警报！年内已有25家A股公司退市

Group 1 - The core viewpoint of the articles highlights the increasing trend of delistings in the A-share market, with 25 companies having completed the delisting process this year due to various reasons including financial issues, trading problems, and major legal violations [2][4][5] - Among the delisted companies, *ST Tianmao, AVIC Capital, and Yulong Co. chose to delist voluntarily due to significant uncertainties affecting their business operations [2] - The article notes that trading-related delistings are prevalent, with companies like *ST Xulan, *ST Jiayu, *ST Dongfang, and *ST Furun being delisted for having stock prices below 1 yuan for 20 consecutive trading days [2][4] Group 2 - The new "National Nine Articles" propose reforms to the delisting system, aiming to create a normalized delisting environment where companies that should exit the market do so in a timely manner [3] - Regulatory bodies have emphasized that delisting does not exempt companies from accountability, as seen in the penalties imposed on companies like Yili Energy and Jinzhou Port for their violations [4] - Since the introduction of new delisting regulations last year, the China Securities Regulatory Commission has investigated 67 delisted companies for illegal activities, with 33 cases referred for suspected information disclosure crimes [5]