other behaviors, Xiamen Securities Regulatory Bureau intends to decide: 1. Order Hongxiang shares to correct, give a warning, and impose a fine of 25.13 million yuan; 2. Yang Cheng was given a warning and fined 22.88 million yuan; 3. He Dongwu was given a warning and fined 3.65 million yuan; 4. Wu Zhangkun was given a warning and fined 3.3 million yuan; 5. Liao Xuelin and Ma Luping were given warnings and fined 3.05 million yuan respectively; 6. Give Li Xijiao a warning and impose a fine of 2.5 million yuan; 7. Zhang Qing and Chen Shuiming were given warnings and fined 750,000 yuan respectively; 8. Lu Jian was given a warning and fined 500,000 yuan. In addition, because Yang Cheng, the actual controller of Hongxiang shares, who was the chairman and general manager at the time, was suspected of violating the law and the circumstances were particularly serious, the Xiamen Securities Regulatory Bureau planned to impose a lifetime market ban on Yang Cheng, and he was not allowed to serve as a director, supervisor and senior manager of the first issuer. He Dongwu, then deputy general manager of the company and chairman and general manager of Yinchuan Wolong, violated the law seriously, and the Xiamen Securities Regulatory Bureau planned to impose a 5-year market ban on He Dongwu, and he was not allowed to serve as a director, supervisor and senior manager of the first issuer. According to public information, Hongxiang shares were listed in February 2015, and its current business covers power equipment and services, new energy and engineering, special communications and other electronic equipment. Due to the audit report of the company's 2022 annual financial report that cannot express an opinion, the company's ** trading will be subject to a delisting risk alert from the market open on May 5, 2023. As of the disclosure date of this announcement, this risk warning situation has not been eliminated. 
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