Listed companies face the risk of delisting after losing money for three consecutive years. That is to say, the continuous losses in the last three years (based on the audited net profit of the current year disclosed in the annual report of the last three years) will be subject to delisting warning by the exchange. The delisting warning letter is referred to as * ST, and the continuous losses for three years are a common situation of delisting warning. If the company loses money for two consecutive years, it will be marked as special treatment together with ST.
Generally speaking, a listed company may be delisted under the following circumstances: the shareholders' meeting of a listed company decides to voluntarily withdraw the trading of its shares in this exchange, and at the same time decides not to conduct any trading in this exchange; The company initiated an offer to all shareholders to buy back all or part of the shares, resulting in changes in the total share capital or equity distribution, which does not meet the listing conditions; The shareholders' meeting of the company decided to voluntarily withdraw from the trading of its shares in this exchange, and at the same time transfer to other trading places for trading or transfer; The listed company is no longer qualified as an independent entity due to new merger or absorption merger and is cancelled; The shareholders' meeting of the company decided to dissolve the company.