Core Viewpoint - Nokia has decided to apply for delisting its shares from the Euronext Paris exchange based on a comprehensive assessment of trading volume, costs, and administrative requirements associated with being listed there [1] Group 1 - Nokia's shares will continue to be listed on the Helsinki Nasdaq exchange, and its American Depositary Receipts will remain traded on the New York Stock Exchange [1] - The delisting is expected to take effect within the next three months, pending approval from the Euronext board [1]

Group 1 - In September, 11 new companies were listed in the domestic market, raising a total of 11.689 billion yuan [1] - Two companies were delisted in September [1] - Since the beginning of the year, there have been 11 new A+H share companies and over 70 domestic companies listed overseas [1] Group 2 - As of September, there are 1,835 Chinese concept companies listed in major overseas markets [1]

Core Viewpoint - Hongjiu Fruit (06689.HK), once hailed as the "first fruit stock," is facing delisting from the Hong Kong Stock Exchange due to unresolved investigations and management issues [2][6]. Group 1: Company Background - Hongjiu Fruit was established in 2002 and became the largest fruit distributor in China by 2022, although it held less than 2% market share due to market fragmentation [3]. - The company went public in September 2022, becoming the first listed company in the domestic fruit industry [3]. Group 2: Financial Issues - The company suspended trading on March 20, 2024, citing an inability to disclose its 2023 annual financial results [3]. - KPMG, the auditing firm, resigned in April 2024, citing abnormal transactions, including prepayments of approximately 3.42 billion yuan to several new suppliers, which accounted for over 70% of the total annual prepayments of 4.47 billion yuan [4]. - As of the first half of 2023, the company reported revenue of 8.537 billion yuan, a year-on-year increase of 19.37%, while net profit attributable to shareholders was 804 million yuan, a year-on-year decrease of 6.26% [4]. Group 3: Management Crisis - On April 16, 2025, the founder and chairman, Deng Hongjiu, along with several key executives, were detained for suspected loan fraud and issuing false VAT invoices [5]. - The company's main office was restricted by police, leading to operational difficulties [5]. - The governance structure deteriorated further with the resignation of three independent non-executive directors in May 2025, leaving the company without independent oversight [5]. Group 4: Delisting Process - Despite the company's request for a review of the delisting decision, the outcome is expected to align with market predictions, making reversal of the delisting unlikely [6].

Core Viewpoint - Hongjiu Fruit (06689.HK), once hailed as the "first fruit stock," is facing delisting from the Hong Kong Stock Exchange due to unresolved financial and management issues [2][9]. Group 1: Company Background - Established in 2002, Hongjiu Fruit is a multi-brand fresh fruit group and became the largest fruit distributor in China by 2022, although it held less than 2% market share due to market fragmentation [3]. - The company went public in September 2022, becoming the first listed company in China's fruit industry [3]. Group 2: Financial Issues - The company announced a trading suspension on March 20, 2024, due to its inability to disclose its 2023 annual financial results [3]. - KPMG, the auditing firm, resigned in April 2024, citing abnormal transactions in Q4 2023, including prepayments of approximately 3.42 billion yuan to several new suppliers, which raised concerns about the legitimacy of these transactions [5]. Group 3: Management Crisis - On April 16, 2025, multiple core executives, including the founder and chairman, were arrested for alleged loan fraud and tax invoice issues, leading to operational disruptions [8]. - The governance structure deteriorated further with the resignation of three independent non-executive directors in May 2025, resulting in a lack of independent oversight [8]. Group 4: Delisting Process - Despite the company's request for a review of the delisting decision, the likelihood of reversing the outcome appears slim as the delisting process continues [9].

Core Viewpoint - Hong Jiu Fruit (stock code: 6689) faces delisting from the Hong Kong Stock Exchange due to failure to meet resumption guidelines, as stated by the Listing Committee on October 3, 2025 [2][3] Group 1: Delisting Decision - The Listing Committee's decision to delist Hong Jiu Fruit is based on incomplete investigations and failure to implement appropriate remedial measures [2] - The company has not demonstrated the integrity, capability, or character of its management, which raises regulatory concerns [3] - Hong Jiu Fruit's board expressed regret over the delisting decision, arguing that the Listing Committee did not adequately consider the evidence submitted by the company [3] Group 2: Criminal Investigations - Chairman Deng Hong Jiu and other key management members are under criminal investigation related to loan fraud and/or issuing false VAT invoices [4][6] - The company has faced operational restrictions since January 6, 2025, due to police investigations, impacting its ability to conduct normal business [6][7] - As of the announcement date, most restrictions have been lifted, allowing the company to gradually resume normal operations, except for the detained executives [7] Group 3: Stock Performance and Investor Impact - Hong Jiu Fruit's stock has been suspended since March 20, 2024, leading to significant losses for investors [9] - The company went public in September 2022 at an issue price of HKD 40, raising a net amount of HKD 497 million, marking it as "China's first fruit stock" [4]

