退市板块是我国资本市场"有进有出、能进能出"生态的关键一环，制度完善与功能落地对资本市场健康 稳定发展至关重要。自2001年代办股份转让系统建立以来，历经二十余年发展，我国已逐步构建起适配 注册制与退市常态化的制度体系。 继续加强退市板块建设的相关建议 随着我国上市公司退市制度的推进和完善，上市公司退市日益常态化。进一步加强退市板块建设，优化 退市板块配套机制，对于进一步挖掘退市企业价值、盘活退市板块资源，进而完善我国上市公司退市机 制建设具有重要意义。具体可从四个维度精准发力： 一是进一步强化退市板块作为资本市场重要基础设施的地位，完善退市板块的体制机制建设。自2001年 至今，代办股份转让系统已实际成为以退市公司为主要服务对象的相对独立的业务板块。退市板块的交 易方式、监管要求、职能定位等与沪深北交易所各个板块截然不同，甚至与新三板相比也差异较大。 但是，在证监会发布的《全国中小企业股份转让系统有限责任公司管理暂行办法》《指导意见》中，仍 然没有明确退市板块的概念，仍表述为"证券公司代办股份转让系统""依托现有的代办股份转让系统作 为退市板块承接退市公司"。此外，《实施办法》关于全国股转公司对两网及退市公 ...

长江商报奔腾新闻记者 李璟 A股上市公司退市节奏加快。 近日，因触及重大违法类或财务类强制退市标准，退市锦港（600190.SH）、中程退（300208.SZ）、退 市九有（600462.SH）等多家上市公司相继退市。 长江商报奔腾新闻记者注意到，退市新规实施后，强制退市标准更加严格，绩差、重大违法等公司均面 临退市风险。今年截至8月4日，已有23家A股公司退市。其中，近一个月就有10家公司相继退市。与此 同时，还有近百家公司被实施退市风险预警。 2020年中央深改委审议通过《健全上市公司退市机制实施方案》，常态化退市平稳开局。2024年4月 新"国九条"提出深化退市改革，加快形成应退尽退、及时出清的退市格局，证监会发布《关于严格执行 退市制度的意见》，严格财务指标类、交易指标类、规范运作类、重大违法类强制退市标准，并完善上 市公司吸收合并等并购重组政策，支持市场化方式的主动退市。 2025年7月份以来，已有多家公司因触及财务类强制退市被摘牌。例如7月21日摘牌的中程退、退市九有 均为2024年被实施退市风险警示，2025年未在要求期限内撤销。 公告显示，退市九有、中程退均因2023年度期末净资产为负于去年被 ...

Core Viewpoint - Z Company is facing potential delisting risks due to failure to appoint an annual auditor and non-compliance with regulatory requirements, which could lead to significant consequences for the company and its investors [1][2][3] Group 1: Company Issues - Z Company has been identified as a "problematic company" due to its refusal to cooperate with regulatory investigations and the presence of false records in its financial reports [1][2] - The company was ordered by the Fujian Securities Regulatory Bureau to rectify its issues and submit a corrected annual report, but it failed to do so within the stipulated timeframe [1][2] - Z Company previously engaged Beijing Yatai International Accounting Firm for auditing but failed to formalize the agreement and pay the audit fees, leading to the termination of this partnership [1] Group 2: Regulatory Environment - The Shenzhen Stock Exchange's rules state that if Z Company does not complete its rectification within two months of being suspended, it may face delisting risk warnings, and if it fails again in the following two months, it could be delisted entirely [1] - The regulatory framework for delisting has been strengthened in recent years, with new criteria introduced, including market value and trading volume thresholds [2][3] Group 3: Market and Investor Impact - Delisting due to human factors, such as financial fraud and major information disclosure violations, can be avoided, unlike delisting caused by market factors [3] - If Z Company is ultimately delisted due to its non-compliance and failure to correct its financial reports, it would result in a loss of its listing status and a significant drop in stock price, adversely affecting investors [3] - The recommendation is for regulatory bodies to impose strict penalties on companies that cause delisting due to human factors and to ensure compensation for affected investors [3]