# China Market Reform

Liquidity Hangover: The Delisting of *ST Yan Shi Signals the End of China’s ‘Shell Speculation’ Era

*ST Yan Shi's exit from the Shanghai Stock Exchange marks a historic turning point as the first baijiu-related stock to be delisted in A-share history. Triggered by a massive fraud scandal at its parent entity and failing to meet new, stringent market cap and revenue requirements, the company’s fall underscores the 'zero tolerance' approach of China's latest capital market reforms.