● 本报记者 昝秀丽 *ST长药涉嫌严重财务造假，触及重大违法强制退市情形，将被依法启动退市程序；瓦轴集团发起以终 止瓦轴B上市地位为目的的全面要约收购；石家庄中院发布ST旭电普通代表人诉讼权利登记公告……一 组最新案例的进展勾勒出2025年A股退市领域的全新画像，"打假退市""占用退市""主动退市""退市不免 责""强化退市过程中投资者保护"等成为2025年的退市关键词。 从"退得下"到"退得稳"，2025年A股退市制度改革持续深化。随着多元出清机制愈发成熟、立体化追责 体系持续完善、基础制度供给不断加强，资本市场"有进有出、优胜劣汰"的良性生态将加速成形，为资 本市场高质量发展注入更强动力。 （上接A01版）资深市场专家桂浩明表示，新"国九条"强调严肃整治资金占用等重点领域违法违规行 为。在多方有力推动下，资本市场存量资金占用金额已明显下降。上述公司的成功解决方案，也给其他 存在类似问题的企业敲响了警钟：占用必偿还，整改有期限。 "总的来看，在新一轮退市制度改革落地后，退市标准完善、程序简化、渠道拓宽、监管加码，推动退 市结构愈发多元，资本市场'有进有出'的良性生态正加速构建。"南开大学金融发展研究院院长 ...

Core Viewpoint - The article discusses the increasing regulatory scrutiny and consequences faced by ST companies in the A-share market, highlighting a shift from speculative trading to risk-averse investment strategies as a result of ongoing reforms and a "zero tolerance" approach to financial misconduct [3][16]. Financial Misconduct and Penalties - ST Yuanzhi and *ST Lifang have been subjected to risk warnings and penalties due to long-term financial fraud, with *ST Lifang found to have inflated revenue by over 600 million yuan across three years [3][5][8]. - ST Yuanzhi was penalized for falsely reporting sales and rental income, leading to inflated revenues of approximately 336 million yuan and profits of about 93 million yuan from 2019 to 2021 [5][6]. - *ST Lifang's fraudulent activities included inflated revenues of 280 million yuan, 312 million yuan, and 46 million yuan for the years 2021 to 2023, with penalties totaling 40 million yuan imposed on the company and its executives [8][7]. Changes in Market Behavior - There is a notable shift in investor behavior from speculative trading in low-quality stocks to a more cautious approach focused on selecting high-quality investments, as indicated by the recent regulatory actions against ST companies [3][16]. - The article emphasizes that the market is moving away from the "炒差" (speculative trading) mentality towards a more mature investment philosophy that prioritizes risk management [18]. Financial Performance of Companies - Both ST Yuanzhi and *ST Lifang have reported significant financial losses in recent years, with ST Yuanzhi's net profit losses exceeding 400 million yuan from 2018 to 2022, and *ST Lifang's losses surpassing 1 billion yuan over five years [14][15]. - In 2023, *ST Lifang continued to report losses, with a net profit loss of approximately 62 million yuan in the first nine months [14]. Regulatory Environment - The article highlights the intensified regulatory environment for ST companies, with a focus on maintaining market integrity and eliminating fraudulent entities as part of the ongoing registration system reforms [16][17]. - The regulatory actions are seen as a necessary step to "clear the market" and ensure a healthier investment ecosystem [17].

