记者丨崔文静 编辑丨巫燕玲 视频剪辑丨许婷婷 退市公司即将再添两员！ 8月8日晚间，上市公司*ST高鸿、*ST天茂发布退市消息——*ST高鸿因涉嫌触及重大违法退市，被深交 所启动强制退市程序；已经四次发布退市风险警示提示公告的*ST天茂，则选择主动退市。 两家公司官宣退市背后，暗藏多重信息。其中最重要的有二个： 一方面，当前证监会重点严抓的重大违法退市，年内退市数量显著增加。 截至8月8日，2025年初以来摘牌退市的上市公司已经达到23家。若将进入退市整理期的上市公司计算在 内，年内触及重大违法强制退市的已达10家。 在业内人士看来，无论是主动退市，还是重点打击重大违法退市，亦或一年数十家的退市数量，均是退 市渠道畅通的体现，有助于资本市场生态的良好建设。 一夜之间，两家公司即将告别A股 8月8日晚间，两家已被*ST的上市公司——*ST高鸿、*ST天茂，官宣自己的退市命运。 另一方面，退市类型多元化，选择主动退市的上市公司数量增加。年内已有*ST天茂、玉龙股份、中航 产融、中国重工、海通证券5家上市公司主动退市。 而从主动退市原因来看，既有远未触及退市指标的吸收合并类型，比如中国重工、海通证券；也有徘徊 在退 ...

记者丨崔文静 编辑丨巫燕玲 视频剪辑丨许婷婷 退市公司即将再添两员！ 8月8日晚间，上市公司*ST高鸿、*ST天茂发布退市消息——*ST高鸿因涉嫌触及重大违法退 市，被深交所启动强制退市程序；已经四次发布退市风险警示提示公告的*ST天茂，则选择主 动退市。 两家公司官宣退市背后，暗藏多重信息。其中最重要的有二个： 一方面，当前证监会重点严抓的重大违法退市，年内退市数量显著增加。 截至8月8日，2025年初以来摘牌退市的上市公司已经达到23家。若将进入退市整理期的上市 公司计算在内，年内触及重大违法强制退市的已达10家。 另一方面，退市类型多元化，选择主动退市的上市公司数量增加。 年内已有*ST天茂、玉龙股 份、中航产融、中国重工、海通证券5家上市公司主动退市。 而从主动退市原因来看，既有远未触及退市指标的吸收合并类型，比如中国重工、海通证券； 也有徘徊在退市边缘，如若不主动退市可能会被强制退市的，比如*ST天茂。 拉长时间线来看，我国最新一轮大力度退市制度改革自2020年开始，上市公司退市数量自此显 著增加。2024年新"国九条"及其配套措施的出台，使得退市制度在2020年修订基础上迎来调 整与完善，开启退市 ...

Core Viewpoint - The recent announcements of delisting by *ST Gaohong and *ST Tianmao highlight the increasing trend of delistings in the Chinese stock market, driven by stricter regulations and a focus on eliminating companies involved in significant violations [2][12]. Group 1: Delisting Trends - As of August 8, 2025, 23 companies have been delisted since the beginning of the year, with 10 of these being forced delistings due to significant violations [2][12]. - The types of delistings are diversifying, with an increase in companies choosing to delist voluntarily, including *ST Tianmao, Yulong Co., Zhonghang Chanyin, China Shipbuilding Industry, and Haitong Securities [2][15]. - The latest round of reforms to the delisting system began in 2020, leading to a significant increase in the number of delistings and a shift in the structure of delistings [2][9]. Group 2: Regulatory Environment - The regulatory focus has intensified on serious financial fraud and significant violations, with *ST Gaohong being the tenth company to enter forced delisting procedures due to such violations in 2025 [12][13]. - The new regulations aim to protect investors by supporting companies facing significant uncertainties to voluntarily delist, thereby enhancing the overall market ecosystem [3][11]. Group 3: Company-Specific Details - *ST Tianmao has opted for voluntary delisting, citing business restructuring and significant uncertainties, offering shareholders a buyback price of 1.60 yuan per share, which is higher than its last trading price [5][16]. - *ST Gaohong is facing forced delisting due to severe financial fraud, resulting in a fine of 1.6 billion yuan, with the chairman receiving the heaviest penalty of 750,000 yuan and a ten-year market ban [5][6]. - The delisting of *ST Gaohong is indicative of the severe consequences of financial misconduct, as it has been penalized for fraudulent activities and lack of commercial substance in its operations [5][6].

