"Market exit" surpasses "IPO exit", A-share diversification clearing pattern accelerates formation.

*ST Jinglun officially delisted on April 27th, becoming another company to leave the A-share market this year due to triggering the market value delisting indicator. Unlike previous cases of delisting based on face value, there has not been a single case of face value delisting in the A-share market from 2026 to now. According to statistics, companies such as *ST Aowei, *ST Jinglun, and *ST Wanfang have entered the delisting process this year due to their market value being below 500 million yuan for 20 consecutive trading days. *ST Aowei was delisted on March 27th, and *ST Wanfang has received a delisting notice from the Shenzhen Stock Exchange, entering the final stage of the delisting process. In addition, as of the closing on April 27th, *ST Guohua has had a market value below 500 million yuan for 15 consecutive trading days, essentially confirming a market value delisting. From "face delisting" to "market delisting," the shift signifies that market value delisting has become the primary form of trading-related delisting, indicating a new stage where the focus is on the quality rather than just the price of listed companies.