*ST高鸿、*ST天茂，传出两大退市信号

Core Viewpoint - The recent announcements of delisting by *ST Gaohong and *ST Tianmao highlight the increasing trend of delistings in the Chinese stock market, driven by stricter regulations and a focus on eliminating companies involved in significant violations [2][12]. Group 1: Delisting Trends - As of August 8, 2025, 23 companies have been delisted since the beginning of the year, with 10 of these being forced delistings due to significant violations [2][12]. - The types of delistings are diversifying, with an increase in companies choosing to delist voluntarily, including *ST Tianmao, Yulong Co., Zhonghang Chanyin, China Shipbuilding Industry, and Haitong Securities [2][15]. - The latest round of reforms to the delisting system began in 2020, leading to a significant increase in the number of delistings and a shift in the structure of delistings [2][9]. Group 2: Regulatory Environment - The regulatory focus has intensified on serious financial fraud and significant violations, with *ST Gaohong being the tenth company to enter forced delisting procedures due to such violations in 2025 [12][13]. - The new regulations aim to protect investors by supporting companies facing significant uncertainties to voluntarily delist, thereby enhancing the overall market ecosystem [3][11]. Group 3: Company-Specific Details - *ST Tianmao has opted for voluntary delisting, citing business restructuring and significant uncertainties, offering shareholders a buyback price of 1.60 yuan per share, which is higher than its last trading price [5][16]. - *ST Gaohong is facing forced delisting due to severe financial fraud, resulting in a fine of 1.6 billion yuan, with the chairman receiving the heaviest penalty of 750,000 yuan and a ten-year market ban [5][6]. - The delisting of *ST Gaohong is indicative of the severe consequences of financial misconduct, as it has been penalized for fraudulent activities and lack of commercial substance in its operations [5][6].