Core Viewpoint - The implementation of the new delisting regulations has led to an increase in the number of companies delisted from the A-share market, with a focus on eliminating companies involved in major violations and financial fraud [2][4][8]. Delisting Statistics - As of August 11, 2025, 23 A-share listed companies have been delisted, primarily due to financial issues, trading violations, major illegal activities, and voluntary delisting [2][8]. - In 2025, seven companies, including *ST Gaohong, are suspected of major violations leading to potential delisting, with three already completed [3][4]. Major Violations and Regulatory Actions - *ST Gaohong has been identified for serious financial fraud, with the China Securities Regulatory Commission (CSRC) issuing a notice indicating potential major illegal delisting [5][6]. - The fraudulent activities of *ST Gaohong spanned from 2015 to 2023, with inflated revenues totaling 198.76 billion yuan and profits of 76.23 million yuan [6]. Trends in Delisting - The number of companies delisted for fraud in 2025 has already surpassed the total for 2024, indicating a stricter regulatory environment aimed at cleaning up the market [4][6]. - The new delisting regulations, effective from January 2025, have clarified the signals for various types of delisting, including trading and financial delisting [8]. Active Delisting Cases - Companies like China Heavy Industries and *ST Tianmao are pursuing voluntary delisting, with mechanisms in place to protect minority shareholders through cash options [10][11]. - The proactive delisting of *ST Tianmao includes a buyback offer at a premium price, providing a clear exit strategy for investors [10]. Market Implications - The new delisting regulations are expected to shift the market focus from expansion to quality, allowing more resources for high-quality companies [11].

Core Viewpoint - The number of companies delisted due to fraud in 2025 has already surpassed the total for 2024, indicating an increased regulatory effort to eliminate "bad actors" from the market [1][4]. Summary by Sections Delisting Cases - As of August 11, 2025, 23 A-share listed companies have been delisted, primarily due to financial issues, trading violations, major illegal activities, and voluntary delisting [2][10]. - Since the implementation of the new delisting regulations in April 2024, there has been a notable increase in companies facing mandatory delisting due to major violations, with three companies already delisted for such reasons in 2025 [7][9]. Major Violations - From 2016 to the end of 2024, only nine companies were forcibly delisted due to major violations. However, in 2025 alone, seven companies, including *ST Gaohong, are suspected of major violations, with three already delisted [3][4]. - *ST Gaohong has been accused of severe financial fraud, with a total of 198.76 billion yuan in inflated revenue over nine years, leading to a potential mandatory delisting [6][12]. Regulatory Changes - The new delisting regulations aim to enhance the removal of "zombie" companies and "bad actors," while also broadening exit channels and improving investor protection [9][11]. - The regulations emphasize the importance of a balanced approach between clearing out poor-quality companies and protecting investor rights, with mechanisms like cash exit options for dissenting shareholders [12]. Market Transition - The ongoing delisting process is seen as a step towards a more mature market, encouraging investors to focus on fundamental values rather than speculative trading [4][12]. - The shift from "scale expansion" to "quality first" is expected to provide more resources and opportunities for high-quality companies in the long run [12].

8月8日晚间，*ST高鸿（000851.SZ）因涉嫌触及重大违法退市，将被深交所启动强制退市程序。对于目前的退市进程，8月11日，经济观察报致电了*ST高 鸿，截至发稿，尚未获得接通。 纵观A股历史上退市的公司，自2016年至2024年底仅有9家公司因重大违法强制退市。 "退市新规"全面实施以来，截至8月11日，已有23家A股上市公司退市，退市原因主要包括财务类退市、交易类退市、重大违法强制退市和主动退市等。 据经济观察报记者不完全统计，截至8月11日，2025年已有包括*ST高鸿在内的7家公司涉嫌触及重大违法强制退市情形，其中3家已完成退市。 此外，还有*ST元成（603388.SH）等公司因涉嫌财务数据虚假披露正在被立案调查，若最终调查结果指向确认重大违法，这些公司也将面临重大违法强制 退市。 2025年因造假退市的案例已超越2024年全年，监管层对市场中"害群之马"的出清力度正在加大。 南开大学金融发展研究院院长田利辉表示，退市常态化是A股迈向成熟市场的必经之路。投资者需摒弃"炒差"思维，聚焦企业基本面与长期价值。监管层则 需进一步优化退市补偿机制，平衡"出清劣质企业"与"保护投资者权益"的双重目标。 ...

Core Viewpoint - The recent announcements of delisting by *ST Gao Hong and *ST Tian Mao highlight the increasing trend of delistings in China's stock market, driven by stricter regulations and a focus on major violations [1][4][11]. Delisting Trends - As of August 8, 2023, 23 companies have been delisted since the beginning of 2025, with 10 of these due to major violations [1][11]. - The variety of delisting types is increasing, with five companies choosing voluntary delisting this year, including *ST Tian Mao and China Heavy Industry [1][14]. Regulatory Changes - The latest round of delisting reforms began in 2020, leading to a significant increase in the number of delistings and a shift in the structure of delistings [2][8]. - The new "National Nine Articles" and accompanying measures introduced in 2024 further refined the delisting system, focusing on serious financial fraud and supporting companies facing significant uncertainties to voluntarily delist [2][8]. Company-Specific Details - *ST Tian Mao opted for voluntary delisting due to business restructuring and uncertainties, offering shareholders a buyback price of 1.60 yuan per share, which is higher than its last trading price [4][16]. - *ST Gao Hong is facing forced delisting due to severe financial fraud, incurring a fine of 1.6 billion yuan, with its chairman receiving the heaviest penalty [4][5][12]. Delisting Characteristics - The characteristics of delistings in 2025 show a clear trend towards diversification, with 10 companies delisted for major violations, 9 for trading issues, and 9 for financial reasons [9][11]. - The regulatory focus on eliminating problematic companies is evident, with a significant increase in the number of companies facing forced delisting due to major violations [11][12].