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’ 2022 tender offer for Debon Shares, it promised to resolve industry competition issues within five years. As shareholding and business synergies advance, delisting becomes a step toward comprehensive resource coordination.

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 stated that there are no plans for major restructuring or relisting in the future.

Debon Shares’ exit reflects the increasingly diverse 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 “in and out” in the capital market amid state-owned enterprise reforms and industry integration.

Meanwhile, the enforcement of mandatory delistings 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 normal regulatory environment of “delisting without exemption,” are accelerating the market’s cleanup of low-quality companies.

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-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 Toward “JD 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 Zhaofeng’s commitment regarding industry competition.

JD Logistics completed its tender offer for Debon Shares 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 offer, 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 through multiple share purchases, raising its total ownership to about 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 to Strategic Choices

A mature capital market needs “in and out” flows; 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 voluntarily exit 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 China International Capital Corporation (CICC), with all their A-shares participating 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,” which aims to compete with industry leader CITIC Securities.

China Shipbuilding Industry has also merged with other listed companies in the same sector via share exchange. Shareholders of the absorbed companies have converted their holdings into newly issued A-shares of China State Shipbuilding Corporation. With the completion of the merger 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 companies facing significant uncertainties have chosen to voluntarily delist, such as Yulong Shares, *ST Tianmao, and AVIC Industry Finance since 2025.

While these voluntary delistings are driven by issues within the companies, compared to forced delisting, they often include provisions like cash options for minority shareholders, better protecting investor interests and making them a regulatory encouraged approach.

Accelerating Forced Delistings: New Rules, “Red Lines,” and Costs

Aside from a few voluntary delistings, most companies are delisting passively.

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

It’s noteworthy that although only four companies were forcibly delisted for major illegal violations, many other delisted companies also approached the thresholds for such violations. In practice, companies that reach illegal violation thresholds often also trigger other delisting reasons, with the actual reason depending on which process proceeds faster.

Major illegal violations, especially financial fraud, have become a leading cause of forced delisting. Since 2025, 15 companies have been delisted for such reasons, including Zhalang 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 delisted stock of 2026. Others like *ST Tongtong and *ST Changya are still in the process.

The tightening of delisting rules is a key reason for the increase in illegal violation cases. The latest standards set three thresholds: annual financial fraud exceeding 200 million yuan and over 30%; cumulative fraud over three years exceeding 300 million yuan and over 20%; and fraud over three or more years, which triggers mandatory delisting. The “three-year fraud” rule significantly lowers the threshold, preventing long-term fraud companies from escaping.

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

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

This indicates that regulators are strengthening investor protection, promoting diversified and normalized delisting channels. Through a full chain of “strict standards—strict enforcement—improved safeguards,” combined with zero-tolerance enforcement and enhanced investor protections, the healthy “survival of the fittest” ecosystem in the A-share market is being accelerated.