"A股市场正在逐步建立和完善一套稳定、规范、可预期的上市公司退市制度。"业内人士普遍认为，未 来，需要在严格执行、完善投资者保护、消除"壳价值"预期等方面持续发力，不断优化退市机制，推动 资本市场长期健康稳定发展。 据《金融时报》记者统计，今年截至8月7日，已有23家A股上市公司退市，其中，交易型退市（如股价 低于面值）的有8家，规范型退市的有7家，有3家企业为主动型退市，重大违法强制退市和财务型退市 的分别有3家、2家。 2025年以来，因触及重大违法类、交易类、财务类或规范类强制退市标准，类似上述的风险提示公告频 现。在监管明确应退尽退的严格政策导向下，A股"出清"速度持续加快。在刚刚过去的7月，便有9家企 业相继退市，与此同时，还有近百家企业被实施退市风险预警。 交易型退市成主因 拉长时间看，1999年以来，共计312家企业从A股退市。其中，2019年年初至今，退市企业数量为212 家，超过了前20年退市企业家数总和的两倍以上。 其中，2019年以前，有四成退市企业为主动型退市，如吸收合并、证券置换等；约三成为财务型退市， 如连续亏损四年；还有不到三成为规范型和交易型退市，如未要求如期披露定期报告、私有 ...

Core Viewpoint - Jinzhou Port is facing severe legal and regulatory challenges, including the arrest of two vice presidents and a significant risk of delisting due to financial misconduct and failure to disclose critical information [1][3][12]. Group 1: Legal Issues - Two vice presidents of Jinzhou Port have been arrested for violating important information disclosure laws [3]. - The company has been penalized a total of 38.6 million yuan, with Jinzhou Port itself fined 20 million yuan for various financial misconducts [2][7]. Group 2: Financial Misconduct - Jinzhou Port failed to disclose its 2024 semi-annual report by the legal deadline, releasing it only after the market closed on October 31 [5]. - The company engaged in financial fraud from 2022 to 2024, inflating profits through false trade and premature revenue recognition, with inflated profits of 36.1 million yuan (22.46% of total profit) in 2022, 68.1 million yuan (65.96%) in 2023, and 15.4 million yuan (62.05%) in Q1 2024 [6]. - Significant undisclosed fund occupation and illegal guarantees were reported, with amounts of 3.218 billion yuan (47.63% of net assets), 5.571 billion yuan (81.41%), and 4.991 billion yuan (70.70%) from 2022 to 2024, alongside a total guarantee amount of 2.98 billion yuan for related parties [7]. Group 3: Delisting Risk - Jinzhou Port has entered a delisting preparation period as of June 30, 2023, with the last trading day expected to be July 18, 2025, due to serious violations [12]. - The company is among eight others that have faced delisting procedures for major violations since 2025, highlighting a stricter regulatory environment [12][14].

Group 1: Market Overview - The A-share market has shown an "orderly progress" this year, with an increase in IPO activity and a normalization of the delisting mechanism [2][6] - As of June 24, 50 companies have successfully listed, raising approximately 37 billion yuan, indicating growth compared to the same period last year [2][4] - 13 companies have been delisted this year, a significant decrease from 53 in the previous year, reflecting a stricter enforcement of delisting regulations [5][6] Group 2: IPO Activity - Companies such as Haiyang Technology, Yingshi Innovation, and Huazhi Jie have recently entered the A-share market, contributing to the active IPO landscape [3][4] - Haiyang Technology, which focuses on nylon 6 products, and Yingshi Innovation, specializing in smart imaging devices, are among the notable IPOs, with Yingshi raising 1.938 billion yuan for its projects [3][4] - The revenue projections for Yingshi Innovation from 2022 to 2024 are 2.041 billion yuan, 3.636 billion yuan, and 5.574 billion yuan, respectively [3] Group 3: Delisting Mechanism - The delisting process has become more routine, with 150 companies receiving ST or *ST warnings this year, indicating a focus on corporate governance and compliance [6][7] - Companies like *ST Jiyuan and Zhonghang Chanyin have faced delisting due to poor performance and non-compliance, highlighting the market's shift towards eliminating "zombie companies" [5][6] - The regulatory environment is evolving, with a push for stricter delisting standards and improved investor protection mechanisms [9] Group 4: Long-term Implications - The orderly progress in the market is expected to optimize resource allocation, directing funds to growth-oriented companies and enhancing support for the real economy [6] - The quality of listed companies is anticipated to improve as low-efficiency firms are eliminated, compelling remaining companies to strengthen compliance and core competitiveness [6] - A cleaner market ecosystem will likely enhance investor confidence and market vitality, supported by a more market-oriented and legal framework [6]

Core Insights - The Shenzhen Stock Exchange (SZSE) has seen a significant increase in major asset restructurings among listed companies, with a year-on-year growth of 214% since September 2024 [1] Group 1: Company Restructuring - The SZSE has implemented reforms for mergers and acquisitions, allowing for rapid review of compliant companies and enhancing policy flexibility [1] - These reforms are aimed at assisting listed companies in transitioning to new productive forces [1] Group 2: Market Mechanism - The SZSE is deepening reforms of the delisting system to enhance the market mechanism, promoting a survival of the fittest approach [1]