On the evening of April 7, *ST Guohua (000004.SZ) announced that its closing stock price was 3.71 yuan per share, corresponding to a total market capitalization of 491 million yuan. This marked the first instance where the company's total market value fell below the 500 million yuan threshold. Should the closing market value remain under 500 million yuan for twenty consecutive trading days, the company's shares will face termination of listing by the Shenzhen Stock Exchange, bypassing the delisting adjustment period. Additionally, the company forecasts that its 2025 net profit after non-recurring deductions will be negative, with post-deduction revenue below 300 million yuan, potentially triggering financial-based delisting criteria simultaneously.

In reality, *ST Guohua is not alone in facing market value delisting risks. Recent years have seen a notable increase in delisting cases due to low market capitalization, even surpassing the number of delistings caused by falling below par value.

Multiple companies are currently approaching market value delisting thresholds. On the evening of April 3, *ST Rocks (600696.SH) disclosed that its April 3 closing price of 1.49 yuan per share resulted in a market capitalization of 498 million yuan, dipping below 500 million yuan for the first time. If this condition persists for 20 consecutive trading days, the Shanghai Stock Exchange will terminate the listing without entering a delisting adjustment period. The company also anticipates 2025 revenue under 300 million yuan with both pre- and post-deduction net profits in negative territory. Furthermore, significant uncertainty exists regarding the resolution of qualified opinions in its 2024 audit report. Should its 2025 financial statements receive a non-unqualified audit opinion, the company would face termination under financial delisting rules. By the close of April 8, *ST Rocks' share price had dropped to 1.39 yuan with a market cap of 465 million yuan, remaining below 500 million yuan for three consecutive trading days.

Separately, three companies have already confirmed market value delisting eligibility in 2026, with either pending or completed delistings. For instance, *ST Aowei was delisted after its market value stayed below 500 million yuan for 20 consecutive trading days, completing the process on March 27. Meanwhile, *ST Jinglun and *ST Wanfang have met market value delisting criteria. Specifically, *ST Jinglun received a pre-delisting notice from the Shanghai Stock Exchange on April 3, confirming 20 consecutive trading days below the 500 million yuan threshold. As for *ST Wanfang, its April 8 closing price of 1.04 yuan per share translated to a 324 million yuan market cap, marking 17 consecutive days below the threshold. Even with three consecutive daily limit gains, the company's market value would remain under 500 million yuan.

Regulatory changes have intensified delisting oversight. In April 2024, both Shanghai and Shenzhen exchanges revised market value delisting rules, raising the threshold for mainboard A-share companies (including A+B shares) from 300 million yuan to 500 million yuan effective October 30, 2024. A transition period from late April to late October maintains the 300 million yuan standard, while thresholds for B-shares, ChiNext, and STAR Market companies remain at 300 million yuan. In mid-June 2024, Jianche B announced its market cap had stayed below 300 million yuan for 20 consecutive trading days, triggering compulsory delisting. It was delisted on August 22, 2024, becoming the first B-share company delisted due to market value. On September 2, 2024, *ST Shentian became the first A-share company delisted under the same mechanism.

Statistics show 50, 46, 55, and 31 delisted companies in 2022 through 2025 respectively, indicating consistently high delisting volumes post-regulatory reforms. Breakdowns reveal that among 2024's 55 delistings, 41 resulted from sub-par value, 10 from financial triggers, 2 from major violations, 1 from market value, and 1 voluntary withdrawal. By contrast, 2025's 31 delistings included 9 financial triggers, 6 sub-par value, 4 market value, 6 voluntary applications (including 3 mergers), 4 major violations, and 1 regulatory non-compliance. Notably, sub-par value delistings decreased sharply in 2025 while other categories rose.

So far in 2026, four companies have been delisted: two for major violations, one voluntarily, and one for market value triggers. No delistings have occurred due to 20 consecutive trading days below 1 yuan—a significant shift from previous years.