一夜之间，两家公司将告别A股，证监会释放重要信号

Core Viewpoint - The recent announcements of delisting by *ST Gao Hong and *ST Tian Mao highlight the increasing trend of delistings in China's stock market, driven by stricter regulations and a focus on major violations [1][4][11]. Delisting Trends - As of August 8, 2023, 23 companies have been delisted since the beginning of 2025, with 10 of these due to major violations [1][11]. - The variety of delisting types is increasing, with five companies choosing voluntary delisting this year, including *ST Tian Mao and China Heavy Industry [1][14]. Regulatory Changes - The latest round of delisting reforms began in 2020, leading to a significant increase in the number of delistings and a shift in the structure of delistings [2][8]. - The new "National Nine Articles" and accompanying measures introduced in 2024 further refined the delisting system, focusing on serious financial fraud and supporting companies facing significant uncertainties to voluntarily delist [2][8]. Company-Specific Details - *ST Tian Mao opted for voluntary delisting due to business restructuring and uncertainties, offering shareholders a buyback price of 1.60 yuan per share, which is higher than its last trading price [4][16]. - *ST Gao Hong is facing forced delisting due to severe financial fraud, incurring a fine of 1.6 billion yuan, with its chairman receiving the heaviest penalty [4][5][12]. Delisting Characteristics - The characteristics of delistings in 2025 show a clear trend towards diversification, with 10 companies delisted for major violations, 9 for trading issues, and 9 for financial reasons [9][11]. - The regulatory focus on eliminating problematic companies is evident, with a significant increase in the number of companies facing forced delisting due to major violations [11][12].