The imperfect delisting mechanism in the A-share market has turned one after another "crow" into "immortal birds". As a result, the "Phoenix journey" of these "crows" keeps playing out. *ST Shengrun's upward limit started on February 1 this year. After mysteriously pulling off six consecutive upward limits, the company's reorganization announcement was belatedly released: it turns out that the company is going to be acquired and restructured into an auto parts company. The dramatic continuous abnormal fluctuations in stock prices during the transformation from "crow to phoenix" are always the most attention-grabbing phenomena in the capital market. It is precisely this anticipation of the "transformation from crow to phoenix" that makes those *ST shares, which are on the verge of bankruptcy and have almost no value in the company itself, frequently subjected to speculative trading, forming a bizarre spectacle of the most pathological aspect of the A-share market. This not only leads to the prevalence of speculative风气among investors who seek overnight riches but also easily accompanies illegal acts such as insider information and market manipulation. Such games need to come to an end. Currently, the draft plan for the delisting system of the Growth Enterprise Market (GEM) has entered the consultation stage, with its "diversified delisting standards, direct and rapid delisting, and no support for backdoor listings" directly targeting the aforementioned chronic problems. Regulatory authorities have also revealed that the GEM delisting system will pave the way for the main board, and the reform ideas for the main board delisting system have been initially formed. "Two-one-two" achieves "immortal bird" status; the difficulty of delisting urgently needs reform. Although some listed companies may welcome new life after reorganization, most junk stocks still lack profitability after reorganization, leading to the tragedy of "the crow turning into a phoenix, and the phoenix turning back into a crow." For example, *ST Baocheng changed hands five times, and repeated reorganization stories did not bring sustainable profitability to the company. A seasoned person who has led multiple mergers and acquisitions cases said, "Except in the A-share market, there are very few reverse takeovers worldwide. Reverse acquisitions by Chinese concept stocks in the U.S. are one way of reverse takeover, but facts have proven that issues resurface after shell reorganizations, and previously, reverse acquisitions by Chinese concept stocks were also resisted in the U.S." In each reorganization, the reorganization participants and insiders are the biggest beneficiaries. For instance, just before the reorganization, Shenzhen private equity funds rushed to invest in *ST Shengrun, achieving more than double the floating profit. However, retail investors generally follow the trend and buy after seeing the continuous surge in ST shares, often becoming the last ones holding the bag. There is no denying that some ST shares have become tools for malicious market manipulation by capital players, and the significant flaws in the A-share main board delisting system give them ample room and space for maneuvering and manipulation, making them act with impunity.