年内23家公司退市，5家主动离场

Group 1 - The core viewpoint is that the A-share market is experiencing an accelerated pace of delisting, with 23 companies having delisted this year due to various reasons including financial issues, trading violations, and voluntary delisting [1][2] - The diversification of delisting channels is becoming more apparent, which is expected to enhance the market's price mechanism and improve the capital market's resource allocation function [1] - The increase in companies choosing voluntary delisting reflects a growing trend, with *ST Tianmao being the fifth company to opt for this route this year, citing significant uncertainties affecting its business structure [1] Group 2 - The new delisting regulations are seen as beneficial for investor protection, as they reduce "shell speculation" and optimize the market ecosystem [2] - As of August 13, 2023, the majority of the 23 delisted companies were due to financial and trading issues, with 9 companies delisted for financial reasons and 9 for trading violations, including 5 for face value and 3 for market value [2] - The normalization of voluntary delisting is viewed as an inevitable outcome of the registration system reform, facilitating a transition in the capital market from strict entry regulations to more accessible exit mechanisms [2]