Core Viewpoint - A number of companies that were on the brink of delisting are attempting to escape their predicament through bankruptcy restructuring, with *ST Dongyi being the latest to remove its delisting risk warning after completing its restructuring plan [1][4]. Group 1: Companies Successfully Restructured - As of January 26, *ST Dongyi is the ninth company since 2026 to complete its restructuring and remove the delisting risk warning [4]. - The companies that have successfully removed the delisting risk warning include *ST Dongyi, *ST Jiaotou, *ST Meigu, *ST Xinyan, *ST Yatai, *ST Sansheng, ST Zhongzhuang, ST Mingjiahui, and ST Ningke [4][6]. - Only three companies, ST Zhongzhuang, ST Mingjiahui, and ST Ningke, have fully removed the delisting risk warning, but they still face other risk warnings [6]. Group 2: Remaining Risks and Challenges - The majority of the nine companies still carry ST or *ST labels, indicating ongoing risks, with only three having temporarily escaped the delisting risk [6]. - ST Ningke faces multiple risk warnings, including uncertainties regarding its subsidiary's production status and a qualified audit report for 2024 [6][7]. - ST Zhongzhuang has issues such as frozen bank accounts and a history of financial misreporting, while ST Mingjiahui's risks are relatively simpler, primarily linked to its audit report [6][7]. Group 3: Path to Recovery - The path to recovery from delisting is complex, with companies needing to address multiple issues, including financial, internal control, and historical problems [8][9]. - Successful examples, such as Zhongli Group, demonstrate that with proactive restructuring and compliance efforts, companies can return to normal operations and remove delisting risks [11][12]. - In 2025, over 50 companies managed to remove risk warnings through strategic adjustments and operational improvements, showcasing a trend of recovery in the A-share market [13][14]. Group 4: Factors Influencing "Hat Removal" - Companies with stable fundamentals and effective restructuring are more likely to succeed in removing delisting risks [1][15]. - Three categories of companies are identified as having a higher probability of "hat removal": those with good fundamentals affected by short-term factors, those that can quickly rectify business issues, and those that strengthen governance and internal controls [15].

Core Viewpoint - A number of companies that were on the brink of delisting are attempting to escape their predicament through bankruptcy restructuring, with some successfully removing delisting risk warnings, although many still face significant challenges ahead [1][2]. Group 1: Companies Successfully Removing Delisting Risk - On January 26, *ST Dongyi became the ninth company since 2026 to complete its restructuring plan and remove the delisting risk warning [1][2]. - Only three companies, ST Zhongzhuang, ST Mingjiahui, and ST Ningke, have successfully "removed the star" (i.e., lifted the delisting risk warning), but they still face other risk warnings [1][2]. - The path to fully removing delisting warnings is complex, with many companies still carrying ST or *ST labels, indicating ongoing risks [1][2]. Group 2: Challenges Faced by Companies - Companies that have undergone bankruptcy restructuring often still face multiple issues, making it difficult to resolve all problems in the short term [5][6]. - ST Ningke is dealing with three additional risk warnings, including uncertainties regarding its subsidiary's production status and a qualified audit report for 2024 [2][3]. - ST Zhongzhuang has similar issues, including frozen bank accounts and negative net profits over the last three accounting years, raising doubts about its ability to continue as a going concern [3][4]. Group 3: Successful Restructuring Examples - The case of Zhongli Group illustrates that proactive restructuring and operational improvements can lead to successful removal of delisting warnings [6][7]. - Zhongli Group faced significant challenges, including negative opinions in audit reports, but managed to rectify issues and ultimately achieved a turnaround by 2025 [6][7]. - The company’s successful restructuring involved addressing non-operational fund occupation and receiving a standard audit report, which facilitated its return to compliance [6][7]. Group 4: Broader Trends in the Market - In 2025, over 50 companies successfully removed risk warnings through proactive measures such as strategic optimization and operational improvements [7][8]. - Companies that actively adapt to market trends and optimize their business structures have demonstrated the potential for recovery and compliance [8][9]. - Common reasons for successful removal of delisting warnings include stabilizing fundamentals, completing internal control rectifications, and resolving issues raised in audit reports [9][10].

Core Viewpoint - The recent increase in companies successfully removing their ST (Special Treatment) status indicates a more stable process of delisting than initially feared, with nearly 40 companies achieving this since early 2025, compared to only a few in the same period last year [2][5]. Group 1: Delisting Process and Company Actions - The delisting process has been smooth, largely due to proactive self-rescue efforts by listed companies [2]. - Nearly 40 companies have successfully "脱星摘帽" (removed ST status) since early 2025, a significant increase from just over ten in the same period last year [4][5]. - Common issues leading to ST status included underperformance, negative net assets, long-term fund occupation by major shareholders, internal control problems, and administrative penalties [3]. Group 2: Characteristics of Successful Companies - Companies that successfully removed their ST status often improved their operational conditions, profitability, and internal controls, demonstrating a capacity for recovery [3][10]. - A notable increase in companies removing ST status occurred after May 6, with 14 companies achieving this in just 30 days, attributed to the completion of annual reports and audits [6]. - Many of the companies that "脱星摘帽" had undergone restructuring, addressing previous issues and improving their financial health [7]. Group 3: Future Implications and Market Signals - The surge in companies successfully removing ST status sends a positive signal to the market, indicating improved governance and operational efficiency [10]. - This trend may enhance investor confidence and encourage other companies to strengthen their management and governance practices, ultimately improving the overall quality of listed companies [10].