Core Points - Two companies in the Shenzhen Stock Exchange, *ST Zitian and *ST Tianmao, are facing delisting, with *ST Zitian being forced to delist due to regulatory violations and *ST Tianmao voluntarily applying for delisting [2][5] - A total of 24 companies have been delisted from the A-share market this year, with over 80% of these companies delisted due to severe violations related to financial, regulatory, and trading rules [2][5] - Delisting does not exempt companies from legal responsibilities, as they may still face administrative, criminal, and civil liabilities post-delisting [2][5] Summary of *ST Zitian - *ST Zitian's stock will be suspended from trading on September 15 and will enter a delisting preparation period lasting 15 trading days, with the last trading day expected to be October 13 [3] - The company was found to have falsified financial reports, inflating revenue by 2.499 billion yuan and profits by over 100 million yuan through fraudulent activities [3][4] - The company and its management faced fines totaling 38.4 million yuan, with key executives banned from the securities market for life due to continuous financial fraud and obstruction of regulatory inspections [4] Summary of *ST Tianmao - *ST Tianmao has submitted a voluntary delisting application after failing to disclose its 2024 annual report and 2025 Q1 report within the legal timeframe [5] - The company offered a cash option to dissenting shareholders at a price of 1.60 yuan per share as part of its delisting plan [5] - The trend of regular delistings has accelerated, with a significant number of companies facing strict enforcement of delisting regulations [5] Post-Delisting Accountability - Companies that have been delisted, such as Longyu, continue to face penalties for past violations, with fines imposed for financial misconduct and market bans for key individuals [6] - Regulatory bodies are emphasizing the importance of accountability for delisted companies to prevent evasion of responsibilities [5][6]