截至2025年，A股市场退市机制持续完善，全年共有47家公司被强制或主动退市，创下历史新高。这一轮退市潮主要受三方面因素驱动：一是监管层严格执行新《证券法》及退市新规，对财务造假、重大违法、长期亏损等行为‘零容忍’；二是注册制全面推行后，市场‘入口’放宽，‘出口’也相应畅通，形成优胜劣汰的良性生态；三是投资者风险意识增强，对绩差股和壳资源炒作明显降温。从行业分布看，传统制造业、房地产及部分ST板块公司占比较高，反映出经济结构转型下落后产能加速出清。值得注意的是，2025年首次出现多家科创板、创业板公司因未满足持续上市条件而退市，标志着注册制下的‘宽进严出’机制真正落地。专家指出，常态化退市制度有助于提升上市公司整体质量，优化资本市场资源配置效率，为长期健康发展奠定基础。
As of 2025, the delisting mechanism in China’s A-share market has continued to mature, with a record-high 47 companies either forcibly or voluntarily delisted during the year. This wave of delistings is primarily driven by three factors: first, regulators have strictly enforced the revised Securities Law and new delisting rules, adopting a ‘zero-tolerance’ stance toward financial fraud, serious violations, and prolonged losses; second, the full implementation of the registration-based IPO system has widened market access while simultaneously facilitating smoother exits, fostering a healthy ecosystem of natural selection; and third, investors have become more risk-aware, significantly reducing speculation on underperforming stocks and shell companies. In terms of sector distribution, traditional manufacturing, real estate, and ST-listed firms accounted for the majority, reflecting the accelerated phase-out of outdated capacity amid economic restructuring. Notably, 2025 marked the first time several companies from the STAR Market and ChiNext were delisted for failing to meet ongoing listing requirements, signaling the effective implementation of the ‘easy entry, strict exit’ principle under the registration system. Experts note that a normalized delisting regime enhances overall listed company quality and improves capital allocation efficiency, laying a solid foundation for the market’s long-term, sustainable development.
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