Core Viewpoint - *ST Tianmao, controlled by Liu Yiqian, plans to voluntarily delist after failing to disclose its annual report and facing delisting risk warnings, with the proposal passing at a shareholder meeting with 98.0562% approval [1][9]. Group 1: Shareholder Meeting Details - The shareholder meeting lasted over two hours, with many minority shareholders traveling long distances to attend, including one from Inner Mongolia [1][4]. - Despite concerns raised by minority shareholders regarding the delayed annual report, the company did not provide substantial responses [1][8]. - The meeting was held at the Guohua Huijin Center in Jingmen, indicating the company's emphasis on the event [4]. Group 2: Voting Results - A total of 6,901 shareholders participated in the meeting, with 17 attending in person and 6,892 voting online, representing over 4.2 billion shares [6]. - The proposal for voluntary delisting received 41.80 billion shares in favor, accounting for 98.0562% of the votes, while 806.3 million shares opposed the motion [9]. Group 3: Shareholder Concerns - Minority shareholders expressed concerns about the reasons behind the delayed annual report and the operational status of the core asset, Guohua Life, which management claimed was operating normally [8]. - The cash option exercise price was set at 1.60 yuan per share, representing a premium of approximately 10.34% over the last trading day's closing price of 1.45 yuan, but shareholders questioned the fairness of this pricing given the company's net asset value of 4.41 yuan per share [8].

Core Viewpoint - The company, Tianmao Industrial Group Co., Ltd., is at risk of being delisted due to its failure to disclose the 2024 annual report and the 2025 first-quarter report within the statutory deadline, leading to a series of risk warning announcements [1][3]. Group 1: Reasons for Potential Delisting - The company has been unable to disclose the 2024 annual report and the 2025 first-quarter report, resulting in a trading suspension since May 6, 2025. The stock resumed trading on July 8, 2025, but was subject to delisting risk warnings [3][5]. - If the company does not disclose a majority of the board's assurance of the accuracy and completeness of the 2024 annual report within two months from the delisting risk warning, the Shenzhen Stock Exchange will decide to terminate the company's stock listing [3][5]. Group 2: History of Risk Warning Announcements - The company has issued multiple risk warning announcements regarding the potential delisting, with the first announcement made on July 15, 2025, and subsequent announcements on July 22, July 29, August 5, August 12, and August 19, 2025 [4][5]. - This announcement is the seventh risk warning regarding the potential delisting, indicating ongoing compliance issues [4]. Group 3: Shareholder Meeting and Delisting Application - The company has held a temporary shareholder meeting where a resolution was passed to voluntarily withdraw its A-share listing on the Shenzhen Stock Exchange. Following this, the company will submit a delisting application within fifteen trading days after the shareholder resolution [2][5]. - The Shenzhen Stock Exchange will make a decision on whether to accept the delisting application within five trading days of receipt and will notify the company accordingly [2].

上海市锦天城（武汉）律师事务所 关于天茂实业集团股份有限公司 二○二五年第一次临时股东会的 法律意见书 地址：武汉市江汉区云霞路 187 号民生金融中心 8 层 03-05 电话：027-83828888 邮编：430030 上海市锦天城（武汉）律师事务所 法律意见书 上海市锦天城（武汉）律师事务所 关于天茂实业集团股份有限公司 二○二五年第一次临时股东会的 法律意见书 致：天茂实业集团股份有限公司 上海市锦天城（武汉）律师事务所（以下简称"本所"）接受天茂实业集团 股份有限公司（以下简称"公司"）委托，委派本律师出席公司二○二五年第一 次临时股东会（以下简称"本次股东会"），本律师根据《中华人民共和国公司法》 （以下简称《公司法》）等法律、法规、规章和其他规范性文件以及《天茂实业 集团股份有限公司章程》 （以下简称《公司章程》）的有关规定，出具本法律意见 书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东会所涉及的相关事项 进行了必要的核查和验证，核查了本所认为 ...

