断臂求生！A股市场“保壳”大战打响

Core Viewpoint - The A-share market is witnessing a "shell protection" battle as multiple *ST companies are taking drastic measures to avoid delisting risks, with a deadline for compliance set for April 2026 [1][2]. Group 1: Company Actions - *ST Jinke announced the completion of its restructuring plan and applied to the Shenzhen Stock Exchange to lift the delisting risk warning [1]. - *ST Dongyi received court approval for its restructuring plan, indicating progress in its efforts to avoid delisting [1]. - *ST Nan Zhi completed a major asset sale, transferring real estate-related assets and liabilities for 1 yuan, involving 17 equity assets and 11.582 billion yuan in debt [3]. - *ST Lvkang disclosed the completion of the sale of three subsidiaries at a price of 0 yuan, effectively shedding its loss-making solar business [4]. Group 2: Financial Maneuvers - *ST Guandian reported the repayment of approximately 99.459 million yuan by its controlling shareholder, which alleviated financial pressure and improved its chances of avoiding delisting [5]. - *ST Huamei's controlling shareholder returned all occupied funds and interest totaling 156.69589 million yuan, marking a significant turning point for the company [5]. - Debt forgiveness has emerged as a quick way for *ST companies to reduce liabilities and improve net asset status, with several companies like *ST Yatai and *ST Yunwang announcing substantial debt waivers [5]. Group 3: Regulatory Environment - The regulatory environment is tightening, with *ST Huke being investigated by the China Securities Regulatory Commission during a critical period for "shell protection" [6]. - The trend towards a comprehensive registration system and normalized delisting practices is expected to reduce the availability of shell resources, making it increasingly difficult for companies to reverse long-term trends [6].