Core Viewpoint - The article discusses the evolving landscape of delisting in the A-share market for 2025, highlighting the emergence of various delisting types and the ongoing reforms aimed at enhancing investor protection and market efficiency [1][3]. Delisting Types - The delisting structure has become increasingly diverse, with 11 companies delisted for trading issues, 9 for financial issues, 6 for voluntary delisting, 5 for major legal violations, and 1 for regulatory compliance [1]. - A record 15 companies have faced major legal delisting this year, indicating a significant increase in enforcement actions [1]. Voluntary Delisting - Voluntary delisting has emerged as a notable trend, with 6 companies opting for this route through shareholder resolutions and mergers [2]. - The rise of voluntary delisting is attributed to market-driven tools such as mergers and acquisitions, which help companies improve quality and provide a buffer for underperforming firms [2]. Regulatory Environment - The regulatory framework emphasizes that delisting does not exempt companies from accountability, with a multi-faceted approach to civil, administrative, and criminal liabilities being established [3][4]. - Companies that engage in financial fraud or information disclosure violations will still face repercussions even after delisting, as evidenced by recent penalties imposed on delisted firms [3][4]. Investor Protection - Investor rights remain intact post-delisting, with ongoing legal actions and representative lawsuits providing avenues for compensation [5][6]. - The establishment of a robust investor protection mechanism is crucial for maintaining confidence in the capital market, with recent regulatory proposals aimed at enhancing protections during the delisting process [6][7]. Market Reforms - Continuous reforms in the delisting system are aimed at creating a more market-oriented and normalized exit mechanism, promoting healthy capital market operations [6]. - Suggestions include optimizing delisting functions and improving re-listing mechanisms to encourage better governance and operational efficiency among delisted companies [6].

12月18日，中国资本市场迎来大事件——中国资本市场学会学术委员会正式成立，29位权威专家组 成"超级智囊团"，为资本市场高质量发展提供智力支撑。 证监会主席、中国资本市场学会会长吴清亲自出席成立会议并主持召开资本市场"十五五"规划专家座谈 会，释放出加强资本市场理论研究、提升智库支撑能力的强烈信号。 从月7月26日中国资本市场学会成立大会暨第一届第一次会员代表大会在上海召开，到12月18日学术委 员会的成立，短短五个月间，资本市场"国家队"智库建设完成关键跃升。 此次会议规格空前，中国证监会副主席、中国资本市场学会执行副会长李超，学术委员会主任委员李 扬，以及境内外学术委员会委员、专业委员会负责人、重点研究基地负责人等悉数出席。 学术委员会致力于加强学术研究、促进学术交流、鼓励学术创新、崇尚学术道德，深入开展学术评议、 咨询、宣传、交流活动，充分发挥学术引领、认知引导、咨政建言作用。随着29位来自政府部门研究机 构、高校、国际投行和市场一线的权威专家集结，资本市场理论研究正从零散化、碎片化走向系统化、 专业化，一场由"最强大脑"引领的资本市场理论创新浪潮已然开启。 29人"最强大脑"横空出世，资本市场迎来顶 ...

Core Viewpoint - The rapid development of China's wealth management industry has led to more diversified asset allocation channels for investors, but the protection of investor rights has become a focal point of social concern [2][3] Group 1: Market Overview - The total market capitalization of A-shares has surpassed 102 trillion yuan, with public fund sizes exceeding 32 trillion yuan and private fund sizes nearing 20 trillion yuan as of May 14 [4] - The broader financial market, including bank wealth management, insurance, and trust products, has a total scale of approximately 300 trillion yuan, with over 2 billion stock investors and 1.25 billion bank wealth management investors in China [4] Group 2: Investor Protection Issues - Middle and small investors face significant challenges in protecting their rights, often encountering infringement and fraud without effective means of recourse [2][4] - Information asymmetry places small investors at a disadvantage, complicating their ability to achieve stable income expectations and making it difficult to defend their legal rights when infringed [4][5] Group 3: Regulatory Developments - On May 15, the Supreme People's Court and the China Securities Regulatory Commission jointly issued guidelines to enhance investor protection and promote high-quality capital market development [6] - The new regulations aim to improve the market environment for investors, ensuring their rights are fully protected and fostering a positive market ecosystem [6] Group 4: Recommendations for Improvement - Experts suggest that enhancing investor education and awareness of risks is crucial, alongside establishing effective channels for dispute resolution [5][7] - There is a call for improved regulatory frameworks, including standardized information disclosure and the use of technology such as blockchain for better risk management [7]