Deppon delisting ushers in a new ecosystem for A-shares: 8 companies voluntarily withdraw, marking the arrival of an era of "entry and exit"

In 2026, the A-share market will welcome its first company to voluntarily delist.

On the evening of January 13, Debon Shares announced its plan to voluntarily terminate its listing and transfer to the delisting board for trading, becoming the first company this year—and the eighth since 2025—to choose voluntary delisting.

This delisting is not due to operational difficulties but is an important step in Debon Shares’ deeper integration with JD Logistics and fulfilling its industry competition commitments. After JD Logistics’ tender offer for Debon in 2022, it promised to resolve industry competition issues within five years. As shareholding and business synergies advance, delisting becomes part of the effort to optimize resource allocation.

At the same time, Debon Shares offers investors a cash option, with an exercise price set at 19.00 yuan per share, covering no more than 19.99% of the shares. The record date is February 6, 2026. The company has clearly stated that there are no plans for major restructuring or relisting in the future.

Debon’s exit reflects the increasingly diversified channels for delisting in the current A-share market. Since 2025, several companies like Haitong Securities and China Shipbuilding Industry Corporation have voluntarily delisted due to strategic mergers and consolidations, indicating a healthy ecosystem of “inflows and outflows” driven by state-owned enterprise reforms and industry integration.

Meanwhile, the enforcement of mandatory delisting is intensifying. Over 30 companies delisted in 2025, with a high proportion of financial and trading-related delistings, and a noticeable increase in cases of major illegal violations leading to forced delisting. New delisting rules, such as “delisting after three consecutive years of false reporting,” combined with a regulatory environment that does not exempt companies from delisting, are accelerating the cleanup of low-quality firms.

Whether through voluntary or mandatory means, investor protection mechanisms are being strengthened simultaneously. Regulators have clarified that major illegal violations leading to delisting should be followed by pre-emptive compensation, and voluntary delisting must provide a cash option, creating a safer exit path for investors while optimizing the market ecosystem.

Debon’s delisting: a key step paving the way for “JD Logistics collaboration”

On the evening of January 13, Debon Shares announced its plan to voluntarily terminate its A-share listing and apply for trading on the delisting board. Debon becomes the first company in 2026—and the eighth since 2025—to choose voluntary delisting.

Debon offers investors a cash option, with an exercise price of 19.00 yuan per share; the record date is February 6, 2026; and the cash option will cover no more than 19.99% of its shares.

There are no plans for major asset restructuring or relisting afterward.

It’s important to note that Debon’s voluntary delisting is not due to operational issues but aims to align resources with JD Logistics and fulfill its indirect controlling shareholder JD.com’s commitment regarding industry competition.

JD Logistics completed its tender offer for Debon in 2022, becoming its actual controlling shareholder. As part of this acquisition, JD Logistics made a key commitment: within five years of the 2022 tender, it would resolve industry competition issues between the two companies. Debon’s delisting now is part of this solution.

By 2025, JD increased its stake to approximately 75.4%, further strengthening control.

On the operational side, JD Logistics and Debon have begun network integration, especially sharing resources in sorting and transportation. According to Debon’s 2024 data, this integration has helped reduce costs in related segments. Related-party transactions are settled at market fair value.

Debon’s application for voluntary delisting is thus a step toward deeper cooperation with JD Logistics.

Rising voluntary delistings: from mergers and restructuring to strategic choices

A mature capital market needs “inflows and outflows,” and the gradual withdrawal of some companies is a normal part of ecosystem development.

Delisted companies do not necessarily have operational problems. On the contrary, proactive delisting driven by strategic needs can be a rational choice for long-term development. Debon’s voluntary delisting exemplifies this.

In fact, compared to forced delisting, voluntary delisting better protects investors’ interests. Guiding the market to view delisting objectively and encouraging more companies to delist based on their own needs is also a regulatory goal.

Compared to developed markets in Europe and America, the number of voluntary delistings in the A-share market remains relatively limited but is improving. Besides Debon, since 2025, Haitong Securities, China Shipbuilding Industry, Cinda Securities, and Dongxing Securities have also voluntarily delisted, mainly due to mergers and acquisitions.

Cinda Securities and Dongxing Securities are merging with CICC, with all their A-shares involved in exchange offers. The mergers are currently underway.

Haitong Securities is merging with Guotai Junan Securities through a share swap, forming a new entity “Guotai Haitong,” aiming to compete with industry leader CITIC Securities.

China Shipbuilding Industry has also completed a merger with a peer through a share swap. The absorbed company’s shareholders’ stakes have been converted into newly issued A-shares of China State Shipbuilding Corporation. With the merger complete and the delisting of China Shipbuilding Industry, a new global shipbuilding giant with assets over 400 billion yuan and revenue exceeding 130 billion yuan has emerged.

Meanwhile, some listed companies facing significant uncertainties have chosen to voluntarily delist since 2025, such as Yulong Shares, *ST Tianmao, and AVIC Industry Finance.

Proactive delisting for such reasons, despite underlying issues, often involves providing cash compensation to minority shareholders, better protecting investors’ interests than passive forced delisting, and is thus encouraged by regulators.

Accelerating forced delistings: new rules, “red lines,” and costs

Apart from a few companies choosing voluntary delisting, most delistings are passive.

Over 30 companies delisted in 2025, with a high proportion of trading-related and financial-related delistings—10 and 9 companies respectively. Seven companies voluntarily delisted, four were forcibly delisted due to major violations, and one was delisted for regulatory reasons.

While only four companies were forcibly delisted due to major illegal violations, many other delisted companies also approached such violations. In practice, companies that breach major illegal conduct often face multiple delisting triggers, and the final reason depends on which delisting process proceeds fastest.

Major illegal violations causing forced delisting have become a key reason for delisting. Since 2025, 15 companies have been delisted for such violations, including Zhulang Technology (March 2025), Oriental Group (April), Puli Pharmaceutical (May), Longyu Shares, Jinzhou Port, Qingdao Zhongcheng, Jiuyou Shares (July), Zitian Technology (October), *ST Yuan Cheng, Jiangsu Wuzhong, and Guangdao Digital (January 2026), which became the first delisting in 2026. Others like *ST Tongtong and *ST Changyao are still in process.

The tightening of delisting rules is a major factor behind the increase in illegal violation cases. The latest standards set three thresholds: over 200 million yuan in financial falsification in a single year with over 30% of the total; cumulative falsification exceeding 300 million yuan over two years with over 20%; and falsification over three or more years, which triggers mandatory delisting. The “three-year falsification” rule significantly lowers the threshold, preventing long-term violators from escaping.

Additionally, “delisting without exemption” has become the norm. Even after delisting, companies’ illegal acts can still be prosecuted; for example, Qingdao Zhongcheng and Pan Ocean Holdings received fines within a month after delisting.

Another key detail is that the CSRC’s October 27, 2025, “Opinions on Strengthening the Protection of Small Investors in Capital Markets” explicitly states that for violations leading to mandatory delisting, controlling shareholders and actual controllers should take measures like pre-emptive compensation to protect investors. For voluntary delisting, companies are required to provide cash options and other “protection cushions” to safeguard investors’ exit rights.

This indicates a regulatory push to strengthen investor protection, diversify delisting channels, and normalize the process. Through a comprehensive approach of “strict standards—strict enforcement—improved safeguards,” combined with zero-tolerance enforcement and enhanced investor protection, the healthy “survival of the fittest” ecosystem in the A-share market is being actively promoted.