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。 ...

Core Viewpoint - *ST Tianmao, controlled by Liu Yiqian, plans to voluntarily delist after facing a risk warning and delays in disclosing its annual report, with the proposal passing at a shareholder meeting with 98.0562% approval [1][9][12]. Group 1: Shareholder Meeting Details - The shareholder meeting lasted over two hours, with significant attendance from minority shareholders, some traveling long distances to participate [1][4]. - Despite concerns raised by minority shareholders regarding the delayed annual report, the company did not provide substantial responses [1][7]. - The proposal for voluntary delisting was approved with 98.0562% of votes in favor, despite some dissenting opinions [1][12]. Group 2: Financial and Operational Context - *ST Tianmao's main business is insurance, primarily through its subsidiaries Guohua Life and Huarui Insurance, which account for 99.99% of its revenue [3]. - The company reported total assets of approximately 285.15 billion yuan, a decrease of 5.56% from the previous year, while the equity attributable to shareholders increased by 5.87% to approximately 21.80 billion yuan [2]. Group 3: Cash Option and Valuation Concerns - The cash option for shareholders is set at 1.60 yuan per share, representing a premium of about 10.34% over the last closing price before the delisting announcement [8]. - Some minority shareholders expressed concerns that the cash option price is significantly lower than the company's net asset value of 4.41 yuan per share, indicating a substantial discount [8].

Core Viewpoint - *ST Tianmao (000627) has taken a significant step towards voluntary delisting by passing a resolution at the 2025 first extraordinary general meeting of shareholders to terminate its stock listing on the Shenzhen Stock Exchange [1][3]. Group 1: Delisting Process - The company will submit a voluntary delisting application to the Shenzhen Stock Exchange within fifteen trading days after the shareholders' meeting decision [1][6]. - The stock will enter a phase of cash option distribution, exercise declaration, and settlement, and will no longer be traded [1][6]. Group 2: Shareholder Approval - The resolution to terminate the stock listing was approved by 4.18 billion shares, accounting for 98.0562% of the valid voting rights present at the meeting [3][6]. - Among minority shareholders, 905 million shares voted in favor, representing 91.6191% of the valid voting rights [3][6]. Group 3: Financial Performance and Reporting Issues - The company has been experiencing continuous performance decline and is currently in a loss-making state, with difficulties in annual report disclosures [2][8]. - The company faced significant delisting pressure due to the failure to disclose the 2024 annual report and the 2025 first-quarter report within the legal timeframe [8]. Group 4: Regulatory Actions - The company received a notice from the China Securities Regulatory Commission regarding an investigation for failing to disclose periodic reports on time [9]. - The company’s proactive delisting is seen as a measure to protect the interests of minority shareholders amid ongoing operational uncertainties [8]. Group 5: Industry Context - Other companies in the A-share market, such as AVIC Capital (600705) and Yulong Co. (601028), have also voluntarily delisted due to significant operational uncertainties, including deteriorating performance and liquidity pressures [10].

Core Viewpoint - Tianmao Group has initiated the process to voluntarily delist its shares from the Shenzhen Stock Exchange, marking the beginning of its countdown to delisting due to ongoing financial difficulties and failure to publish required financial reports [1][16]. Group 1: Delisting Process - On August 25, Tianmao Group's shareholders meeting approved the resolution to voluntarily terminate the company's stock listing [3][4]. - Following the approval, the company will submit a delisting application to the Shenzhen Stock Exchange within fifteen trading days [7][10]. - The stock will enter a phase of cash option distribution, exercise declaration, and settlement, and will no longer be traded [6][10]. Group 2: Shareholder Voting - The resolution received overwhelming support, with 41.8 billion shares (98.0562% of valid votes) in favor, and only 806.3 million shares (1.8913%) against [4]. - Among minority shareholders, 9.06 billion shares (91.6191%) voted in favor of the resolution [4][5]. Group 3: Financial Performance - Tianmao Group has faced significant financial challenges, reporting a net loss of 6.52 billion yuan in 2023, a decline from a profit of 2.74 billion yuan in 2022 [12][14]. - The company anticipates continued losses in 2024, projecting revenues between 40 billion and 43 billion yuan, down from 496.99 billion yuan in 2023 [12][14]. Group 4: Reasons for Delisting - The inability to publish financial reports on time has triggered the delisting process, with the company failing to disclose its 2024 annual report and 2025 Q1 report by the legal deadline [14][15]. - The company has cited adverse market conditions and increased reserve requirements as contributing factors to its financial struggles [13].

