Recently, more and more delisting risk companies have locked in "face value delisting". On May 22nd, the stock price of * ST Soute fell to the limit and closed at 0.42 yuan per share. The closing price of the stock has been below 1 yuan for 20 consecutive trading days, locking in a "face value delisting". Currently, 6 A-share stocks have been delisted this year, with 4 being 'face value delisted', accounting for 67%. In addition, 7 have been locked for 'face value delisting'. As of now, there were as many as 11 stocks that were hit and locked out of "face value delisting" during the year. The interviewed experts stated that the effect of the 1 yuan delisting new regulation is gradually becoming apparent. The "face value delisting" runs throughout the year, promoting the survival of the fittest in the market. Investors need to be highly vigilant against the phenomenon of seeking restructuring guarantees before delisting, in order to prevent "fraudulent restructuring". Since the implementation of the new 1 yuan delisting policy at the end of 2020, the power of four "face value delisting" animals has gradually increased, and this year it has surpassed previous years. According to Wind Information data, as of May 22, 2023, since * ST Yisheng became the first "1 yuan delisted share" under the new regulations, the number of "1 yuan delisted shares" has increased to 8. Specifically, there were 3 in 2021, 1 in 2022, and 4 in 2023. When it comes to the increasing number of companies with "face value delisted" each year, Liu Junhai, the director of the Institute of Business Law at Renmin University of China, told Securities Daily that after the implementation of the stock issuance registration system, the value of "shell" continues to depreciate, and there has been a decrease in "shell speculation" and "shell selling" behavior. At the same time, after the implementation of the new delisting regulations, securities regulatory agencies strictly enforced the law, targeted "shell companies", and strengthened delisting supervision. As of now, there are still 7 stocks that have been locked for "face value delisting" this year* Four stocks, including ST Yikang, * ST Zhongtian, * ST Soute, and * ST Blue Light, have closed at less than 1 yuan for 20 consecutive trading days, locking in a "face value delisting"* Although ST Pangda, * ST Hongtu, and ST Meizhi have not yet reached 20 trading days, even if they continuously raise the limit for the remaining trading days, they cannot reach 1 yuan. Therefore, they have locked in the "face value delisting" in advance. From this perspective, there were at least 11 delisted shares worth 1 yuan in 2023, far exceeding previous years. "From the data point of view, the 'market clearing' effect of the new one yuan delisting rule is beginning to appear." Zheng Yu, a professor at the School of International Finance and Law of East China University of Political Science and Law, told the Securities Daily that, in terms of system design, the new one yuan delisting rule is an objective standard, and the current rule requires "withdrawal upon touch". There is no transition phase of the previous suspension of listing, and once the indicators are met, the market must be delisted. He further stated that from a market perspective, based on the implementation of the comprehensive registration system, as more front-end listed companies enter and investors have more choices, there will inevitably be "good companies being sought after and poor companies being left out". It is necessary to be cautious of the fraudulent restructuring. Further investigation by reporters revealed that nearly 70% of companies have repeatedly "taken off their hats". This phenomenon exists in 7 of the 11 companies mentioned above, which shows that the operating performance is unstable on the surface, but behind it, there are often serious risks such as operating difficulties, insolvency, and out of control internal governance. Liu Junhai believes that generally speaking, companies that touch or lock in their face value for delisting are worried about their fundamentals and often face market risks and legal risks