Due to the lack of maturity of the market system and market participants, and the lack of effective restraint mechanisms, some companies that do not meet the requirements for listing have been allowed to enter the market, and even some companies have committed fraud during the issuance process. Although this is only an isolated case, it is very harmful to the market. A big but weak stock market is not in the interests of investors. How to resolve the problem of poor quality of listed companies and respond to investors' concerns has become a problem that cannot be circumvented in current market development. It is also an issue that needs to be addressed by the new “Nine Rules of the State”. A healthy stock market requires new companies to be listed continuously. At the same time, it is also necessary to eliminate some companies that are no longer eligible for listing, and maintain vigorous vitality by accepting new ones and surviving the fittest. In this regard, strengthening the delisting system is a necessary prerequisite.