At the end of the year, it was time for the listed companies to "protect the shell". In recent years, delisting risk companies have taken frequent "self rescue" actions, which can be described as a variety of ways: there are cheap houses to sell subsidiaries, there are flash mergers and acquisitions, and there are new companies to set up to increase income suddenly... This has attracted the attention of the regulatory authorities. Since November alone, dozens of listed companies have received the inquiry letter issued by the Shanghai and Shenzhen Stock Exchanges, requesting them to explain the abnormal financial data. At the moment when they are about to be kicked out of the A-share market, it seems understandable that some listed companies "struggle to the death" and make every effort. However, taking shortcuts and showing "financial technology" like "shell protection", which lack the ability of sustainable operation, is not only not conducive to the continuation of A-share life of listed companies, but also may pay a heavy price for illegal operations, which is more harmful to the long-term healthy development of the capital market. First of all, under the background that the regulatory authorities severely cracked down on evading delisting, it is increasingly difficult for listed companies to muddle through "fancy protection". With the in-depth implementation of the new delisting regulations, in recent years, the regulatory authorities have continuously increased their efforts to clear the market, closely followed the year-end surprise trading behavior of listed companies, strengthened the "thorough inquiry" type of inquiry, and carried out on-site inspections, so that enterprises violating the "shell protection" rules have no place to hide, and they should resolutely withdraw. Since the beginning of the year, 24 companies have been forced to delist in Shenzhen Stock Exchange alone, which is close to the total number of forced delisting in the past three years. Among them, there are many listed companies that have been investigated for financial fraud and credit fraud, imposed high fines or taken lifelong measures against the actual controller of the company to ban access to the securities market. To say the least, even if the listed companies have succeeded in "shell protection" through surprise transactions and solved the "urgent need" of delisting, they may have buried more hidden dangers and ultimately lost more than they deserved. According to the new rules on delisting, if the audited net profit of a listed company in one year is negative and the operating income is less than 100 million yuan, it will be warned of delisting risk. If the financial indicators fail to meet the standards for two consecutive years, it will be forced to delist. In order to seize the opportunity of self rescue in the last year, some listed companies are eager to enlarge their revenues and increase their net profits by means of mergers and acquisitions, but ignore the high premium, poor quality and difficulties in industry coordination of the target assets of mergers and acquisitions. After these non-performing assets are finally placed in the company, although short-term financial indicators have been improved, they have dragged down the medium and long-term performance of the enterprise, not only failing to play the role of "bringing the dead back to life", Instead, it further pushed listed companies into the abyss of delisting and even bankruptcy. In the longer term, the "fancy casing" of listed companies is detrimental to the resource allocation function of the capital market and is not conducive to the long-term healthy development of the A-share market. A standard, transparent, dynamic and resilient capital market should be a market where there is progress and retreat, where the fittest survive and the fittest die out. It should be a market where listed companies focus on the main business and operate in a standardized manner. If the market is full of "shell companies" and "zombie companies", and the "immortal bird myth" is frequently staged, then the scarce financial resources will be difficult to be effectively utilized, the value of excellent enterprises will not be revealed, and the valuation of low-quality enterprises will be falsely high. "Bad money keeps driving out good money", speculation will prevail, and the overall development of listed companies will also be backfired. It is not conducive to the improvement of its own business level, but also to the healthy and orderly operation of the capital market. Countless practices have