[Shanghai Stock Exchange: regular delisting pattern more stable risk convergence trend of listed companies] April 29, the Shanghai Stock Exchange reported that since the beginning of 2023, 11 companies have been locked out of listing. Among them, four companies hit the trading delisting target, three companies are expected to delist in major violations, and four companies hit the financial delisting target after the disclosure of the 2022 annual report. In addition, 17 companies have been given delisting risk warnings. Among them, 6, 9 and 5 companies touched the combination index of "operating income + net profit", the net assets were negative and the types of audit opinions touched * ST, respectively, and three companies touched many situations at the same time. On the whole, the diversified delisting system shows its power, delisting is becoming more and more normalized, and the mechanism of survival of the fittest is more stable. On the other hand, on the basis of consolidating the existing resolution achievements, the risks of the Shanghai main board companies have been further converged. As for the settlement and release of arrears, there were still 17 occupation guarantee companies at the end of the year, 13 fewer than at the end of last year, and the balance of occupation guarantee totaled 12.2 billion yuan, down 55 per cent from the end of last year. In terms of stock pledge, the total market value of stock pledge decreased by 376.2 billion yuan, or 22%, during the year, and the total outstanding balance decreased by 43.1 billion yuan, or 6%, and the scale of pledge continued to converge. The high proportion of pledge companies with more than 80 per cent pledge by major shareholders continued to reduce by about 30 per cent in a few years, accounting for only 2 per cent of the total number of companies in Shanghai.