Since the start of the year, the A-share market ecosystem has been undergoing continuous optimization. According to incomplete statistics, as of June 15th, more than 20 companies have been delisted or are on a confirmed path to delisting, including those already delisted, those in the delisting arrangement period, and those whose listing has been terminated. This trend highlights a clear pattern of enforcing delistings where warranted, utilizing multiple exit channels, and allowing the market to naturally select winners and losers.

A legal expert from a Shanghai-based law firm commented that the principle of "enforcing delistings where warranted" has become a market consensus. In the long run, as delisting becomes a regular occurrence, the "shell value" of A-share companies will gradually diminish. Investors are advised to exercise caution regarding companies labeled with *ST or ST, avoiding the trap of speculating on underperforming stocks.

Delisting encompasses both compulsory termination of listing and voluntary termination of listing. Compulsory delisting is further categorized into four types: trading-based, financial-based, compliance-based, and major violation-based.

Data from Wind Information shows that, as of June 15th, nine companies have officially been delisted from the A-share market. Among these, three were delisted for triggering trading-based indicators such as "total market value falling below five billion yuan," five were delisted due to compliance issues related to auditing or information disclosure, and one case involved a voluntary delisting. Notably, the delisting of Guangdao on January 5th marked the first instance of a compulsory delisting due to major violations since the establishment of the Beijing Stock Exchange, signaling the comprehensive coverage of exit mechanisms across the multi-layered capital market.

Beyond the companies already officially delisted, another group has entered the delisting arrangement period. Wind data indicates that as of June 15th, seven companies, including Guohua, Yanshi, Panda, Chuangxing, Huke, Huarong, and Taihe, have entered this period and have not yet been formally delisted.

Simultaneously, companies such as Guohua (with a *ST designation), Tianlong (with a *ST designation), Sailong (with a *ST designation), and Hengjiu (with a *ST designation) have announced receiving preliminary notices of termination of listing from the stock exchanges.

Furthermore, efforts are underway regarding China International Capital Corporation's proposed absorption of Dongxing Securities and Cinda Securities through a share swap, with the Shanghai Stock Exchange having formally accepted the application. The number of voluntary delisting cases is increasing, with industrial consolidation emerging as a core driving force behind this trend.

A partner from a major Shanghai law firm noted that as a healthy ecosystem of market selection and orderly exit takes shape in the capital market, it will become increasingly difficult for low-quality companies to exploit loopholes based on single indicators, and their exit from the market is expected to accelerate.