The first company to voluntarily delist has arrived in the A-share market for 2026. On the evening of January 13, Deppon Logistics Co., Ltd. announced its intention to voluntarily terminate its listing and transition to trading on the delisting board, becoming the first company to choose voluntary delisting this year and the eighth since 2025.
As of January 15, Deppon Logistics Co., Ltd. had recorded two consecutive trading days of hitting the upper price limit. This delisting is not due to operational difficulties but is a significant step in Deppon's deepening integration with JD Logistics and fulfilling commitments regarding同业竞争. Following its tender offer acquisition of Deppon in 2022, JD Logistics pledged to resolve同业竞争 issues between the two companies within five years. As equity integration and business synergies progress, delisting has become one of the steps to achieve comprehensive resource coordination. Concurrently with the delisting, Deppon Logistics Co., Ltd. is offering a cash exit option to its investors, with an exercise price set at 19.00 yuan per share, covering no more than 19.99% of the shares. The record date for this option is February 6, 2026. The company has explicitly stated that there are no subsequent plans for major restructuring or re-listing. The exit of Deppon Logistics Co., Ltd. is a microcosm of the increasingly diversified delisting channels in the current A-share market. Since 2025, several companies, including Haitong Securities and China Shipbuilding Industry Company Limited, have chosen voluntary delisting based on strategic needs such as mergers and integration, reflecting the formation of a良性生态 in the capital market with "entries and exits" against the backdrop of state-owned enterprise reform and industry consolidation. Simultaneously, the enforcement of强制退市 is also intensifying. Over 30 companies were delisted in 2025, with a relatively high proportion attributed to financial-based and trading-based delistings; cases of强制退市 due to major violations have increased significantly. Stringent clauses in the new delisting regulations, such as "delisting after three consecutive years of造假," combined with the regulatory norm that "delisting does not exempt from liability," are accelerating the market's purge of inferior companies. Whether for voluntary delisting or强制退出, investor protection mechanisms are being同步强化. Regulators have明确要求 that强制退市 due to major violations must implement advance compensation, while voluntary delistings must provide cash exit options, thereby paving a safer exit path for investors while optimizing the market生态.
Deppon Delisting: A Key Step Paving the Way for "JD Synergy" On the evening of January 13, Deppon Logistics Co., Ltd. announced its plan to voluntarily terminate its A-share listing and apply for trading on the delisting board. Deppon thus became the first voluntary delisting case of 2026 and the eighth since 2025. Deppon Logistics Co., Ltd. is offering a cash exit option to investors with an exercise price of 19.00 yuan per share; the record date is February 6, 2026; the cash option is expected to cover no more than 19.99% of the shares. Subsequently, Deppon Logistics Co., Ltd. has no plans for major asset restructuring or re-listing. It is important to note that Deppon's voluntary delisting does not stem from operational issues but aims to achieve resource synergy with the JD Logistics system and fulfill commitments regarding同业竞争 made by its indirect controlling shareholder. JD Logistics completed the tender offer acquisition of Deppon Logistics Co., Ltd. in 2022, becoming its actual controlling party. As part of the acquisition, JD Logistics made a key承诺: to resolve同业竞争 issues between the two companies within five years from the completion of the 2022 tender offer. Deppon's current delisting is part of fulfilling this commitment. In 2025, the JD side increased its total shareholding ratio to approximately 75.4% through multiple share acquisitions, further strengthening its control. On the operational front, JD Logistics and Deppon Logistics Co., Ltd. have initiated network integration, particularly sharing resources in sorting, transportation, and other intermediate links. Data from Deppon in 2024 indicated that this integration has helped achieve continuous cost reductions in related segments. Settlements for related-party transactions between them also adhere to fair market principles. Deppon's application for voluntary delisting is precisely one of the pathways to deepen cooperation with JD Logistics.
