Jin Rong Shi Bao·2025-08-08 02:29Core Viewpoint - The A-share market is experiencing an accelerated pace of delisting, with a significant increase in companies being warned or forced to delist due to various regulatory standards and stricter enforcement of delisting policies [1][2][3][4]. Group 1: Delisting Risks and Statistics - *ST Tianmao issued its fourth risk warning regarding potential delisting due to failure to disclose its 2024 annual report and 2025 quarterly report within the stipulated timeframe [1]. - As of August 7, 2023, 23 A-share companies have been delisted this year, with 8 due to trading-related delisting (e.g., stock price below par), 7 for compliance issues, and 3 for voluntary delisting [1][2]. - The number of delisted companies has significantly increased since 2019, with 212 companies delisted from 2019 to the present, surpassing the total from the previous 20 years [2]. Group 2: Regulatory Changes and Impact - The introduction of the "New National Nine Articles" in April 2022 has led to stricter enforcement of delisting standards, particularly for companies involved in serious violations [3][4]. - The revised stock listing rules have raised the revenue threshold for financial delisting from 1 billion to 3 billion yuan, indicating a tightening of financial health requirements for listed companies [4]. - As of now, 107 companies are under delisting risk warnings due to financial issues, and 118 companies face compliance-related delisting risks [4][5]. Group 3: Market Dynamics and Future Outlook - The trend towards a normalized delisting mechanism is expected to continue, with a focus on improving investor protection and eliminating the expectation of "shell value" [1][4]. - The new regulations are anticipated to accelerate the exit of loss-making companies from the capital market, thereby promoting structural reforms in the supply side of the economy [5].