# Shell Companies

The Fall of the A-Share Phoenix: China’s Tightening Noose Around ‘Shell’ Speculation

The Shanghai Stock Exchange has ordered the delisting of *ST Yan Shi (600696), a 33-year market veteran known for evading closure through frequent name changes and concept chasing. The move underscores China's shift toward stricter market-clearing mechanisms and the death of the 'shell company' speculative model.