Group 1 - Fuhong Hanlin announced that it will present clinical data for multiple drugs at the ESMO Asia 2025 conference, highlighting the Phase II results of its core asset PD-L1 ADC drug HLX43 in cervical cancer [1] - The development pipeline for PD-L1 ADCs is limited, with Pfizer's PF-08046054 being the fastest, currently in Phase III clinical trials, while HLX43 is leading in development [1] Group 2 - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. has entered a delisting adjustment period after receiving a decision from the Shanghai Stock Exchange to terminate its stock listing, reflecting increased regulatory efforts to clear companies with significant uncertainties in operational sustainability [2] - The delisting of *ST Wuzhong is a typical case of the recent trend in A-shares towards "survival of the fittest," aiming to optimize the market ecosystem and encouraging investors to focus on companies with solid fundamentals and governance [2] Group 3 - Beijing Hotgen Biotech Co., Ltd. and its partners plan to jointly invest in Beijing Yaojing Gene Technology Co., Ltd., with a total investment of 80 million yuan, which will increase Yaojing Gene's registered capital from 110 million yuan to 150 million yuan [3] - Despite the dilution of its stake in Yaojing Gene from 40.91% to 38.00%, Hotgen Biotech maintains its position as a significant shareholder, and the investment is expected to enhance the target company's R&D and operational capabilities [3] Group 4 - The controlling shareholder of Henan Tailong Pharmaceutical Co., Ltd. is planning a major share transfer that may lead to a change in company control, which could optimize the governance structure but also introduce uncertainties in operational strategy [4] - The recent actions in Henan's state-owned enterprise reforms suggest that this share transfer may be part of regional industrial consolidation, prompting investors to pay attention to the strength of the incoming party and potential asset integration [4]

Core Viewpoint - The article emphasizes the heightened risk of delisting in 2025 due to stricter regulations, urging investors to check their holdings to avoid potential losses from stocks that may be delisted [1][2]. Group 1: 2025 Delisting Regulations - The new delisting rules effective from January 1, 2025, lower the thresholds and shorten the procedures for delisting, making it harder for companies to evade penalties [1]. - Four categories of delisting triggers have been identified: 1. Financial delisting for main board companies with two consecutive years of revenue below 300 million and losses, leading to ST designation, and potential delisting if standards are not met in the third year [1]. 2. Regulatory delisting for companies with significant issues such as fund occupation exceeding 30% of net assets or 200 million, and failure to rectify within four months [2]. 3. Major violations leading to immediate delisting for fraudulent issuance or significant information disclosure violations [2]. Group 2: Risk Warning List - As of November 2025, multiple exchanges have published lists of stocks under delisting risk warnings, with a significant number of companies from various sectors including computer, biomedicine, and construction [4]. - Investors are advised to check their holdings against these official lists to identify any stocks that may be at risk of delisting [4]. Group 3: Self-Check Methods - Three reliable official channels for investors to check their holdings include: 1. The official websites of the Shanghai, Shenzhen, and Beijing stock exchanges, which have dedicated sections for delisting risk warnings [5]. 2. The National Equities Exchange and Quotations (NEEQ) website, which provides information on delisted stocks [5]. 3. The Giant Tide Information Network, which aggregates risk announcements from listed companies [5]. - Key self-check tips include avoiding low-priced small-cap stocks, focusing on revenue and net profit in financial reports, and being cautious of companies with fund occupation or financial fraud issues [5]. Group 4: Investor Rights and Remedies - In case investors hold stocks at risk of delisting, there are established channels for seeking compensation, such as applying for "advance compensation" if the company is found guilty of information disclosure violations [6]. - Investors can initiate collective lawsuits through registered law firms for cases involving financial fraud or deceptive issuance [6]. - It is crucial for investors to handle share rights confirmation promptly after delisting to recover some capital [6].

