泡沫挤出、监管趋严与估值回归，23家退市背后的医疗资本大考｜2025中国经济年报

Core Viewpoint - The Chinese capital market is undergoing a significant "cleansing" process in 2025, with numerous healthcare companies delisting from various exchanges, reflecting a shift towards stricter regulatory enforcement and a return to rational valuation in the industry [2][4][10] Group 1: Delisting Trends - As of December 2025, multiple healthcare companies have exited the market, with 23 A-share companies delisting this year, marking the second-highest number in six years [3][4] - The delisting cases this year are characterized by cross-market and cross-sector trends, with notable companies like Jiangsu Wuzhong, Nohow Health, Kexing Bio, and Kangji Medical facing various delisting reasons including financial fraud and operational difficulties [4][5] - The surge in delisting is attributed to a combination of factors, including the bursting of valuation bubbles and stricter regulations on financial misconduct [3][4] Group 2: Company-Specific Cases - Jiangsu Wuzhong faced forced delisting due to significant financial fraud, with inflated revenues reported from 2020 to 2023, amounting to a total of 494.26 million yuan [5] - Nohow Health, once valued at over 40 billion HKD, was delisted after being accused of fabricating 90% of its sales revenue, with actual sales in 2022 estimated at only 7.695 million yuan [6][7] - Kexing Bio's delisting crisis stemmed from internal conflicts and governance issues, leading to a Nasdaq delisting notice due to failure to submit financial reports on time [7][8] - Kangji Medical opted for voluntary privatization, completing its delisting in December 2025, with a cash offer that represented a 21.7% premium over its last trading price [8] Group 3: Regulatory and Market Implications - The delisting wave signifies a fundamental shift in regulatory attitudes, emphasizing a "zero tolerance" approach towards financial misconduct, which is expected to enhance compliance awareness among listed companies [9][10] - The exit of problematic companies is anticipated to create opportunities for high-quality firms, promoting a more professional and regulated healthcare industry [9][10] - The ongoing delisting trend encourages companies to reassess the value of being publicly listed, with privatization becoming a strategic choice for those facing valuation challenges [9][10]