Core Viewpoint - The acceleration of delisting in A-shares is driven by regulatory policies aimed at "retreating as necessary," with a total of 23 companies delisted this year due to various reasons, including financial issues and major violations [1][2][3]. Group 1: Delisting Trends - A total of 23 A-share companies have been delisted this year, with reasons including financial delisting, trading delisting, major violations, and voluntary delisting [1][2]. - The diversification of delisting types has led to an increase in companies choosing voluntary delisting, with *ST Tianmao being the fifth company to do so this year [1][2]. - The delisting process is becoming more streamlined and efficient, with a focus on enhancing the market's price mechanism and resource allocation capabilities [1][3]. Group 2: Regulatory Impact - The tightening of delisting regulations is seen as beneficial for investor protection, reducing "shell speculation" and optimizing market ecology [2][3]. - The new delisting rules have established clearer and stricter standards for major violations, particularly concerning financial fraud, which has led to an increase in companies being forced to delist due to financial issues [3]. - The number of companies delisted from 2020 to 2024 is projected to increase significantly, indicating a trend towards normalization and diversification of the delisting process [3]. Group 3: Recommendations for Improvement - Suggestions have been made to further clarify the delisting process and compress overlapping steps, enhancing the regulatory functions of exchanges to prevent companies from remaining inactive [4]. - There is a call for the establishment of a robust mechanism for accountability and penalties post-listing, as well as improved investor compensation mechanisms to protect the rights of small investors [4].

Group 1 - The core viewpoint of the articles highlights the increasing trend of companies facing delisting in the A-share market due to major violations, particularly financial fraud, with a significant rise in the number of companies entering delisting procedures in 2025 compared to previous years [2][4] - *ST Gao Hong has been forced to delist due to financial fraud, facing a hefty penalty of 160 million yuan, while *ST Tian Mao has opted for voluntary delisting, offering shareholders a cash option at 1.6 yuan per share [2] - In 2025, 10 companies have entered delisting procedures due to major violations, which is significantly higher than the 3 companies that faced delisting in the first five years following the 2014 regulations [2][4] Group 2 - Since the beginning of 2025, five companies have voluntarily delisted, including *ST Tian Mao, with others like Yulong Co. and AVIC Industry facing operational deterioration, while China Shipbuilding Industry and Haitong Securities delisted due to mergers [3] - The voluntary delisting process has included cash options for shareholders, such as 3.54 yuan per share for AVIC Industry and 13.2 yuan per share for Yulong Co., providing an exit strategy for small investors [3] - The structure of delisting is undergoing a significant transformation, shifting from being primarily finance-driven to a more diversified approach, with various categories of delisting including major violations, trading issues, financial problems, regulatory issues, and voluntary delisting [4]

Core Viewpoint - The article highlights the recent entry of two companies, Pengbo and Longyu, into the delisting arrangement period, indicating significant stock price risks in the A-share market [1][2][3]. Summary by Sections Company Overview - Pengbo, officially known as Pengbo Telecom Media Group Co., Ltd., has seen its stock price plummet, with a drop exceeding 64% to a low of 0.22 yuan. The company, once valued at over 600 billion yuan, now has a market capitalization of approximately 4 billion yuan, representing a decline of over 99% from its peak [4][6][7]. - Longyu, officially Shanghai Longyu Data Co., Ltd., also experienced a sharp decline, with its stock price falling over 45% during trading. The company is recognized as a green digital ecological service provider and a bulk commodity trading service provider [8][9][10]. Financial Reporting Issues - Both companies faced delisting due to their 2023 annual financial reports being issued with audit opinions that could not express a view. This led to the Shanghai Stock Exchange's decision to terminate their listings [7][10]. - Pengbo's stock was under delisting risk warning since May 6, 2024, and its 2024 annual report also received an audit opinion that could not express a view [7][10]. - Longyu similarly received a delisting warning and had its 2024 financial report audited with a negative opinion on internal controls [10]. Market Reactions - The stock prices of both companies saw drastic declines, with Pengbo's trading volume significantly increasing during the sell-off [4][8]. - The article notes that other companies, such as Longjin and Renrenle, are also entering the delisting arrangement period, indicating a broader trend of financial distress among A-share listed companies [12][13][14].

Group 1 - Several companies including *ST Longyu, *ST Pengbo, and *ST Renle are entering the delisting preparation period, which indicates a countdown to their removal from the A-share market [1][2] - The reasons for delisting include financial fraud, consecutive losses, and multiple regulatory investigations [1][4] - A total of 13 companies have been delisted this year, with notable cases including *ST Jiyuan and *ST Dongfang, which faced significant financial misconduct [3][4] Group 2 - *ST Longyu has been under financial scrutiny, receiving unqualified audit reports for two consecutive years, leading to its delisting risk warning [4][5] - *ST Pengbo has been involved in financial fraud and regulatory investigations, with its annual reports from 2012 to 2022 containing false records [4][5] - *ST Renle is facing delisting due to negative net assets and adverse audit opinions for both 2023 and 2024 [5] Group 3 - The regulatory environment is tightening, with the China Securities Regulatory Commission (CSRC) emphasizing that delisting does not exempt companies from accountability [6][7] - In 2024, 55 companies are expected to be delisted, an increase of 12 from 2023, reflecting a more rigorous enforcement of delisting rules [7] - New regulations have been introduced to enhance the delisting process, particularly for companies with significant financial misconduct and operational deficiencies [7]

近日， 中航工业产融控股股份有限公司（下称" 中航产融"，600705.SH）发布公告称，公司收到控股股东中航工业的函件，公司拟以 股东大会决议方式主动撤回A股股票在上海证券交易所的上市交易。3月28日，公司召开第九届董事会独立董事专门会议2025年第四次 会议，审议通过了《关于以股东大会决议方式主动终止公司股票上市事项的议案》。 制图：佘诗婕 主动退市 星标 ★ IPO日报 精彩文章第一时间推送 继玉龙股份(601028.SH)、海通证券（600837.SH）之后，又一家A股公司拟主动退市！ 主动退市分析 在中航产融发布主动退市的前一周，玉龙股份也做出了同样的选择。 3月21日，玉龙股份发布公告称，公司经营状况不佳，现金流持续恶化，公司经营面临重大不确定性，为保护中小股东利益，经公司控 股股东提议，并经公司董事会审议通过， 公司拟以股东大会决议方式主动撤回A股股票在上交所的上市交易，并申请股票进入全国中小 企业股份转让系统退市板块继续交易。 目前，玉龙股份处于停牌状态中，并将于4月7日召开公司 2025 年第二次临时股东大会，审议《关于以股东大会决议方式主动终止公司 股票上市事项的议案》。 需要指出的是，近 ...