Over 160 companies triggered risk warnings this year as market-based delisting ecosystem accelerates

Regulation
โดย 央广财经·CN·Read original
Summary · why it matters

The China Securities Regulatory Commission recently released its accounting supervision report on annual financial reports of listed companies for 2025. It shows that 214 listed companies that disclosed annual reports on time received non-standard audit opinions, including 87 with qualified opinions and 18 with disclaimers of opinion. According to Wind data, as of August 19, more than 160 A-share listed companies had been placed under ST or asterisk ST risk warnings this year, with over 140 added since the second quarter. They include former semiconductor leader with a market value of 100 billion yuan, now known as ST Wingtech, and the veteran ChiNext company ST Huayi. The triggers were mainly financial underperformance or loss of financial credibility. For example, ST Zhongshe was flagged because total profit, net profit, and net profit excluding non-recurring items were all negative, while revenue excluding non-recurring items failed to reach the 300 million yuan threshold. ST Weiling simultaneously triggered negative net assets at period end and a disclaimer of opinion on internal control auditing. Dozens of companies such as ST Jiaoang, ST Rebecca, and ST Guangtang were placed under risk warnings for financial fraud or distorted financial data. Regulatory compliance risks were also prominent. ST Xilinmen was flagged because the controlling shareholder's non-operating fund occupation and outstanding irregular guarantees each exceeded 5 percent of net assets, and internal control received an adverse opinion. ST Jinhongshun received an additional risk warning due to an adverse internal control opinion and non-operating fund occupation of 107 million yuan by actual controller Liu Xu. Regulators are accelerating the establishment of a normalized delisting framework. In April 2026, the Shanghai, Shenzhen, and Beijing stock exchanges revised trading rules, adjusting the daily price limit for risk-warning stocks on the Shanghai and Shenzhen main boards from 5 percent to 10 percent, effective July 6. The four major mandatory delisting standards covering financial, trading, regulatory compliance, and major illegal conduct categories have been comprehensively upgraded.

Impact on stocks 9

Others▼ · 9 stocks
Wingtech Technology Co Ltd
600745
▼ NegativeRegulationrelevance

Former semiconductor leader now ST Wingtech triggered risk warning due to financial underperformance or loss of financial credibility.

Xilinmen Furniture Co Ltd
603008
▼ NegativeRegulationrelevance

ST Xilinmen flagged for controlling shareholder's fund occupation and irregular guarantees, internal control adverse opinion

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