Log in to the Sina Finance APP and search for [Disclosure] to view more rating levels. For stock trading, see the Jin Qilin analyst research report — authoritative, professional, timely and comprehensive, helping you uncover potential thematic opportunities! (Source: Economic Information Daily) The delisting structure of the A-share market is undergoing change. Data shows that since 2026, 21 companies in the A-share market have been delisted one after another, with financial delisting and major violation delisting becoming the main force in market clearing. Industry insiders point out that delisting has become a regular clearing mechanism in the A-share market, helping to improve the closed-loop ecology of market survival of the fittest, and is conducive in the long run to the steady and long-term development of the capital market.

Multiple companies are about to be delisted

Recently, a number of A-share listed companies announced that they are about to be delisted. *ST Yuandao (rights protection) recently announced that the Shenzhen Stock Exchange decided to terminate the listing of the company's shares, and the company's shares will enter the delisting arrangement period on September 30, with the expected final trading date being October 27, 2026. On July 8, 2022, the company was listed on the ChiNext board, and from listing to delisting, it experienced only a little more than four years. Public information shows that from 2019 to 2021, the company inflated its operating revenue by 65.9 million yuan, 160.69 million yuan and 263.63 million yuan through methods such as fabricating workload confirmation forms, accounting for 8.75%, 13.12% and 16.23% of the operating revenue for 2019 to 2021 disclosed in the company's prospectus, respectively. Because the company fabricated major false content in the securities issuance documents it announced, it touched the circumstance of compulsory delisting for major violations. *ST Qingyue (rights protection) recently announced that due to touching par value delisting, it received an advance notice from the Shanghai Stock Exchange on termination of listing. The company's announcement shows that as of September 10, 2026, the company's stock had recorded a daily closing price below 1 yuan for 20 consecutive trading days, touching the circumstance of termination of listing. In addition, on May 8 this year, the China Securities Regulatory Commission announced that upon investigation, Qingyue Technology inflated profits in its 2021, 2022 and 2023 semi-annual reports, and was suspected of fraudulent issuance and violations of laws and regulations in periodic report information disclosure. *ST Cuihua (rights protection) also recently received an advance notice from the Shenzhen Stock Exchange on termination of listing, because it failed to disclose its 2025 annual report within the statutory period, and still failed to disclose it within two months from the date when its stock trading was subject to delisting risk warning. Earlier, the China Securities Regulatory Commission also reported that it seriously investigated and dealt with the serious financial fraud case of *ST Zhuoran (rights protection). Upon investigation, *ST Zhuoran had acts such as inflating profits in relevant years, seriously violating securities laws and regulations. The China Securities Regulatory Commission plans to impose a fine of 12.5 million yuan on the listed company, a total fine of 35.8 million yuan on six responsible persons, and a 10-year securities market ban on the actual controller. *ST Zhuoran is suspected of touching the circumstance of compulsory delisting for major violations, and the Shanghai Stock Exchange will initiate delisting procedures in accordance with the law.

The proportion of financial delisting is rising

The delisting system is a key foundational system of the capital market. In 2024, the new "National Nine Articles" clearly pointed out that it is necessary to deepen the reform of the delisting system and accelerate the formation of a regular delisting pattern in which companies that should be delisted are delisted and cleared in a timely manner. The "Opinions on Strictly Implementing the Delisting System" issued by the China Securities Regulatory Commission in April of the same year proposed that it is necessary to smooth diversified delisting channels. Strictly enforce compulsory delisting standards for financial indicators, trading indicators, standardized operation and major violations. After more than two years of practice, while gradually achieving regular delisting, the delisting structure of the A-share market is also changing. Wind statistics show that since 2026, 21 listed companies in the A-share market have completed delisting one after another, including 13 financial delistings, 4 compulsory delistings for major violations, and 3 trading-type delistings. The combined proportion of financial and major violation delistings exceeded 80%. By comparison, in 2025, a total of 29 listed companies in the A-share market completed delisting, including 10 trading-type delistings, 8 financial delistings, and 4 compulsory delistings for major violations; in 2024, a total of 52 listed companies in the A-share market completed delisting, including 39 trading-type delistings, 8 financial delistings, and 2 compulsory delistings for major violations. In addition, since 2024, 6 B-share companies have also completed delisting. Overall, in the past two years, the delisting pattern of the A-share market is shifting from being dominated by trading-type delisting to being dominated by financial and compulsory delisting for major violations. Tian Lihui, a professor of finance at Nankai University, believes that the delisting logic of the current market has changed: standards have shifted from single to multiple, financial indicators have tightened, and compulsory delisting for major violations has increased significantly. "Delisting does not exempt responsibility" has become a rigid constraint. The 13 financial delistings and 4 major violation delistings in 2026 show that delisting has changed from a marginalized operation to regular clearing, and the rule-of-law and market-oriented foundation for market survival of the fittest has initially taken shape. Li Chao, vice chairman of the China Securities Regulatory Commission, recently said that it is necessary to strictly implement and continuously improve the delisting system. He introduced that the China Securities Regulatory Commission has vigorously improved the regular delisting mechanism, and since 2024, 108 companies have been smoothly delisted. Next, it will continue to strictly control the entrance to issuance and listing, balance the relationship between inclusiveness and strict supervision, and continuously enhance the attractiveness of the A-share market to high-quality companies. It will continue to increase delisting supervision and give play to the deterrent effect of compulsory delisting. It will strengthen post-delisting supervision and investor protection during the delisting process, and resolutely prevent "delisting and letting it go."

Improving the ecology of market survival of the fittest

Industry insiders generally believe that the formation of a regular delisting pattern helps improve the ecology of survival of the fittest in the capital market, enhance the quality of listed companies, and strengthen market resilience. Chen Li, chief economist of Chuancai Securities, said that regular delisting helps improve the closed-loop ecology of survival of the fittest in the capital market. On the one hand, shell value is rapidly fading, and the risks of the old model of speculating on junk stocks and ST stocks in shell-preservation games have increased significantly. Market funds will gradually return to fundamentals, the concept of value investing will be further popularized, and valuation divergence will become more obvious. On the other hand, this also imposes higher requirements on institutional investors for fundamental research and risk control, forcing investment to be more prudent and reducing pure theme speculation. For listed companies, the expectation of rigid delisting also compacts operating and governance responsibilities. The entrance under the registration system and the exit through delisting are opened in both directions, and the overall quality of listed companies continues to improve, which is conducive in the long run to the steady and long-term development of the capital market and better service to the development of the real economy. Tian Lihui pointed out that regular delisting first helps repair the valuation system of the A-share market, accelerates the convergence of shell premiums, renders the strategy of speculating on small and poor stocks ineffective, concentrates funds toward high-quality assets, and improves the efficiency of resource allocation. Second, it helps drive the market investment ecology to shift from financing-oriented to a balance between investment and financing, making long-term funds more willing to enter the market and risk pricing more reasonable. Third, investor protection arrangements throughout the delisting process ease the impact, and the delisting board also becomes a place for value rediscovery. Overall, this is an inevitable pain for the A-share market on its way to a mature market, and it is beneficial in the long run to value investing and market resilience. Sina statement: This news is reproduced from a Sina partner media outlet. Sina.com publishes this article for the purpose of conveying more information and does not mean that it agrees with its views or confirms its descriptions. The article content is for reference only and does not constitute investment advice. Investors who operate based on this bear their own risks.