Core Viewpoint - *ST Tianmao announced that it will be unable to disclose its 2025 semi-annual report on the scheduled date and is expected to miss the statutory deadline for disclosure [1] Group 1: Financial Reporting Issues - The company has not completed the preparation of its 2024 annual report and 2025 first-quarter report, leading to the inability to disclose the 2025 semi-annual report on August 29 [1] - The company's stock has been subjected to delisting risk warnings due to the failure to timely disclose the 2024 annual report and 2025 first-quarter report [1] Group 2: Potential Delisting - If the company fails to disclose more than half of the directors' assurance of the authenticity, accuracy, and completeness of the 2024 annual report within two months, the Shenzhen Stock Exchange may decide to terminate the company's stock listing [1] - The company has convened a shareholders' meeting to approve the voluntary termination of its listing and will submit the application to the Shenzhen Stock Exchange within fifteen trading days after the resolution [1]

证券代码：000627 证券简称：*ST天茂 公告编号：2025-049 天茂实业集团股份有限公司 关于无法在预约日期及预计无法在法定期限内 披露 2025 年半年度报告的风险提示公告 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。 公司因无法在法定期限内披露 2024 年年度报告和 2025 年第一季度报告，公司股票于 2025 年 7 月 8 日被实施退市风险警示。根据《深圳证券交易所股票上市规则》第 9.4.18 条规定， 若公司在股票交易被实施退市风险警示之日起的两个月内仍未披露过半数董事保证真实、准确、 完整的 2024 年年度报告，深圳证券交易所将决定终止公司股票上市交易。 公司于 2025 年 8 月 8 日召开第十届董事会第四次会议，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》，公司股票已自 2025 年 8 月 14 日开市时起开始连续 停牌。公司于 2025 年 8 月 25 日召开了 2025 年第一次临时股东会，审议通过了本次以股东会 决议方式主动终止公司股票上市事项，公司将在股东会做出终止上市决议后十五个交易日内向 ...

证券代码：000627 证券简称：*ST天茂 公告编号：2025-048 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： 满足条件的A股股东所持的每1股有权行使现金选择权的股票获派1份现金选择 权权利，获得现金选择权权利的A股股东可于现金选择权申报期间以其所持有的公 司股票按照现金选择权的行权价格（1.60元/股）全部或部分申报行使现金选择权， 1 并在清算交收后获得现金对价。 4、申报现金选择权的股东不得就其限售、已被冻结、质押或其他权利受到限 制的股份申报现金选择权，股东申报股份数量的上限是截至现金选择权实施股权 登记日收市后其股东账户持有的不存在限售、质押、司法冻结或其他权利受到限 制情形的股票数量。若已申报行使现金选择权的股份在申报完成后被限售、司法 冻结、设定质押或第三方权利、被司法强制扣划的，则该部分股份的现金选择权 申报自限售、司法冻结、设定质押或第三方权利、被司法强制扣划发生时无效。 通过融资融券信用证券账户持有天茂集团股票且需要进行现金选 ...

证券代码：000627 证券简称：*ST天茂 公告编号：2025-046 3、公司股票（证券简称：*ST天茂，证券代码：000627）已自2025年8月14日 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。 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。 敬请广大投资者注意投资风险。 满足条件的A股股东所持的每1股有权行使现金选择权的股票获派1份现金选择 权权利，获得现金选择权权利的A股股东可于现金选择权申报期间以其所持有的公 司股票按照现金选择权的行权价格（1.60元/股）全部或部分申报行使现金选择权， 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： 1、由于天茂实业集团股份有限公司（以下简称"天茂集团"或"公司"）拟 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》第 9.7.4 条的相关规定：公司本次通过股东会决议 主动终止公司股票上市的方式下，公司应当向深圳证券交易所申请股票自股东会股权登记日的 次一交易日停牌。经申请，公司股票（股票简称：*ST 天茂，股票代码：000627）已自股东会 股权登记日的次一交易日（即 2025 年 8 月 14 日）开市起停牌。具体内容详见公司于 2025 年 上的《关于本次终止上市事项的停牌公告》（公告编号：2025-039）。 证券代码：000627 证券简称：*ST天茂 公告编号：2025-047 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。 天茂实业集团股份有限公司（以下简称"公司"）于 2025 年 8 月 8 日召开第十届董事会 第四次会议，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》：公司 拟以股东会决议方式主动撤回 A 股股票在深圳证券交易所的上市交易，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。具体内容详见公司 于 2025 年 8 月 9 日刊 ...

天茂实业集团股份有限公司（以下简称"公司"）于 2025 年 8 月 8 日召开第十届董事会 第四次会议，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》：公司 拟以股东会决议方式主动撤回 A 股股票在深圳证券交易所的上市交易，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。具体内容详见公司 于 2025 年 8 月 9 日刊登在《中国证券报》《证券时报》《上海证券报》和巨潮资讯网 （www.cninfo.com.cn）上的《关于以股东会决议方式主动终止公司股票上市的公告》等（公 告编号：2025-033）。 根据《深圳证券交易所股票上市规则》第 9.7.4 条的相关规定：公司本次通过股东会决议 主动终止公司股票上市的方式下，公司应当向深圳证券交易所申请股票自股东会股权登记日的 次一交易日停牌。经申请，公司股票（股票简称：*ST 天茂，股票代码：000627）已自股东会 股权登记日的次一交易日（即 2025 年 8 月 14 日）开市起停牌。具体内容详见公司于 2025 年 8 月 14 日刊登在《中国证券报》《证券时报》《上海证券报》和巨潮资讯网（ww ...

