Core Viewpoint - Tianmao Industrial Group Co., Ltd. is voluntarily terminating the listing of its A-shares on the Shenzhen Stock Exchange due to significant uncertainties related to business restructuring, and will initiate a cash option distribution for shareholders [2][36]. Group 1: Termination of Listing - The company plans to withdraw its A-shares from trading on the Shenzhen Stock Exchange and will apply for transfer to the National Equities Exchange and Quotations after the termination [2][36]. - The decision to terminate the listing has been approved by the company's first extraordinary general meeting of 2025 [2][36]. Group 2: Cash Option Distribution - Eligible A-share shareholders will receive one cash option for each share held, with a cash option exercise price set at 1.60 yuan per share [3][16]. - The total number of cash options to be distributed is expected to be up to 1,629,376,288 shares, excluding shares held by certain major shareholders [13][27]. - The cash options will not be traded on the market [14]. Group 3: Shareholder Rights and Responsibilities - Shareholders must ensure that the shares they wish to exercise cash options on are not subject to restrictions such as pledges or freezes [8][22]. - Shareholders holding shares in margin accounts must transfer them to regular accounts before the cash option registration date to be eligible for the cash options [4][23]. - The cash option exercise period will be announced separately, and shareholders must submit their exercise requests during specified trading hours [18][20]. Group 4: Financial Reporting and Compliance - The company was unable to disclose its 2025 semi-annual report on time due to incomplete preparation of previous reports, leading to continued suspension of its stock [34][35]. - The company has faced regulatory scrutiny and has been under risk warning since July 8, 2025, due to failure to disclose required reports [36][37].

Core Insights - A total of 13 stocks were suspended from trading on September 1, including Zhenyang Development, Xinyuan Co., and Shinke Co. [1] Group 1: Stock Suspension Details - Zhenyang Development: Suspended for one day due to plans for a major asset restructuring [2] - Xinyuan Co.: Suspended for one day due to plans for a major asset restructuring [2] - Shinke Co.: Suspended for one day due to significant matters [2] - Jingsheng Co.: Suspended for one day due to an important announcement [2] - Kuangda Technology: Suspended starting today due to significant matters [2] - Zhongben International: Suspended starting today due to plans for a major asset restructuring [2] - Zhonghuan Hailu: Suspended for one day due to significant matters [2] - China Shipbuilding Industry: Suspended for one day due to an important announcement [2] - Dongxin Co.: Suspended for one day due to undisclosed significant matters [2] - Dongzhu Ecology: Suspended for one day due to plans for a major asset restructuring [2] - *ST Zitian: Suspended for one day due to significant matters [2] - *ST Guangdao: Suspended for one day due to abnormal stock trading fluctuations [2] - *ST Tianmao: Suspended for one day due to significant matters [2]

Group 1 - Central Huijin Investment and its subsidiaries hold a total of 1.28 trillion yuan in stock ETFs as of June 30, 2025, representing an increase of nearly 23% compared to the end of last year [2][4] - The number of stock ETFs held by Central Huijin has increased to 1.58 times that of the end of last year, with multiple broad-based ETFs receiving over 1 billion shares in additional purchases [2][4] Group 2 - In the first half of 2025, the total operating revenue of listed companies in the market reached 35.01 trillion yuan, a year-on-year increase of 0.16% [4] - The net profit for the first half of the year was 3.00 trillion yuan, reflecting a year-on-year growth of 2.54%, with an increase of 4.76 percentage points compared to the previous year's overall growth rate [4] Group 3 - BYD reported a net profit of 15.51 billion yuan for the first half of the year, marking a year-on-year increase of 13.79% [9] - Huawei announced a revenue of 427 billion yuan for the first half of the year, a year-on-year growth of 3.94%, while net profit decreased by 32% to 37.1 billion yuan [10] - Tianshan Lithium Industry reported a net profit of 84.41 million yuan for the first half of the year, achieving a turnaround from losses [10]

