On the evening of May 22, 2026, four Shanghai-listed companies—*ST Panda (600599.SH), *ST Guohua (600636.SH), *ST Huarong (600421.SH), and *ST Yanshi (600696.SH)—announced simultaneously that they had received the "Decision on Terminating the Listing of Company Shares" from the Shanghai Stock Exchange.

According to the review results of the SSE and the disclosures in the company announcements, the shares of the four listed companies will officially enter a 15-trading-day delisting cooling-off period starting from June 1, 2026. During the cooling-off period, the stock abbreviations will be changed to "Delisted Panda," "Delisted Guohua," "Delisted Huarong," and "Delisted Yanshi," while the stock codes remain unchanged. The price fluctuation limit will be adjusted to 10%. After the trading of the delisting cooling-off period ends, the SSE will delist the shares of three companies within five trading days, and the company shares will officially cease listing and will be transferred to the National Equities Exchange and Quotations (NEEQ) for secondary listing transactions.

The four companies undergoing delisting in this batch, although all triggering financial delisting metrics, have different reasons for delisting, covering mainstream A-share delisting scenarios such as financial fraud, major internal control deficiencies, and loss of sustainable business operations, making them highly representative of the market.

The long-established listed company *ST Xiongmao was once a renowned "first stock of fireworks" in China. Its predecessor, Liuyang Fireworks, had been deeply engaged in the fireworks business for many years. However, subsequent business transformation failures, coupled with governance chaos, ultimately led to its delisting. The core reason for the company's delisting was the inability of the audit institution to express an opinion on its financial reports for two consecutive years and a negative opinion on its internal control report, which triggered major non-standard delisting indicators. Tracing back the announcement, the company was previously found to have engaged in fraudulent asset transfer transactions and illegal fund lending, deliberately concealing violations. Its internal control system had been ineffective for a long time, and issues remained unaddressed, with multiple risks accumulating to the point where its listing qualifications were completely lost.

The delisting of *ST Guohua, which has a central enterprise background, shattered the market's long-standing perception of "state-owned enterprises protecting their listings." The announcement showed that the company was delisted due to negative net profits for two consecutive years and annual operating revenue below the 300 million yuan delisting threshold, compounded by major negative opinions in its annual internal control audit report, triggering multiple forced delisting conditions simultaneously. The company's audited operating revenue for the current period did not meet the 300 million yuan standard, and the authenticity of its revenue was questionable, with the entire revenue recognition process unable to be verified. Critical business information such as logistics and title was missing, and the previously identified major internal control defects had never been fully remedied. Additionally, the company's previous information disclosures were contradictory, misleading market expectations about its listing protection.

Meanwhile, the delisting of *ST Huaring is due to the weakness of its core business, the continuous deterioration of its performance, and regulatory violations in financial disclosure. After deducting non-core business and non-commercially substantial revenue, the company's annual revenue is only 146 million yuan, far below the delisting threshold of 300 million yuan, and its net profit continues to be in deficit, completely losing the ability to sustain operations. In addition to failing to meet performance standards, the company was also criticized by the Shanghai Stock Exchange for inaccurate disclosure of annual performance forecasts, and the relevant penalties were recorded in the securities and futures market integrity file, indicating a severe lack of standardization in corporate governance. Since the implementation of delisting risk warning in the previous year, the company has failed to effectively improve its operational difficulties, ultimately unable to reverse the delisting outcome.

*ST Yanshi is the first "liquor-related" company to be delisted from the A-share market. The decision to terminate listing states that on April 29, 2026, *ST Yanshi released its 2025 annual report, showing a negative net profit and operating revenue below 300 million yuan for the 2025 fiscal year, with the financial report issued with a qualified opinion and the internal control report issued with an adverse opinion. According to relevant provisions of the "Stock Listing Rules," the company's stock has triggered delisting conditions.

All four companies have issued risk warnings, clearly stating that the liquidity of the company's stock will significantly decline after delisting, and investment risks will be significantly increased, reminding investors to trade rationally and make prudent decisions.

In recent years, the A-share capital market has continued to deepen its delisting system reforms, continuously optimizing delisting indicators for financial, regulatory, and major violation categories, compressing the space for trading of shell resources, and resolutely clearing out poor-quality listed companies. The simultaneous delisting of these four companies with diverse qualifications and backgrounds fully reflects the regulatory authorities' strict adherence to delisting rules and the principle of no differential treatment, with some analysts suggesting that the normalization of batch delisting is a significant sign of the A-share market's maturation.