Core Viewpoint - The A-share market has seen a significant increase in companies being forced to delist due to financial fraud, with two companies, ST Suwu and ST Dongtong, being delisted on November 26, 2025, marking a historical high in such cases since 2025 [1][19][35] Summary by Relevant Sections Financial Fraud Cases - ST Dongtong engaged in systematic financial fraud from 2019 to 2022, inflating profits by a total of 52.23 million yuan in 2019, 58.77 million yuan in 2020, 79.48 million yuan in 2021, and 124 million yuan in 2022, with the latter amount representing 219.43% of the reported profit for that year [7][19] - ST Suwu inflated its operating income by over 1.7 billion yuan from 2020 to 2023, with non-operating fund occupation reaching 1.693 billion yuan, accounting for 96.09% of the company's net assets [14][17] Regulatory Actions - The Beijing Securities Regulatory Bureau imposed a fine of 229 million yuan on ST Dongtong and ordered corrective actions, while the actual controller, Huang Yongjun, was fined 26.5 million yuan and banned from the securities market for 10 years [13][19] - ST Suwu faced a fine of 10 million yuan, with its actual controller, Qian Qunshan, fined 15 million yuan and also banned from the securities market for 10 years [17][19] Changes in Regulatory Environment - The regulatory framework has been strengthened, with new delisting standards introduced that lower the thresholds for identifying financial fraud, allowing more companies to be included in the delisting scope [19][21] - The "three penalties" system (administrative, civil, and criminal) is being strictly enforced, with the potential for criminal charges and civil compensation for involved parties [21][23] Investor Protection Measures - The China Securities Regulatory Commission (CSRC) is enhancing investor protection measures, encouraging companies at risk of delisting to take proactive steps to compensate affected investors [23][24] - Legal actions for investor compensation have been initiated for ST Dongtong and ST Suwu, with specific timeframes established for eligible claims [23][24] Market Implications - The year 2025 has seen the highest number of companies delisted due to financial fraud, indicating a tightening of market regulations and a shift towards a more rigorous enforcement of compliance [35] - The ongoing crackdown on financial fraud is expected to purify the market environment, with a notable reduction in the number of companies engaging in systematic financial misconduct [35][37]

Core Viewpoint - The A-share market is entering the fourth quarter, prompting several companies on the brink of delisting to engage in protective measures to maintain their listings, including asset divestiture, debt restructuring, and strategic investments [1] Group 1: Asset Divestiture - Many listed companies are opting to divest loss-making assets to quickly improve their financial statements and escape delisting risks. For instance, *ST Nan Zhi plans to transfer real estate-related assets and liabilities worth 13.357 billion yuan for 1 yuan to an affiliate, aiming to shift from a loss-making real estate business to a light-asset urban operation service [3][4] - After the transaction, *ST Nan Zhi's total assets and revenue will significantly decrease, but its equity and net profit will increase substantially, with a projected net profit of 225 million yuan for 2024, an increase of 2.463 billion yuan compared to before the transaction [3] - Similarly, *ST Bu Sen announced plans to sell a 35% stake in its subsidiary for cash to focus on its core apparel business, which is expected to improve liquidity and optimize asset structure [4][5] Group 2: Mergers and Acquisitions - Some companies are looking to reverse their fortunes through acquisitions. For example, *ST Fan Li intends to acquire a 60% stake in Guangzhou Feng Teng for up to 28.8 million yuan to enhance its position in the internet marketing sector [7] - The acquisition includes performance assessment clauses requiring the target company to achieve specific revenue and profit targets from 2025 to 2027, indicating a strategic move to mitigate delisting risks [7][8] Group 3: Seeking Strategic Investors - In the context of ongoing adjustments in the liquor industry, *ST Yan Shi is actively seeking strategic investors to optimize resources and support sustainable operations, as it faces delisting risks following a significant loss in revenue and profit [10] - The company has implemented measures to clear inventory and focus on B-end customers, indicating a shift in strategy to adapt to market conditions [10] Group 4: Long-term Trends - Analysts suggest that while asset divestiture, mergers, and strategic investments may provide short-term relief from delisting pressures, the long-term trend of declining shell resource scarcity will persist. Companies must focus on core business, technological innovation, and governance optimization to survive in a competitive environment [11]

Core Viewpoint - The implementation of the new delisting regulations has led to an increase in the number of companies delisted from the A-share market, with a focus on eliminating companies involved in major violations and financial fraud [2][4][8]. Delisting Statistics - As of August 11, 2025, 23 A-share listed companies have been delisted, primarily due to financial issues, trading violations, major illegal activities, and voluntary delisting [2][8]. - In 2025, seven companies, including *ST Gaohong, are suspected of major violations leading to potential delisting, with three already completed [3][4]. Major Violations and Regulatory Actions - *ST Gaohong has been identified for serious financial fraud, with the China Securities Regulatory Commission (CSRC) issuing a notice indicating potential major illegal delisting [5][6]. - The fraudulent activities of *ST Gaohong spanned from 2015 to 2023, with inflated revenues totaling 198.76 billion yuan and profits of 76.23 million yuan [6]. Trends in Delisting - The number of companies delisted for fraud in 2025 has already surpassed the total for 2024, indicating a stricter regulatory environment aimed at cleaning up the market [4][6]. - The new delisting regulations, effective from January 2025, have clarified the signals for various types of delisting, including trading and financial delisting [8]. Active Delisting Cases - Companies like China Heavy Industries and *ST Tianmao are pursuing voluntary delisting, with mechanisms in place to protect minority shareholders through cash options [10][11]. - The proactive delisting of *ST Tianmao includes a buyback offer at a premium price, providing a clear exit strategy for investors [10]. Market Implications - The new delisting regulations are expected to shift the market focus from expansion to quality, allowing more resources for high-quality companies [11].