Core Viewpoint - The article highlights significant developments in the investment landscape, particularly focusing on the actions of central financial institutions and key companies in various sectors, including semiconductor, electric vehicles, and financial markets. Group 1: Central Financial Institutions - As of the end of June, the Central Huijin Investment Co. and its subsidiaries held stock ETFs worth 1.28 trillion yuan, an increase of nearly 23% compared to the end of last year [2][3] - The number of stock ETFs held by Central Huijin at the end of June is 1.58 times that of the end of last year, with several broad-based ETFs receiving over 10 billion shares in increases [3] Group 2: Semiconductor Industry - On August 30, the Ministry of Commerce spokesperson commented on the U.S. revoking the "validated end-user" authorization for three semiconductor companies in China, stating that this action would negatively impact the global semiconductor supply chain [5] Group 3: Company Earnings and Announcements - In the first half of 2025, the total revenue of listed companies reached 35.01 trillion yuan, a year-on-year increase of 0.16%, with a second-quarter revenue of 18.11 trillion yuan, up 0.43% year-on-year and 7.15% quarter-on-quarter [5] - Net profit for the first half of the year was 3.00 trillion yuan, reflecting a year-on-year growth of 2.54%, with an acceleration of 4.76 percentage points compared to the previous year's full-year growth [5] - BYD reported a net profit of 15.51 billion yuan for the first half of the year, a year-on-year increase of 13.79% [12] - Huawei announced a revenue of 427 billion yuan for the first half of the year, a year-on-year increase of 3.94%, while net profit decreased by 32% to 37.1 billion yuan [13] - Guizhou Moutai's controlling shareholder plans to increase its stake in the company by 3 to 3.3 billion yuan [11] Group 4: Regulatory and Market Developments - The new national standard for electric bicycles will be implemented, allowing a maximum weight of 55 kg for lithium battery models and increasing the weight limit for lead-acid battery models from 55 kg to 63 kg [5] - WeChat's "Coral Security" announced measures against accounts providing illegal stock recommendation services, indicating a crackdown on misleading financial information [6]

Mergers and Acquisitions - Huahong Company plans to acquire 97.5% equity of Huali Microelectronics through a combination of issuing shares and cash payment, raising supporting funds [1] - Olin Bio intends to acquire 15% equity of Xinnuo Ming Bio from minority shareholders via public transfer at a price not exceeding 45 million yuan [2] - Dongxin Co. plans to invest approximately 211 million yuan in Shanghai Lishuan, holding about 35.87% equity post-investment [3] Shareholding Changes - Gao Neng Environment's controlling shareholder plans to reduce holdings by up to 3%, equating to a maximum cash-out of 320 million yuan [4][5] - Hu Dian Co.'s senior management intends to reduce holdings by up to 16,040 shares, representing about 0.0083% of total equity [6] - Maike Audi's shareholders have collectively reduced their holdings by 2.17%, with specific reductions of 5.41 million shares and 5.86 million shares [7] Risk Matters - *ST Tianmao plans to voluntarily withdraw its A-share listing and will initiate a protection mechanism for dissenting shareholders [8] - China Rare Earth confirms no undisclosed matters that could affect stock trading prices amid unusual trading fluctuations [9] Lock-up Release - Suda Co. announces that approximately 27.94 million shares will be released from lock-up on September 3, 2025, accounting for 36.76% of total equity [10]

Mergers and Acquisitions - Huahong Company plans to acquire 97.5% equity of Huali Microelectronics through a combination of issuing shares and cash payment, with the stock resuming trading on September 1, 2025 [1] - Olin Bio intends to acquire 15% equity of Xinnuo Ming Bio from minority shareholders through a public transfer at a price not exceeding 4.5 million yuan, with a potential increase of up to 5% from the base price [2] - Dongxin Co. plans to invest approximately 211 million yuan in Shanghai Lishuan, holding about 35.87% equity post-investment, as part of a total investment of around 500 million yuan [3] Shareholding Changes - Gaon Environment's controlling shareholder plans to reduce holdings by up to 3%, amounting to no more than 45.697 million shares [4] - Hushen Co.'s senior executive intends to reduce holdings by up to 160,400 shares, representing approximately 0.0083% of the total share capital [5] - Macao Di's shareholders have collectively reduced their holdings by 2.17%, with one shareholder reducing approximately 5.41 million shares and another reducing about 5.86 million shares [6] Risk Matters - *ST Tianmao plans to voluntarily withdraw its A-share listing on the Shenzhen Stock Exchange and will initiate a protection mechanism for dissenting shareholders, offering cash options to certain shareholders [7] - China Rare Earth confirms no undisclosed matters that should be reported, despite unusual trading fluctuations [8][9] Lock-up Release - Suda Co. announces that approximately 27.937 million shares, accounting for 36.76% of the total share capital, will be released from lock-up on September 3, 2025 [10]

