In recent years, the number of delisted companies in the A-share market continues to rise. As of May 27, 2026, a total of 22 companies have been delisted or are in the process of being delisted, involving various reasons such as financial delisting, major illegal activities leading to compulsory delisting, trading delisting, and voluntary delisting.
According to a report from “21st Century Economic Herald” on May 29, as of May 27, there have been 22 companies in the A-share market delisted or set to be delisted this year, covering categories such as financial delisting, major illegal activities leading to compulsory delisting, trading delisting, and voluntary delisting. Among them, 13 companies were delisted for financial reasons, 4 for major illegal activities, 3 for trading issues, and 2 for voluntary reasons. The majority of delisted companies belong to the financial category, accounting for nearly 60%.
Furthermore, as reported on May 27 by “21st Century Economic Herald,” among the 22 companies, 5 have already been delisted, including Debon Shares, which voluntarily delisted, and *ST Changyao, *ST Lifang, *ST Aowi, and *ST Jinglun, which were compulsory delisted due to significant financial fraud or market capitalization dropping below 500 million yuan.
Another 7 companies are awaiting delisting, including Waveshi B, *ST Guandian, *ST Wanfang, *ST Huarong, *ST Yanishi, *ST Guohua, and *ST Xiongmao; while 10 companies are in the hearing stage or already set for delisting. Among them, 8 companies including *ST Tianlong, *ST Taihe, *ST Chuangxing, *ST Guohua, *ST Huke, *ST Yunchuang, *ST Sailong, *ST Hengjiu have received prior notification letters; *ST Yuandao, *ST Qingyue have been set for delisting due to IPO fraud.
“Delisting” means that the company’s stocks are being removed from the stock exchange.
These delisted companies have exposed various issues, including financial fraud, fund misappropriation, hollowing out of core business, failure of internal controls, and trading-related risks. For instance, *ST Changyao was found to have inflated revenue by over 700 million yuan over three years; some companies faced problems of major shareholders misappropriating funds; and others tried to maintain their listing status by expanding into new ventures through acquisitions or mergers after their core businesses shrank.
Internal control issues have also been a significant factor in the delisting of many companies. Some companies have received audit opinions stating “unable to express an opinion” or internal control negative opinions on their financial reports continuously, ultimately leading to delisting conditions. Additionally, some companies triggered trading delisting standards due to prolonged low stock prices or market values.
Previously reported by Dajiyuan, four companies in the A-share market are facing delisting, affecting approximately 60,000 shareholders. *ST Yanishi, *ST Xiongmao, *ST Guohua, and *ST Huarong announced on the evening of May 22 that their stocks have been decided to be delisted by the Shanghai Stock Exchange. The stocks of these four companies are expected to enter the delisting period on June 1, with the final trading day anticipated to be on June 22.
Among them, *ST Yanishi, *ST Guohua, *ST Huarong all had negative net profits in 2025 and operating income below 300 million yuan; *ST Yanishi and *ST Xiongmao also had abnormal audit opinions on financial reports or internal controls. These four companies were all included in the list of delisted or set to be delisted in the A-share market this year.
Dajiyuan also previously reported that Lucky Cube Technology was delisted due to continuous financial fraud for three years. The company was found to have inflated revenue by more than 600 million yuan from 2020 to 2022 through fictitious equipment sales and other means, triggering a compulsory delisting scenario.
Public reports show that in recent years, listed companies in mainland China have faced prevalent issues of financial fraud, false disclosures, fund misappropriation, and shrinking core businesses. Some companies have attempted to maintain their listing status through expansion, mergers, or financial management before delisting, only to enter the delisting process later due to financial indicators, audit opinions, or major violations.