ST Company year-end sprint to "protect the shell," "multiple points of bloom" to mitigate delisting risk

As the end of the year approaches, the "shell protection" battle in the A-share market has reignited. On December 21, 2025, *ST Dongyi announced that the Beijing First Intermediate People's Court ruled to approve its reorganization plan. If this plan is successfully executed, the company will effectively improve its asset-liability structure, significantly increasing the probability of "shell protection." In addition to reorganization, various methods such as acquiring quality assets, divesting loss-making businesses, and promoting debt restructuring and waivers are emerging, making the A-share "shell protection" battle present a more complex game of strategy. The regulatory authority's "zero tolerance" attitude adds further uncertainty to this game of capital and rules. According to a senior industry insider, against the backdrop of continuously increasing delisting standards and increasingly strict regulatory policies, the ways listed companies are mitigating delisting risks are shifting from "technical operations" to "substantive improvements." (Shanghai Securities Journal)