退市新局：一夜两家！违法必退

Group 1 - The core viewpoint of the articles highlights the increasing trend of companies facing delisting in the A-share market due to major violations, particularly financial fraud, with a significant rise in the number of companies entering delisting procedures in 2025 compared to previous years [2][4] - *ST Gao Hong has been forced to delist due to financial fraud, facing a hefty penalty of 160 million yuan, while *ST Tian Mao has opted for voluntary delisting, offering shareholders a cash option at 1.6 yuan per share [2] - In 2025, 10 companies have entered delisting procedures due to major violations, which is significantly higher than the 3 companies that faced delisting in the first five years following the 2014 regulations [2][4] Group 2 - Since the beginning of 2025, five companies have voluntarily delisted, including *ST Tian Mao, with others like Yulong Co. and AVIC Industry facing operational deterioration, while China Shipbuilding Industry and Haitong Securities delisted due to mergers [3] - The voluntary delisting process has included cash options for shareholders, such as 3.54 yuan per share for AVIC Industry and 13.2 yuan per share for Yulong Co., providing an exit strategy for small investors [3] - The structure of delisting is undergoing a significant transformation, shifting from being primarily finance-driven to a more diversified approach, with various categories of delisting including major violations, trading issues, financial problems, regulatory issues, and voluntary delisting [4]