Generally, there will be three risk warnings from ST to delisting. According to the regulations of the China Securities Regulatory Commission, listed companies will issue a "Delisting Risk Warning Announcement" before delisting. It will take about 2 years for stocks to be suspended from listing. Listed companies will publish annual losses for the third year. Stocks that have suffered losses for two consecutive years will be listed before their names. With ST, if you have suffered losses for three consecutive years, add *ST, and the risk will increase.

Stock delisting refers to the situation where a listed company actively or passively terminates listing because it fails to meet the relevant financial and other listing standards of the exchange, that is, it changes from a listed company to an unlisted company.

Delisting can be divided into active delisting and passive delisting:

Active delisting

It means that the company takes the initiative to delist according to the resolutions of the shareholders’ meeting and the board of directors. Regulatory authorities apply to cancel the "License" for the following reasons: the business period has expired and the shareholders' meeting has decided not to extend it; the shareholders' meeting has decided to dissolve; it is necessary to dissolve due to mergers or divisions; bankruptcy; and adjustment of structure and layout according to market needs.

Passive delisting

It means that a futures institution is forcibly revoked of its "License" by the regulatory authorities, usually due to major violations of laws and regulations or major risks caused by poor operation and management.

1. Privatization and delisting

Privatization and delisting are generally completed through voluntary delisting. For example, Liaohe Oilfield (000817) and Jinzhou Petrochemical (000763).

2. Delisting through share exchange

Delisting through share exchange is generally a voluntary delisting. After the share exchange and delisting, the original shareholders will become shareholders of another company. For example, after S Shandong Aluminum (600205) and S Lan Aluminum (600296) exchanged shares with Chalco (601600), the original shareholders of S Shandong Aluminum (600205) and S Lan Aluminum (600296) became Chalco. (601600) shareholders.

3. Delisting at a loss

Delisting at a loss is generally a passive delisting. ST stocks, if a listed company loses money for three consecutive years, will be suspended from listing. If it still fails to meet the conditions for resumption of listing within the specified period, it will be delisted. For example, *ST Precision (600092) and S*ST Longchang (600772) were delisted because they were still unable to publish their annual report within the specified time after being suspended from listing.

4. Delisting when the stock price falls below 1 yuan

Delisting when the stock price falls below 1 yuan is generally a passive delisting. If the stock price of a listed company is less than 1 yuan for 20 consecutive trading days, it will be forced to terminate the listing by the exchange. For example, ST Zhonghong (000979).