Group 1 - The core viewpoint is that the A-share market is experiencing an accelerated pace of delisting, with 23 companies having delisted this year due to various reasons including financial issues, trading violations, and voluntary delisting [1][2] - The diversification of delisting channels is becoming more apparent, which is expected to enhance the market's price mechanism and improve the capital market's resource allocation function [1] - The increase in companies choosing voluntary delisting reflects a growing trend, with *ST Tianmao being the fifth company to opt for this route this year, citing significant uncertainties affecting its business structure [1] Group 2 - The new delisting regulations are seen as beneficial for investor protection, as they reduce "shell speculation" and optimize the market ecosystem [2] - As of August 13, 2023, the majority of the 23 delisted companies were due to financial and trading issues, with 9 companies delisted for financial reasons and 9 for trading violations, including 5 for face value and 3 for market value [2] - The normalization of voluntary delisting is viewed as an inevitable outcome of the registration system reform, facilitating a transition in the capital market from strict entry regulations to more accessible exit mechanisms [2]

Core Viewpoint - The A-share market is experiencing an accelerated pace of delisting under the regulatory policy of "delisting as necessary," with a total of 23 companies delisted this year due to various reasons including financial issues, trading violations, and major illegal activities [1][2][3] Group 1: Delisting Trends - A total of 23 A-share listed companies have been delisted this year, with 9 due to trading violations and 9 due to financial issues [2][3] - The delisting types have diversified, leading to an increase in companies choosing voluntary delisting, with *ST Tianmao being the fifth company to do so this year [1][2] - The delisting process is becoming more streamlined and efficient, with a focus on enhancing the market's price mechanism and resource allocation capabilities [1][3] Group 2: Regulatory Changes - The new delisting regulations are aimed at protecting investor interests by reducing "shell speculation" and optimizing the market ecosystem [2] - The standards for mandatory delisting due to major violations have become more detailed, with a significant increase in the proportion of companies delisted for financial issues [3] - The regulatory framework is evolving to include stricter measures against financial fraud and governance issues, enhancing the deterrent effect of delisting rules [3] Group 3: Future Recommendations - There is a need for clearer timelines in the delisting process and a reduction of overlapping functions to prevent companies from remaining inactive [4] - Recommendations include strengthening the accountability and penalty mechanisms for companies post-listing, as well as improving investor compensation mechanisms [4]