Recently, Erzhong Heavy Industries became the first company which voluntarily delisted from the Shanghai Stock Exchange since the delisting system reform in 2014. ANBOUND research team points out that improvement of this system is very important to further perfect the basic functions of China's capital market, realize the marketization, normalization, as well as rule of law of delisting from stock markets. However, in recent years, the process of delisting has obviously slowed down. To solve this problem, the supervision needs to be enhanced and the delisting channel needs to be further expanded.