Core Viewpoint - The phenomenon of stocks under delisting risk being heavily speculated in the market raises questions about the effectiveness of the delisting risk warning system, as investors seem to ignore the risks associated with these stocks [1] Group 1: Market Behavior - Multiple stocks under delisting risk warnings, such as *ST Yazhen and *ST Hengjiu, have experienced significant price increases despite ongoing losses and risk warnings [1] - The paradox of "the stricter the risk warning, the stronger the stock price surge" suggests that the current risk warning system is ineffective [1] - Speculative trading is overshadowing value discovery, eroding the foundation of healthy capital market development [1] Group 2: Recommendations for Improvement - It is suggested to optimize the suspension and review system, focusing on the actual trading behaviors rather than just compliance checks by listed companies [1] - Exchanges should enhance the investigation of abnormal price fluctuations by establishing a real-time tracking system for account associations and identifying the true operators behind large accounts [2] - The delisting rules should be improved to prevent excessive speculation on stocks at risk of delisting, potentially introducing a new delisting threshold based on market valuation metrics [2] Group 3: Investor Protection and Education - Increasing the asset threshold for participating in delisting risk stocks from 500,000 to 1,000,000 yuan is recommended to limit speculative participation [3] - Strengthening the regulation of intermediary institutions that serve *ST stocks is crucial, with penalties for non-compliance or negligence [3] - Enhancing investor education and protection mechanisms is essential, including risk awareness campaigns and establishing efficient compensation channels for investors suffering losses due to speculative activities [4]