Core Viewpoint - Tianmao Group, controlled by Liu Yiqian, has decided to voluntarily delist after facing difficulties in disclosing its annual report and being subject to delisting risk warnings [1][3]. Group 1: Delisting Decision - Tianmao Group held a shareholders' meeting on August 25, where the proposal for voluntary delisting was approved with a high vote of 98.0562% [1][6]. - The company has been listed for over 20 years and announced its intention to delist on August 8, following an investigation by the China Securities Regulatory Commission [3][4]. Group 2: Shareholder Concerns - Many minority shareholders traveled long distances to attend the meeting, expressing concerns about the delay in the annual report and the company's future [1][3]. - Despite the high approval rate for the delisting, some minority shareholders voted against the proposal due to a lack of substantial responses from the management regarding their questions [1][4]. Group 3: Voting Details - A total of 17 shareholders attended the meeting in person, representing 6.39 million shares, while 6,892 shareholders participated online, representing over 4.2 billion shares [2][3]. - The voting results showed that 41.80 billion shares supported the delisting, while 806.3 million shares opposed it, and 224,000 shares were abstained [6]. Group 4: Financial Aspects - The cash option exercise price was set at 1.60 yuan per share, which is approximately 36% of the company's net asset value per share of 4.41 yuan [4][5]. - Some shareholders criticized the exercise price as being unfair, given the company's failure to disclose its annual report, which led to a non-market decline in stock price [4][5].

Core Viewpoint - *ST Tianmao has successfully passed the proposal for voluntary delisting at its first extraordinary general meeting of shareholders in 2025, with 90% of the participating small investors voting in favor, marking another case of voluntary delisting in the A-share market [1][4]. Group 1: Delisting Decision - The extraordinary general meeting held on August 25 saw 6901 shareholders present, representing 86.93% of the total share capital, with 98.06% voting in favor of the delisting proposal [4]. - The company plans to submit the application for voluntary delisting to the Shenzhen Stock Exchange within 15 trading days following the shareholders' resolution [4]. - The reason for the delisting is attributed to the need for business restructuring, which poses significant uncertainties for operations [4]. Group 2: Cash Option for Shareholders - *ST Tianmao has proposed a cash option for dissenting shareholders, with an exercise price of 1.60 CNY per share, which represents a premium of approximately 10% over the last trading day price before suspension [3][9]. - The total estimated cost for this cash option is not expected to exceed 2.606 billion CNY [10]. - The cash option is designed to protect the interests of minority shareholders, with the company emphasizing the importance of this mechanism [9][12]. Group 3: Market Context and Reactions - The A-share market experienced a record trading volume exceeding 3 trillion CNY on the day of the shareholders' meeting, highlighting the contrasting situation faced by *ST Tianmao's small shareholders [3]. - Some shareholders expressed a desire to accept the cash option to recover funds quickly, while others opposed the price, advocating for a buyback at net asset value [3][4]. - The stock price of *ST Tianmao has been under pressure, dropping significantly since the announcement of the investigation by the China Securities Regulatory Commission (CSRC) [6][12]. Group 4: Regulatory and Market Implications - The company has been under investigation by the CSRC for failing to disclose its 2024 annual report on time, which could lead to forced delisting if not resolved by September 8 [3][7]. - The trend of voluntary delisting is expected to increase in 2025 due to new regulations encouraging market-driven exits, particularly for companies facing financial difficulties [5].

Core Viewpoint - Tianmao Group plans to voluntarily terminate its stock listing on the Shenzhen Stock Exchange and will provide cash options to eligible shareholders following a resolution passed at the 2025 first extraordinary general meeting [1][12]. Group 1: Termination of Listing - The company is undergoing business restructuring and faces significant uncertainties that may have a major impact on its operations [1]. - The company will apply to terminate its stock listing within fifteen trading days after the shareholders' resolution [1][12]. - Following the termination, the stock will be transferred to the National Equities Exchange and Quotations (NEEQ) for management in the delisting section [1]. 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 [2][8]. - The cash options will be distributed based on the number of shares held as of the cash option registration date, excluding shares with restrictions [7][12]. - The cash option exercise period will be announced separately, and trading of the stock will be suspended during this period [10][12]. Group 3: Shareholder Eligibility and Requirements - Shareholders eligible to exercise cash options include all A-share shareholders except for specific entities and individuals with restricted shares [5][12]. - Shareholders must ensure that their shares are not subject to restrictions such as pledges or judicial freezes to be eligible for cash options [6][12]. - Investors holding shares in margin accounts must transfer them to regular accounts before the registration date to exercise cash options [3][10]. Group 4: Cash Option Execution Process - Cash option exercise must be submitted through the Shenzhen Stock Exchange trading system, and manual submissions will not be accepted [8][11]. - The cash option exercise period will be from 9:30 AM to 11:30 AM and 1:00 PM to 3:00 PM on specified dates [8][12]. - Unexercised cash options will be canceled after the exercise period ends [11][12].

证券代码：000627 证券简称：*ST天茂 公告编号：2025-45 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： 1、由于天茂实业集团股份有限公司（以下简称"天茂集团"或"公司"）拟 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。 2、为充分保护投资者的利益，公司将启动异议股东及其他股东保护机制，由 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）。 3、公司股票（证券简称：*ST天茂，证券代码：000627）已自2025年8月14日 开市时起开始连续停牌。 ...