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Abstract: The delisting system is an important basic system of capital market, deepening the reform of the delisting system is an important part to strengthen the construction of the basic system of the capital market. In December 2020, Shenzhen Stock Exchange revised the delisting rules, further improved the delisting standards, simplified the delisting process, and specially set up a risk warning board to strengthen risk disclosure. Based on the common characteristics of delisting companies after the 2021 annual report released, the paper finds that, after the implementation of the new delisting rules, the number of delisted companies has increased significantly, and the enforcement of the revenue deduction has been strengthened. However, it also shows several issues, such as the understanding deviation of the new delisting rules, insufficient risk warning, and abrupt delisting. In terms of the issues, this paper suggests regulators to further develop the system of the capital market, improve the efficiency of supervision measures, and build the normalized delisting system.