Under the comprehensive registration system, the power of new delisting regulations is constantly emerging, and the "metabolism" of A-shares is further accelerating, and delisting diversification and normalization have entered a new stage. According to Wind data, as of June 25th, 9 A-share listed companies have been delisted this year due to various delisting situations; 20 companies are in the delisting and consolidation period, and multiple companies such as * ST Honggao and * ST Hongtu have already "locked in" delisting in advance. The number of delisted companies will reach a new high in 2023. In addition, 64 companies were subject to delisting risk warnings by the exchange. "With the implementation of the comprehensive registration system reform and the gradual improvement of the normalized delisting mechanism, A-shares will show a trend of withdrawal and accelerated liquidation, while the characteristics of" going in and out, survival of the fittest, Value investing "will also be further revealed." Tian Lihui, president of the Institute of Financial Development of Nankai University, told reporters. During the year, 9 companies were delisted. In 2022, A-share companies were delisted and the "acceleration button" was pressed. According to Wind data, the number of A-share delisting companies reached 50 in 2022, exceeding the total number of delisting companies in the previous two years. As of now, 9 companies have been delisted from A-shares due to various delisting situations this year. On June 8 this year, Yi Huiman, Chairman of the CSRC, said at the 14th Lujiazui Forum, "In recent years, the CSRC, together with relevant ministries and local party committees and governments, has strengthened the support for the good and limited the bad, effectively controlled the market entry and export, carried out in-depth special governance, and promoted the implementation of the normalized delisting mechanism to take effect." According to the delisting regulations newly revised by the Shanghai and Shenzhen Stock Exchanges in February 2023, Delisting can be divided into mandatory delisting and active delisting. Among them, compulsory delisting includes four types of situations: transaction type compulsory delisting, financial type compulsory delisting, normative type compulsory delisting, and major illegal type compulsory delisting. Specifically, among the 9 delisted companies mentioned above, 6 are subject to mandatory delisting in the trading category, 2 are subject to mandatory delisting in the financial category, and 1 is subject to mandatory delisting in the major illegal category. Why has the number of delisting continued to increase since the beginning of this year? Gui Haoming, chief market expert of Shenwan Hongyuan Securities, told reporters: On the one hand, the performance of listed companies last year was generally not ideal, coupled with the weak trend of the stock market, which led to an increase in the number of companies being forced to delist due to financial indicators, trading factors, and other factors, with the situation of 'face value delisting' being particularly prominent. On the other hand, from a deeper perspective, this is related to the investment philosophy of the A-share market gradually becoming more rational. In recent years, there has been a significant improvement in the situation of 'speculation', 'small speculation', and 'shell speculation' Poor quality companies are not favored, prompting such companies to retire completely Ye Xiaojie, director of the Finance Department of Shanghai National Accounting Institute and director of the Research Center for Annual Reports of Listed Companies, believes that the delisting of par value is a highly market-oriented delisting method, which faces less controversy and is highly efficient through comprehensive market gaming. Financial delisting is usually initiated after the annual report is disclosed, resulting in an increase in the number of 'face value delisting'. It is expected that the face value delisting will continue to increase in the future, which is in line with the logic of marketization and helps to accelerate the delisting process, "said Ye Xiaojie. Against the backdrop of the implementation of the comprehensive registration system reform and the establishment of a normalized delisting mechanism, there is a good balance between "entry and exit" and "survival of the fittest"