Core Viewpoint - Tianmao Group will officially delist after 29 years of being listed, with its stock set to be delisted on September 30, 2025, following a decision by the Shenzhen Stock Exchange [2][4]. Financial Performance - In 2023, Tianmao Group reported a revenue of 49.699 billion yuan, a slight increase of 0.17% year-on-year, but incurred a net loss of 0.652 billion yuan, reversing from a profit of 0.274 billion yuan in 2022 [2][3]. - The company anticipates continued losses in 2024, projecting revenue between 40 billion and 43 billion yuan, with expected net losses ranging from 0.5 billion to 0.75 billion yuan [2][3]. Business Transition and Challenges - Tianmao Group transitioned from chemical manufacturing to the insurance industry in July 2016, but has faced significant operational challenges in recent years [2]. - The decline in interest rates has adversely affected the company's subsidiary, Guohua Life Insurance, leading to increased reserve provisions that contributed to the losses [3]. Delisting Process - The company has initiated the process to voluntarily delist its shares, with a shareholder meeting approving the decision on August 25, 2025 [4]. - Following the delisting, Tianmao Group's shares will be transferred to the National Equities Exchange and Quotations system for management [2][5]. Shareholder Actions - Tianmao Group has signed an agreement with Changcheng Guorui Securities to facilitate the transfer of shares post-delisting and manage related services [5]. - The company has provided cash options to shareholders, with 1.44 billion cash options effectively declared during the exercise period, allowing shareholders to sell their shares at a price of 1.60 yuan per share [6].

Group 1 - The core viewpoint is that the China Securities Regulatory Commission (CSRC) is focused on strictly eliminating "bad apples" and some shell "zombie" companies from the market [1] - During the 14th Five-Year Plan period, a total of 207 companies have been smoothly delisted [1]

Group 1 - The core viewpoint of the article emphasizes the importance of strict exit channels to eliminate "bad apples" and "zombie" companies in the market [1] - During the "14th Five-Year Plan" period, a total of 207 companies have been smoothly delisted [1]

Core Viewpoint - *ST Tianmao plans to voluntarily delist its A-shares from the Shenzhen Stock Exchange due to difficulties in disclosing its annual report and the first quarter report for 2025 [2][5]. Group 1: Delisting Process - On September 4, *ST Tianmao announced its intention to withdraw its A-shares from trading on the Shenzhen Stock Exchange through a shareholder resolution [2]. - The company had previously disclosed its plan for voluntary delisting on August 8, emphasizing the establishment of mechanisms to protect dissenting shareholders [4]. - The delisting was approved during the company's first extraordinary general meeting in 2025, and the application for delisting was submitted to the Shenzhen Stock Exchange [4]. Group 2: Financial and Regulatory Issues - *ST Tianmao's stock was placed under delisting risk warning on July 8, 2025, due to the failure to disclose the 2024 annual report and the first quarter report for 2025 within the legal timeframe [5]. - If the company fails to disclose more than half of the board members' guarantees for the 2024 annual report within two months of the delisting risk warning, the Shenzhen Stock Exchange will terminate the company's stock listing [5]. - The company is currently under investigation by the China Securities Regulatory Commission for failing to disclose periodic reports on time [5]. Group 3: Company Background - *ST Tianmao was publicly listed in 1996 and underwent a significant change in ownership in 2002 when Liu Yiqian became the actual controller after acquiring the company [5]. - The company transitioned from a pharmaceutical focus to the insurance industry, primarily operating through its subsidiaries Guohua Life and Huarui Insurance [5]. - As of August 13, 2025, *ST Tianmao's stock price was 1.58 yuan per share, with a total market capitalization of 7.7 billion yuan [6].

Core Viewpoint - *ST Tianmao plans to voluntarily delist its A-shares from the Shenzhen Stock Exchange due to difficulties in disclosing its annual report and will apply for transfer to the delisting board managed by the National Equities Exchange and Quotations after the delisting [2][4] Group 1: Delisting Process - On August 8, *ST Tianmao first announced its intention to voluntarily delist its A-shares from the Shenzhen Stock Exchange [4] - The delisting proposal was approved at the company's first extraordinary general meeting in 2025 on August 25, and the company submitted the delisting application to the Shenzhen Stock Exchange [4] - After delisting, *ST Tianmao aims to maintain stable operations and protect shareholders' legal rights, with no plans for major asset restructuring or specific timelines for re-listing [4] Group 2: Reporting Issues - *ST Tianmao failed to disclose its 2024 annual report and the first quarter report for 2025 within the legal timeframe, leading to a delisting risk warning on July 8, 2025 [4][5] - If the company does not disclose more than half of the board's assurance of the 2024 annual report within two months of the delisting risk warning, the Shenzhen Stock Exchange will decide to terminate the company's stock listing [4] Group 3: Company Background - *ST Tianmao was publicly listed in 1996 and underwent a significant change in ownership in 2002 when Liu Yiqian became the actual controller after acquiring the company [5] - The company transitioned from a pharmaceutical focus to the insurance industry, primarily operating through its subsidiaries, Guohua Life and Huarui Insurance [5] - As of August 13, the last trading day, *ST Tianmao's stock price was 1.58 yuan per share, with a total market capitalization of 7.7 billion yuan [5]