证券代码：000627 证券简称：*ST天茂 公告编号：2025-042 天茂实业集团股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 特别提示： 网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 8 月 25 日交易日上午 9:15～9:25，9:30～11:30,下午 13:00～15:00； 通过深圳证券交易所互联网投票系统投票的开始时间（2025 年 8 月 25 日上午 9:15）至投 票结束时间（2025 年 8 月 25 日下午 15:00）间的任意时间。 华汇金中心）1 幢 2 楼） （http://wltp.cninfo.com.cn）向全体股东提供网络形式的投票平台，股东可以在网络投票时间 内通过上述系统行使表决权。 的以第一次有效投票结果为准。 本次股东会未出现否决议案的情形，不涉及变更以往股东大会已通过的决议的情形。 一、会议召开和出席情况 （一）会议召开情况 现场会议时间：2025 年 8 月 25 日（星期一）下午 14:30 起。 本次股东会的召开符合有关法律、行政法规、部门规章、规范性文件、深 ...

证券代码：000627 证券简称：*ST天茂 公告编号：2025-44 天茂实业集团股份有限公司 关于以股东会决议方式主动终止公司股票上市 现金选择权派发的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 特别提示： 进行业务结构调整，面临重大不确定性，可能对天茂集团造成重大影响。根据《深 圳证券交易所股票上市规则》（以下简称"《深交所股票上市规则》"）等相关法 律、法规及规范性文件的规定，天茂集团拟以股东会决议方式主动撤回A股股票在 深交所的上市交易，并在股票终止上市后申请转入全国中小企业股份转让系统有限 责任公司代为管理的退市板块转让。 荆门市维拓宏程管理合伙企业（有限合伙）向除新理益集团、王薇、刘益谦外现金 选择权股权登记日登记在册的全体A股股东提供现金选择权（限售或存在权利限制 的股份等情形除外）。 开市时起开始连续停牌。本次以股东会决议方式主动终止公司股票上市事项已经 公司2025年第一次临时股东会审议通过。公司将在股东会做出终止上市决议后十 五个交易日内向深圳证券交易所提交主动终止上市申请。 价为1.58元/股，现金选择权行权价格为1.60 ...

Core Viewpoint - *ST Tianmao has made significant progress in its voluntary delisting process, with shareholders overwhelmingly approving the proposal to terminate the company's stock listing at a recent extraordinary general meeting [1][2]. Group 1: Delisting Decision - On August 25, *ST Tianmao's extraordinary general meeting resulted in a 98.06% approval rate for the proposal to voluntarily terminate the company's stock listing [1]. - The company will submit the delisting application to the Shenzhen Stock Exchange within fifteen trading days following the shareholder resolution [1]. - The last trading day for *ST Tianmao was August 13, and over 110,000 shareholders will have the option to receive a cash payout of 1.60 yuan per share [1][2]. Group 2: Reasons for Delisting - The company cited business restructuring and significant uncertainties as reasons for the voluntary delisting, aiming to protect the interests of minority shareholders [2]. - The cash option provided to shareholders, excluding certain major stakeholders, is priced at 1.60 yuan per share, with an estimated total cost of 2.607 billion yuan for the company [2]. Group 3: Shareholder Voting Dynamics - The voting results from the August 25 meeting showed that 91.62% of minority shareholders (those holding less than 5% of shares) supported the delisting proposal, which was crucial for the decision [3][4]. - Historical context suggests that forced delisting often leads to significant declines in stock value, making the decision to voluntarily exit the market a prudent choice for minority shareholders [4]. Group 4: Regulatory Context - *ST Tianmao has been at risk of forced delisting due to its failure to disclose required financial reports, leading to trading suspensions and risk warnings [5][6]. - The company has issued multiple risk warnings regarding the potential termination of its stock listing if it fails to meet reporting obligations within specified timeframes [6].

Core Viewpoint - *ST Tianmao has made significant progress in its voluntary delisting process, with shareholders overwhelmingly approving the proposal to terminate the company's stock listing at a meeting held on August 25, 2023 [2][5]. Group 1: Shareholder Meeting and Voting Results - At the extraordinary shareholder meeting on August 25, 2023, 98.06% of attending shareholders voted in favor of the proposal to voluntarily terminate the company's stock listing [5]. - Among small investors (those holding less than 5% of shares), the approval rate was 91.62%, indicating strong support for the delisting [5][9]. Group 2: Delisting Process and Cash Option - Following the shareholder resolution, *ST Tianmao will submit an application for voluntary delisting to the Shenzhen Stock Exchange within fifteen trading days [5]. - The last trading day for *ST Tianmao was August 13, 2023, and over 110,000 shareholders will have the option to receive a cash payout of 1.60 CNY per share [5]. - The cash option will cost approximately 2.607 billion CNY based on the total shares held by eligible shareholders [7]. Group 3: Reasons for Delisting - The company cited significant uncertainties and the need for business restructuring as reasons for the voluntary delisting, aiming to protect the interests of small shareholders [7]. - *ST Tianmao has been facing the risk of forced delisting due to its failure to disclose required financial reports, leading to a suspension of trading since May 6, 2023 [10][11]. Group 4: Market Reaction - Since the announcement of the voluntary delisting, *ST Tianmao's stock has seen a cumulative increase of nearly 9% over three consecutive trading days, with the last closing price at 1.58 CNY per share, slightly below the cash option price [8].

