Fujian Jiuzhou Group, caught up in China's biggest smuggling case in 50 years, has been delisted from the Shenzhen Stock Exchange after posting more than three straight years of losses. The trading firm said that it had failed to turn a profit in the first half of its financial year, after losses from 1999 to last year. As a result, the Shenzhen exchange decided on December 12 to delist the company effective yesterday, the Xiamen-based firm said in a statement. It is the eighth listed companies to be kicked off the mainland's exchanges. Regulators hope to better regulate the unruly markets and upgrade the quality of listed companies in a broad crackdown, including driving out loss-making companies. Fujian Jiuzhou, with interests in trade, property and a brewery, was once one of the biggest firms in Xiamen. But the company was placed under 'special treatment' in 2000 by the Shenzhen Stock Exchange when it was involved in the Xiamen Yuan Hua Group smuggling case - the biggest corruption scandal of the Communist era. Beijing accused Yuan Hua Group and its president Lai Changxing of smuggling 53 billion yuan (about HK$49.6 billion) worth of luxury goods, cars, electronics and construction materials into China in the mid-1990s, avoiding tax charges of an estimated 30 billion yuan. Lai fled to Canada where he is fighting extradition but 14 people involved with him were sentenced to death and more than 300 were sent to prison, including the former chairman of Fujian Jiuzhou, Zhao Yuchang, who was jailed for life in February last year. In March last year, Fujian Jiuzhou said it had been found guilty of smuggling 2.77 billion yuan worth of goods between 1994 and 1998, and tax evasion totalling 1.81 billion yuan. It was fined 200 million yuan for smuggling. Its shares last traded on April 10 at 2.51 yuan and have been suspended since. On August 28, the firm reported a 52.01 million yuan net loss for the first half and said it expected to be delisted. Other companies expected to be kicked off by the exchanges after 3.5 years of losses include Xiamen Ocean Shipping, earth-moving equipment maker Anshan No 1 Construction Machinery and construction material producer Shantou Hongye.