一夜之间，两家公司将告别A股，证监会释放重要信号

Core Viewpoint - The recent announcements of delisting by *ST Gao Hong and *ST Tian Mao highlight the increasing trend of delisting in China's stock market, driven by stricter regulations and a focus on major violations [1][2][10]. Group 1: Delisting Trends - As of August 8, 2025, 23 companies have been delisted, with 10 of them due to major violations, indicating a significant increase in delisting numbers this year [1][11]. - The types of delisting are diversifying, with five companies choosing voluntary delisting this year, including *ST Tian Mao, which cited business restructuring and uncertainty as reasons [1][12]. Group 2: Regulatory Changes - The latest round of delisting reforms began in 2020, leading to a notable increase in delisting numbers and a shift in the structure of delisting types [2][8]. - The 2024 "National Nine Articles" and accompanying measures further refined the delisting system, emphasizing the need to address serious financial fraud and support companies facing significant operational uncertainties to voluntarily delist [2][9]. Group 3: Specific Company Cases - *ST Tian Mao opted for voluntary delisting, offering shareholders a buyback price of 1.60 yuan per share, which is higher than its last trading price [4][14]. - *ST Gao Hong faced forced delisting due to severe financial fraud, resulting in a fine of 1.6 billion yuan and the initiation of delisting procedures by the Shenzhen Stock Exchange [5][10]. Group 4: Investor Protection - Companies that voluntarily delist are required to provide cash compensation to shareholders, which is seen as a more favorable outcome for investors compared to forced delisting [12][14]. - The increase in voluntary delistings reflects a regulatory support for companies to exit the market in a manner that protects investor interests [12][14].