第一财经·2025-09-07 13:34Core Viewpoint - The article discusses the recent trend of delistings in the A-share market, highlighting that companies are facing stricter regulations and potential legal consequences even after delisting due to financial misconduct and other violations [3][10]. Group 1: Recent Delistings - Two companies, *ST Zitian and *ST Tianmao, have recently been involved in delisting activities, with *ST Zitian facing a forced delisting due to regulatory violations [3][11]. - As of September 7, 2023, a total of 24 companies have been delisted this year, with over 80% of these cases attributed to severe legal, financial, and regulatory breaches [3][11]. Group 2: Regulatory Actions and Consequences - *ST Zitian was found to have inflated its revenue by CNY 2.499 billion and profits by over CNY 100 million through fraudulent accounting practices, leading to administrative penalties and potential criminal charges [7][9]. - The company has been penalized a total of CNY 38.4 million, and its former chairman and CFO have been banned from the securities market for life due to their involvement in the misconduct [9]. - Following its delisting, *ST Longyu also faced significant penalties for similar financial misreporting, indicating a trend of continued regulatory scrutiny post-delistings [12]. Group 3: Market Trends and Future Implications - The article notes an acceleration in the pace of delistings, with a clear emphasis from regulators on enforcing strict delisting rules and holding companies accountable for their actions [11][12]. - The proactive delisting by *ST Tianmao, which offered cash options to dissenting shareholders, reflects a growing trend among companies to manage their exit from the market strategically [11].