Core Viewpoint - The A-share delisting ecosystem is undergoing profound changes, with a significant increase in both mandatory and voluntary delistings, reflecting a shift from policy deterrence to normalized execution of delisting mechanisms [3][4][5]. Regulatory Changes - As of this year, 23 A-share companies have completed delisting, with 9 companies delisted in July alone. The types of delistings have shifted, with a notable increase in mandatory delistings due to major violations and voluntary delistings [3][4]. - Regulatory bodies have improved the efficiency of handling major violations, with some companies facing criminal charges post-delisting, indicating a "zero tolerance" approach to regulation [3][4]. - The execution of delisting has become faster, more precise, and harsher, with a significant reduction in the time from investigation to punishment, effectively eliminating opportunities for market speculation [4][5]. Delisting Cases - The case of *ST Jinkang illustrates the rapid process of delisting due to financial fraud, taking only about two months from the administrative penalty to formal delisting [5]. - There has been a marked increase in major violation delistings compared to the previous year, with 9 companies facing administrative penalties for financial fraud, triggering mandatory delistings [4][5]. Voluntary Delistings - There has been a rise in voluntary delistings, with 5 companies opting for this route this year, driven by factors such as strategic mergers and significant operational uncertainties [8][9]. - Companies like Yulong Co. and AVIC Industry have set cash options for investors during voluntary delistings, often at prices above the last trading price, to protect small investors [8][9]. Strategic Implications - The trend of voluntary delisting is shifting from a last resort to a strategic choice, allowing companies to escape short-term performance pressures and focus on long-term restructuring [9]. - Benefits of voluntary delisting include reduced operational costs and the ability to concentrate on risk management during periods of uncertainty [9].