Sou Hu Cai Jing·2025-12-03 16:22Group 1 - The A-share market has seen 30 companies delisted since 2025, with various reasons including trading, financial issues, and severe violations leading to forced delisting [2] - The predominant method of delisting has been due to companies' stock prices falling below 1 yuan for 20 consecutive trading days, with examples including ST Jiayao and ST Dongfang [2] - Companies like ST Dayao and ST Boxin were delisted due to their market capitalization falling below 500 million yuan for 20 consecutive trading days, indicating severe financial distress [2] Group 2 - The delisting types are diversifying, with companies like ST Jiuyao and ST Longjin facing financial delisting due to three consecutive years of net profit losses and revenue below 100 million yuan [2] - ST Dongtong's case is highlighted as it experienced a stock price surge before delisting, leading to speculation that it was a strategy to offload shares to investors [8] - New delisting regulations effective in 2025 will raise the revenue threshold for mainboard companies from 100 million yuan to 300 million yuan and introduce a clause for immediate delisting after one year of serious fraud [8] Group 3 - A simultaneous wave of share reductions has occurred, with 19 companies announcing share reduction plans on December 2, including ST Wanfang, which plans to reduce 3% of its total shares [9] - The stock price of North China Holdings has increased by 90% this year, with a shareholder planning to reduce 3% of shares, indicating a trend of significant share reductions amidst rising stock prices [9] - The first five months of 2025 saw a 135% increase in shareholder reduction plans compared to the same period in 2024, with venture capital funds being the primary drivers of these reductions [14]