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 of 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’s exit reflects the increasing diversification of delisting channels 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 delistings is intensifying. Over 30 companies delisted in 2025, with a high proportion from financial and trading sectors, 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 accounting,” along with the normal regulatory stance 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 compensated in advance, and voluntary delisting must provide a cash option, creating a safer exit path for investors while optimizing the market environment.

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 with JD Logistics’ resources and fulfill its commitment regarding industry competition, as indirectly controlled by JD.com.

JD Logistics completed its tender offer for Debon in 2022, becoming its actual controlling shareholder. As part of this acquisition, JD Logistics committed to resolving industry competition issues within five years of the offer’s completion. Debon’s delisting now is part of this solution.

By 2025, JD increased its stake 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 to deepen cooperation with JD Logistics.

Rising Voluntary Delistings: From Mergers to Strategic Choices

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

Delisted companies do not necessarily have operational problems. Sometimes, voluntary delisting driven by strategic needs can be a rational choice for long-term growth. Debon’s case 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 the US, 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 plan to merge with CICC, with all A-shares exchanged accordingly. The merger process for these three firms is underway.

Haitong Securities has merged with Guotai Junan through a share swap, forming a new entity “Guotai Haitong,” a major competitor aiming to challenge the industry leader CITIC Securities.

China Shipbuilding Industry completed a share swap merger with a peer, with all shareholders’ stakes converted into newly issued A-shares of China State Shipbuilding Corporation. The merger resulted in a global shipbuilding giant with assets over 400 billion yuan and revenue exceeding 130 billion yuan.

Meanwhile, some companies face significant uncertainties and have chosen voluntary delisting, such as Yulong Shares, *ST Tianmao, and AVIC Industry Finance since 2025.

While these voluntary delistings may involve issues within the companies, compared to forced delisting, they often include providing cash options to minority shareholders, better protecting investor interests, and are thus encouraged by regulators.

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 from trading and financial sectors—10 and 9 respectively. Seven companies voluntarily delisted, four were forcibly delisted due to major violations, and one was delisted for regulatory reasons.

Although only four companies were forcibly delisted for major illegal violations, many other delisting cases involved violations that could trigger such penalties. In practice, the final delisting reason depends on which process proceeds faster.

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

The new delisting rules, which set thresholds such as over 200 million yuan in annual accounting fraud or consecutive years of violations, have significantly increased enforcement. The “three-year continuous fraud” rule, in particular, lowers the threshold, preventing long-term violators from escaping sanctions.

Additionally, “delisting without exemption” has become the norm. Even after delisting, companies’ past violations can be pursued, as seen with Qingdao Zhongcheng and Pan Ocean Holdings, which received fines within a month of delisting.

Another key point is the October 27, 2025, CSRC policy emphasizing investor protection: for major illegal violations leading to forced delisting, controlling shareholders and actual controllers are encouraged to take proactive measures like compensation. For voluntary delisting, companies are required to provide cash options and other protections to safeguard investors’ rights.

This reflects a strengthened regulatory focus on investor protection, diversification of delisting channels, and a move toward a healthier, “survival of the fittest” ecosystem in the A-share market.