Biocause Pharma(SZ:000627) 证券时报·2025-08-14 00:25Core Viewpoint - The acceleration of delisting in A-shares is driven by regulatory policies aimed at "retreating as necessary," with a total of 23 companies delisted this year due to various reasons, including financial issues and major violations [1][2][3]. Group 1: Delisting Trends - A total of 23 A-share companies have been delisted this year, with reasons including financial delisting, trading delisting, major violations, and voluntary delisting [1][2]. - The diversification of delisting types has led to an increase in companies choosing voluntary delisting, with *ST Tianmao being the fifth company to do so this year [1][2]. - The delisting process is becoming more streamlined and efficient, with a focus on enhancing the market's price mechanism and resource allocation capabilities [1][3]. Group 2: Regulatory Impact - The tightening of delisting regulations is seen as beneficial for investor protection, reducing "shell speculation" and optimizing market ecology [2][3]. - The new delisting rules have established clearer and stricter standards for major violations, particularly concerning financial fraud, which has led to an increase in companies being forced to delist due to financial issues [3]. - The number of companies delisted from 2020 to 2024 is projected to increase significantly, indicating a trend towards normalization and diversification of the delisting process [3]. Group 3: Recommendations for Improvement - Suggestions have been made to further clarify the delisting process and compress overlapping steps, enhancing the regulatory functions of exchanges to prevent companies from remaining inactive [4]. - There is a call for the establishment of a robust mechanism for accountability and penalties post-listing, as well as improved investor compensation mechanisms to protect the rights of small investors [4].