Core Viewpoint - The introduction of new delisting regulations focusing on revenue thresholds aims to combat the practices of "shell companies" that artificially inflate their revenue to avoid delisting, particularly through sudden revenue spikes in the fourth quarter [1][2][3] Group 1: Regulatory Changes - The new delisting criteria include a combination of "operating revenue below 100 million yuan and negative net profit," which specifically targets "zombie companies" and "shell companies" [1] - The Shanghai Stock Exchange has established mechanisms for monitoring compliance with the new revenue deduction indicators, emphasizing the need for diligent auditing practices [1][2] Group 2: Revenue Manipulation Tactics - Companies with revenues below 100 million yuan and negative profits are increasingly resorting to last-minute revenue boosts, often through low-value trade activities that do not enhance their operational sustainability [2] - Some companies are misapplying accounting standards, particularly by incorrectly using gross versus net methods to inflate revenue figures, thereby evading the 100 million yuan delisting threshold [2] Group 3: Non-Recurring Gains Scrutiny - There are instances where companies misclassify non-recurring gains as recurring, resulting in misleading financial statements that show positive net profits to avoid delisting [3] - The new revenue deduction guidelines require auditors to verify the authenticity and accuracy of non-recurring gains disclosures, especially for companies with revenues below 100 million yuan but positive net profits [3] Group 4: Auditor Responsibilities - The Shanghai Stock Exchange is actively engaging with high-risk companies and their auditors to ensure compliance with the new delisting regulations, emphasizing the importance of financial authenticity and compliance in accounting practices [4] - Auditors are being trained and provided with resources to better understand and implement the revenue deduction policies, ensuring thorough verification of revenue figures [4]