【导读】*ST天茂8月25日召开的临时股东会审议通过了公司主动终止上市的议案 见习记者 夏天 *ST天茂 （证券代码：000627）主动退市迎关键进展。在8月25日召开的临时股东会上， 参会股东以压倒性多数的投票结果，审议通过了公司主动终止上市的议案。 8月25日晚间，*ST天茂发布公告称，公司股东会审议通过了《关于以股东会决议方式主动终 止公司股票上市事项的议案》，此次出席股东大会的全体股东同意比例达98.06%。其中，中 小投资者（持股5%以下股东）同意的比例为91.62%。 *ST天茂称，公司将在股东会做出终止上市决议后十五个交易日内向深圳证券交易所提交主动 终止上市申请。公司股票将进入现金选择权派发、行权申报、行权清算交收阶段，不再交 易。 这意味着，*ST天茂最后一个交易日定格在8月13日，超11万名股东后续将享有1.60元/股的 现金选择权。 | 到价提醒 筹码 | O 1 22 | | 000627 *ST天茂 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 设置均线~ | | | | | | | | | ...

*ST天茂（000627）主动退市完成关键一步。 8月25日晚，*ST天茂发布《2025年第一次临时股东会决议公告》称，公司股东会审议通过了《关于以 股东会决议方式主动终止公司股票上市事项的议案》，此次出席股东大会的全体股东同意比例达 98.06%，其中中小投资者（持股5%以下股东）同意比例为91.62%。 公告称，公司将在股东会做出终止上市决议后十五个交易日内向深圳证券交易所提交主动终止上市申 请。公司股票将进入现金选择权派发、行权申报、行权清算交收阶段，不再交易。 此前的8月8日晚，*ST天茂首次披露主动退市事宜，称拟以股东会决议方式主动撤回*ST天茂A股股票 在深交所的上市交易，并在股票终止上市后申请转入全国中小企业股份转让系统有限责任公司代为管理 的退市板块转让。 而在此之前，因未在法定期限内披露2024年年报、2025年一季报，*ST天茂自7月8日起复牌并实施退市 风险警示。根据相关规则，如果自实施退市风险警示之日起的两个月内仍未披露2024年年报，深交所将 决定终止公司股票上市交易。 在已拉响强制退市警报后，*ST天茂主动退市之举，将持有该公司的超过11万名中小股东的权益保障问 题推至台前。 25 ...

*ST天茂（000627）主动退市完成关键一步。 8月25日晚，*ST天茂发布《2025年第一次临时股东会决议公告》称，公司股东会审议通过了《关于以股东会决议方 式主动终止公司股票上市事项的议案》，此次出席股东大会的全体股东同意比例达98.06%，其中中小投资者（持股 5%以下股东）同意比例为91.62%。 公告称，公司将在股东会做出终止上市决议后十五个交易日内向深圳证券交易所提交主动终止上市申请。公司股票 将进入现金选择权派发、行权申报、行权清算交收阶段，不再交易。 此前的8月8日晚，*ST天茂首次披露主动退市事宜，称拟以股东会决议方式主动撤回*ST天茂A股股票在深交所的上 市交易，并在股票终止上市后申请转入全国中小企业股份转让系统有限责任公司代为管理的退市板块转让。 而在此之前，因未在法定期限内披露2024年年报、2025年一季报，*ST天茂自7月8日起复牌并实施退市风险警示。 根据相关规则，如果自实施退市风险警示之日起的两个月内仍未披露2024年年报，深交所将决定终止公司股票上市 交易。 在已拉响强制退市警报后，*ST天茂主动退市之举，将持有该公司的超过11万名中小股东的权益保障问题推至台 前。 25日 ...