Increase in Voluntary Delistings: From Mergers and Reorganizations to Strategic Choices A mature capital market requires both "entries and exits"; the gradual exit of some enterprises is a normal phenomenon in the construction of the capital market生态. Delisted companies do not necessarily have operational problems; conversely, voluntary delisting based on strategic development needs can sometimes be a rational choice beneficial for long-term growth, as is the case with Deppon Logistics Co., Ltd. In fact, compared to强制退市, voluntary delisting by listed companies is more conducive to protecting investor interests. Guiding the market to view delisting objectively and encouraging more companies to delist voluntarily based on their own needs is also one of the regulatory orientations. Compared to developed capital markets in Europe and the US, the number of voluntary delistings in the A-share market remains relatively limited but shows an improving trend. Besides Deppon, since 2025, Haitong Securities, China Shipbuilding Industry Company Limited, Cinda Securities, and Dongxing Securities have also chosen voluntary delisting, with absorption-mergers being the common reason for these four companies. Among them, Cinda Securities and Dongxing Securities will merge with China International Capital Corporation Limited (CICC), with all A-shares of the two companies participating in a share swap. The merger process for these three securities firms is currently underway. Haitong Securities, also a securities firm, merged with Guotai Junan Securities via a share swap. The newly merged entity, "Guotai Haitong," has become a new giant with the strength to compete for industry leadership with the top broker, CITIC Securities. China Shipbuilding Industry Company Limited also completed a merger with a peer listed company through a share swap. As the absorbed party, all shares held by its shareholders were converted proportionally into newly issued A-shares of China State Shipbuilding Corporation Limited (CSSC). Following the merger's completion and the termination of China Shipbuilding's listing, a new global shipbuilding giant with assets exceeding 400 billion yuan and revenue over 130 billion yuan was formally born. Simultaneously, a few listed companies have chosen to voluntarily terminate their listings due to facing significant uncertainties, such as Yulong Co., Ltd., *ST Tianmao, and AVIC Production and Maintenance since 2025. Voluntary delistings for this purpose, while the companies themselves may have certain issues, compared to被动强制退市, require providing a cash exit option to minority shareholders as compensation, which helps better protect investor interests. Thus, this approach also has merits and is relatively encouraged by regulators.
Accelerated强制退市: "Red Lines" and Costs Under New Regulations Apart from the few voluntary delistings, more companies exit the market被动. Over 30 listed companies were delisted in 2025. Among these, trading-based and financial-based delistings accounted for a relatively high proportion, with 10 and 9 cases respectively. Additionally, 7 were voluntary delistings, 4 were强制退市 due to major violations, and 1 was a规范类退市. It is noteworthy that while only 4 companies were directly terminated due to强制退市 for major violations, among companies delisted for other reasons, many also triggered indicators for强制退市 due to major violations. In practice, companies triggering these indicators often simultaneously involve other强制退市 types; the final reason for delisting depends on which delisting procedure progresses the fastest. 强制退市 due to financial造假 has become one of the most significant types of delistings. Since 2025, up to 15 listed companies have triggered indicators for强制退市 due to major violations, including: Zhuolang Technology delisted in March 2025, Oriental Group delisted in April, Purapharm delisted in May, Longyu Shares, Jinzhou Port, Qingdao Zhongcheng, Jiuyou Co., Ltd. delisted in July, Zitian Technology delisted in October, *ST Yuancheng, Jiangsu Wuzhong delisted in December, and Guangdao Digital, which was delisted on January 5, 2026, becoming the "first delisted stock" of 2026; additionally,个别 companies like *ST Dongtong and *ST Changyao are still in the delisting process. Adjustments in the new delisting regulations are a key reason for the increase in major violation delistings. The latest standards set three tiers of认定条件: financial造假金额 reaching over 200 million yuan in a single fiscal year and accounting for over 30% of the relevant indicator; cumulative造假 exceeding 300 million yuan over two consecutive years and reaching over 20%; or造假 for three consecutive years or more, which will trigger强制退市. Particularly the rigid requirement of "delisting after three consecutive years of造假" significantly lowers the threshold, preventing long-term造假 companies from escaping. Simultaneously, "delisting does not exempt from liability" has become a regulatory norm. Even after a company is delisted, its historical violations will still be pursued, as seen with delisted companies like Qingdao Zhongcheng and Oceanwide Holdings, which received penalties within one month of delisting. Another noteworthy detail is the正式发布 on October 27, 2025, of the "Several Opinions on Strengthening the Protection of Small and Medium Investors in the Capital Market" by the China Securities Regulatory Commission (CSRC), which明确规定: for强制退市 due to major violations, guide the controlling shareholders, actual controllers, etc., to主动采取先行赔付 or other measures to protect investors' legal rights, providing an efficient channel for quickly compensating investor losses. For voluntary delistings, it明确 requires companies to provide "safety nets" like cash exit options to safeguard investors' exit rights. This signifies that regulators are strengthening investor protection mechanisms and promoting the diversification and normalization of delisting channels. Through a full-chain design of "strict standards—strengthened enforcement—improved safeguards," coupled with "zero tolerance" regulatory enforcement and continuously enhanced investor protection mechanisms, these efforts jointly propel the A-share market towards accelerating the formation of a healthy生态 characterized by "survival of the fittest."
(Disclaimer: The article content is for reference only and does not constitute investment advice. Investors operate at their own risk.)
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