Core Viewpoint - The number of companies delisted due to fraud in 2025 has already surpassed the total for 2024, indicating an increased regulatory effort to eliminate "bad actors" from the market [1][4]. Summary by Sections Delisting Cases - As of August 11, 2025, 23 A-share listed companies have been delisted, primarily due to financial issues, trading violations, major illegal activities, and voluntary delisting [2][10]. - Since the implementation of the new delisting regulations in April 2024, there has been a notable increase in companies facing mandatory delisting due to major violations, with three companies already delisted for such reasons in 2025 [7][9]. Major Violations - From 2016 to the end of 2024, only nine companies were forcibly delisted due to major violations. However, in 2025 alone, seven companies, including *ST Gaohong, are suspected of major violations, with three already delisted [3][4]. - *ST Gaohong has been accused of severe financial fraud, with a total of 198.76 billion yuan in inflated revenue over nine years, leading to a potential mandatory delisting [6][12]. Regulatory Changes - The new delisting regulations aim to enhance the removal of "zombie" companies and "bad actors," while also broadening exit channels and improving investor protection [9][11]. - The regulations emphasize the importance of a balanced approach between clearing out poor-quality companies and protecting investor rights, with mechanisms like cash exit options for dissenting shareholders [12]. Market Transition - The ongoing delisting process is seen as a step towards a more mature market, encouraging investors to focus on fundamental values rather than speculative trading [4][12]. - The shift from "scale expansion" to "quality first" is expected to provide more resources and opportunities for high-quality companies in the long run [12].

Core Viewpoint - The implementation of the new delisting regulations has led to an increase in the number of companies delisted from the A-share market, with a focus on companies involved in major violations and financial fraud [2][6][10] Delisting Statistics - As of August 11, 2025, 23 A-share listed companies have been delisted, primarily due to financial issues, trading problems, major violations, and voluntary delisting [2][6] - Among these, 7 companies are suspected of major violations, with 3 already delisted [2][4] - The number of companies delisted for fraud in 2025 has already surpassed the total for 2024, indicating increased regulatory scrutiny [2][6] Case Study: *ST Gao Hong - *ST Gao Hong is facing forced delisting due to serious violations, as indicated by the China Securities Regulatory Commission (CSRC) [3][4] - The company has been found to have engaged in financial fraud from 2015 to 2023, inflating revenues by a total of 198.76 billion yuan and profits by 76.23 million yuan [4] - The fraudulent data was used in a non-public offering in 2020, raising 1.25 billion yuan, constituting fraudulent issuance [4] Regulatory Environment - The new delisting regulations, effective from January 2025, aim to enhance the removal of "zombie" companies and those involved in major violations [6][10] - The CSRC has emphasized the need for a balance between clearing out poor-quality companies and protecting investor rights [2][10] Types of Delisting - The delisting types include trading-related, financial-related, and voluntary delisting, with 9 companies delisted for trading issues and 2 for financial issues as of August 11, 2025 [6][7] - Companies like China Heavy Industries are undergoing voluntary delisting due to mergers, while others like *ST Tianmao are also opting for voluntary delisting amid business adjustments [8][9] Investor Protection Mechanisms - The new regulations include provisions for protecting minority shareholders during voluntary delistings, such as cash exit options [9][10] - For instance, *ST Tianmao has proposed a buyback at a premium price to provide a clear exit path for shareholders [9]