Major Events - Huahong Company plans to acquire 97.4988% equity of Huali Micro through a combination of share issuance and cash payment, with stock resuming trading on September 1, 2025, pending shareholder and regulatory approvals [1] - Dongxin Co. intends to invest approximately 211 million yuan in Shanghai Lisan, increasing its stake to 35.87%, as part of a total investment of around 500 million yuan in Lisan Technology [1] - Huaxin Cement is planning to integrate its overseas assets into a subsidiary for potential listing on an overseas stock exchange to enhance financing channels and operational capabilities [2] - *ST Tianmao is voluntarily terminating its A-share listing due to business restructuring uncertainties and will initiate a cash option for shareholders [2] - Meikailong's Vice President Che Guoxing has resigned for personal reasons, with no adverse impact on daily operations [3] - China Rare Earth announced that there are no undisclosed significant matters affecting its stock, despite recent price fluctuations [3] - Maiwei Bio has re-submitted its application for H-share issuance and listing on the Hong Kong Stock Exchange [4][5] Shareholding Changes - Gao Neng Environment's controlling shareholder Li Weiguo plans to reduce his stake by up to 3% to repay debts, with the reduction period set from September 23 to December 22, 2025 [6] - Hu Dian Co.'s senior executive Li Minggui intends to sell up to 0.0083% of the company's shares within three months following the announcement [6] Financing Activities - Maohua Shihua plans to raise no more than 532 million yuan through a private placement at a price of 3.41 yuan per share, with proceeds aimed at enhancing liquidity [7] Major Contracts - Junxin Co.'s subsidiary has signed an investment agreement with the Ministry of Ecology and Natural Resources of Kazakhstan for a solid waste disposal power generation project in Almaty, with a planned processing capacity of at least 2,000 tons per day and an investment of no less than 145 billion tenge (approximately 28 million USD) [8]

Core Points - *ST Tianmao announced that it is unable to disclose the 2025 semi-annual report within the statutory deadline, leading to the continued suspension of its stock trading [1] - The company had originally planned to disclose the 2025 semi-annual report on August 29, but the preparation of the 2024 annual report and the 2025 first-quarter report is still incomplete [1] - On August 8, the company held its 10th Board of Directors' fourth meeting, where it approved a resolution to voluntarily terminate its stock listing [1] - The stock has been suspended since August 14 due to the inability to disclose the 2025 semi-annual report [1] - A temporary shareholders' meeting was held on August 25, where the resolution to voluntarily terminate the stock listing was approved [1] - Following the shareholders' decision, the company will submit an application to terminate the listing within fifteen trading days [1] - The stock will enter the cash option distribution, exercise declaration, and settlement phase [1] Additional Information - The company was previously issued a delisting risk warning on July 8 due to its failure to disclose the 2024 annual report and the 2025 first-quarter report within the statutory deadline [2] - According to the Shenzhen Stock Exchange listing rules, if the company does not disclose a majority of the board's assurance of the 2024 annual report's authenticity within two months of the delisting risk warning, the exchange will decide to terminate the stock listing [2]

Core Points - Company *ST Tianmao (000627.SZ) announced that it will not be able to disclose its 2025 semi-annual report by the originally scheduled date of August 29, 2025, due to the incomplete preparation of its 2024 annual report and 2025 first-quarter report [1] Summary by Category - **Company Disclosure** - The company has postponed the disclosure of its 2025 semi-annual report, which was initially set for August 29, 2025 [1] - The delay is attributed to the ongoing preparation work for the 2024 annual report and the 2025 first-quarter report [1]

Core Viewpoint - *ST Tianmao (000627) is undergoing a significant business restructuring, leading to major uncertainties that may substantially impact Tianmao Group [1] Group 1: Business Restructuring - The company plans to withdraw its A-share listing on the Shenzhen Stock Exchange through a shareholder resolution, which will result in the stock being transferred to the delisting segment managed by the National Small and Medium Enterprises Share Transfer System [1] - The company will initiate a protection mechanism for dissenting shareholders and other shareholders, providing cash options to all A-share shareholders registered on the cash option equity registration date, excluding certain parties [1] Group 2: Stock Suspension and Delisting - The company's stock has been suspended from trading since August 14, 2025, and the decision to terminate the listing has been approved in the first extraordinary general meeting of shareholders in 2025 [1] - Following the shareholder resolution to terminate the listing, the company will submit an application for voluntary delisting to the Shenzhen Stock Exchange within fifteen trading days [1]