After * ST Xinyi became the first delisting company to touch major violations during the year, the first "RMB 1 delisting" and the first financial delisting company also surfaced during the year. Experts in the industry said that since the implementation of the new regulations, the market withdrawal mechanism should be continuously improved. With the gradual approach of the comprehensive registration system and the accelerated formation of the normalized delisting mechanism, it will accelerate the metabolism of a shares and optimize the resource allocation efficiency of the capital market. Several companies sounded delisting alerts On March 25, * ST egger fell the limit again to close at 0.68 yuan, closing at less than 1 yuan for the 16th consecutive trading day. According to this calculation, even if the daily limit is closed for the next four trading days, the share price of * ST egger will still be less than 1 yuan, thus touching the delisting rule that the closing price is less than 1 yuan for 20 consecutive trading days. This means that * ST egger is basically locked in delisting, becoming the first company to "delist for 1 yuan" in 2022. At the same time, the first company to touch the financial delisting index during the year also surfaced. On the evening of March 24, * ST Changdong announced that the company's 2021 annual report showed that the net assets attributable to the shareholders of the listed company in 2021 were negative, the net profits attributable to the shareholders of the listed company were negative, and the financial accounting report was issued by the accounting firm with an audit report that could not express an opinion. The company's shares touched the terms of termination of listing on the Shenzhen Stock Exchange. According to the relevant provisions of the Shenzhen Stock Exchange, the trading of the company's shares will be suspended from March 25, 2021. Prior to this, the first company involved in major illegal compulsory delisting during the year has appeared. On the evening of March 22, * ST Xinyi announced that in view of the termination of the listing of the company's shares by the Shanghai Stock Exchange, according to relevant regulations, the company's shares will enter the delisting and consolidation period on March 30, 2022. According to the administrative punishment decision of the CSRC, * ST Xinyi made financial fraud for two consecutive years in 2018 and 2019. After retroactive adjustment, the actual operating income of the company for three consecutive fiscal years from 2018 to 2020 was less than 10 million yuan, touching the situation of major illegal compulsory delisting. In addition, a number of listed companies sounded the delisting alarm. In addition to * ST Changdong, on March 25, * ST Jitang issued the 22nd risk warning announcement that the company's shares may touch major illegal compulsory delisting and be terminated from listing. More than a dozen companies such as Shennan shares and Yihua health have the possibility of being forcibly delisted due to financial delisting indicators. Recently, they have issued risk warning announcements that their shares may be delisted. Since the implementation of the new delisting regulations, the delisting speed of a shares has accelerated significantly. According to the Research Report of Haitong Securities, the number of delisting companies (excluding absorption and merger delisting) from 2019 to 2021 was 10, 16 and 20 respectively, with a year-on-year growth rate of 100%, 60% and 25% respectively. The number of delisting companies in these three years accounted for 31% of the total delisting number of a shares. "After the new delisting system abolished the suspension of listing, resumption of listing and re listing, a large number of junk stocks will no longer be fried, and the game of shell speculation and gambling has basically ended, which also makes the 1 yuan delisting standard play an effective role." Dong Dengxin, director of the Institute of Finance and securities of Wuhan University of science and technology, said. The normalized delisting mechanism has been gradually formed Since the implementation of the new regulations on delisting, the relevant mechanisms have been continuously improved, and "retreat as much as possible" has become a market consensus. On February 25, the CSRC publicly solicited opinions on the guidance on improving the post delisting supervision of listed companies, aiming to meet the requirements of the registration system reform and normalized delisting, and further improve the post delisting supervision of listed companies. Subsequently, the exchange, the national stock transfer Corporation and China Clearing issued supporting implementation measures and solicited public opinions. GUI Haoming, chief market expert of Shenyin Wanguo Securities Research Institute, told the reporter of Economic Information Daily that since the implementation of the new delisting regulations, it has played two major roles: one is to effectively deter violations and counterfeiting; Second, the seriousness of the legal system has been strengthened, which has released an important signal to the market - withdraw if you fail, and there is no room for maneuver, which also makes some people who speculate in ST shares stop thinking. With the imminent implementation of the comprehensive registration system, the formation of a normalized delisting mechanism will accelerate the metabolism of a shares. "The new delisting regulations provide a very important part of the market registration system." Fu Lichun, an economist and founding partner of Yuntai capital, said that with the gradual improvement of delisting rules, various types of delisting gradually appear, which is a very important and meaningful phenomenon and signal. Many of the above interviewed experts believe that with the continuous improvement of the delisting system, the number of delisting companies will continue to increase. The survival of the fittest of listed companies will also ensure the stability and long-term development of the capital market. Dong Dengxin believes that with the implementation of the comprehensive registration system, the inclusiveness of the A-share market will be greatly improved, so the delisting system is required to be more strict. "The normalized delisting mechanism of a shares is gradually taking shape." Xun Yugen, chief analyst of Haitong Securities, said in the research report that the delisting system is an important supporting system for the implementation of the registration system, which helps to ensure that the market ecology under the registration system can realize the self purification of the survival of the fittest, realize the dynamic balance of the number of A-share listed companies, alleviate the capital pressure on the market caused by the issuance of listed companies, and also help to optimize the resource allocation function of the capital market. (Xinhua News Agency)