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][11]. Group 1: Shareholder Meeting Details - The shareholder meeting lasted over two hours, with many minority shareholders traveling long distances to attend, raising concerns about the delayed annual report [1][4]. - Despite some dissent, the proposal for voluntary delisting was approved, with 6901 shareholders present, representing 4.263 billion shares, or 86.9313% of the total voting shares [6][11]. - The voting results showed 4.180 billion shares in favor, accounting for 98.0562% of the valid votes, while 8063 million shares opposed, representing 1.8913% [13]. Group 2: Financial and Operational Context - *ST Tianmao's total assets decreased by 5.56% from the previous year, amounting to approximately 285.15 billion yuan, while the equity attributable to shareholders increased by 5.87% to about 21.80 billion yuan [2]. - The company primarily engages in insurance business through subsidiaries, with insurance-related revenue constituting 99.99% of its main business income [4]. Group 3: Cash Option and Shareholder Concerns - The cash option for shareholders is set at 1.60 yuan per share, which represents a premium of approximately 10.34% over the last trading day's closing price of 1.45 yuan [8]. - Some minority shareholders expressed concerns regarding the cash option price, noting it is only about 36% of the company's net asset value of 4.41 yuan per share, indicating a significant discount [8].

Core Viewpoint - *ST Tianmao, controlled by Liu Yiqian, plans to voluntarily delist after facing a risk warning and delays in disclosing its annual report, with the proposal passing at a shareholder meeting with 98.0562% approval [1][8][9]. Group 1: Delisting Proposal - The voluntary delisting proposal was approved at a shareholder meeting held on August 25, with 6901 shareholders present, representing 4.26 billion shares, or 86.9313% of the total voting shares [5][8]. - Despite some dissent from minority shareholders regarding the annual report delays, the proposal received overwhelming support, with 41.80 billion shares voting in favor, accounting for 98.0562% of the votes [9]. Group 2: Cash Option for Shareholders - The company has arranged a cash option for shareholders, with a strike price of 1.60 yuan per share, which represents a premium of approximately 10.34% over the last closing price of 1.45 yuan before the delisting announcement [6][9]. - Some minority shareholders expressed concerns about the fairness of the cash option price, noting it is only about 36% of the company's net asset value per share of 4.41 yuan [6]. Group 3: Company Background and Financials - *ST Tianmao has been listed since 1996 and primarily engages in insurance business through its subsidiaries, with insurance-related revenue constituting 99.99% of its main business income [2][3]. - As of the third quarter of 2024, the company reported a net asset value of 21.8 billion yuan [1].

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 approved by 98.0562% of shareholders at a meeting on August 25 [2][8][11]. Group 1: Shareholder Meeting and Voting - The shareholder meeting lasted over two hours, with many minority shareholders traveling long distances to attend, including some from Inner Mongolia [2][5]. - Despite some dissent, the proposal for voluntary delisting was passed with 98.0562% approval, with 41.80 billion shares in favor [9][11]. - A total of 6,901 shareholders attended the meeting, representing 4.26 billion shares, while 6,892 participated via online voting, representing over 4.2 billion shares [6][9]. Group 2: Financial and Operational Context - *ST Tianmao's main business is insurance, with revenue from this sector accounting for 99.99% of its total income [4]. - The company reported total assets of approximately 285.15 billion yuan, a decrease of 5.56% from the previous year, while the equity attributable to shareholders increased by 5.87% to about 21.80 billion yuan [3]. Group 3: Cash Option and Shareholder Concerns - The cash option for shareholders is set at 1.60 yuan per share, which is a 10.34% premium over the last closing price of 1.45 yuan before the delisting announcement [7]. - Some minority shareholders expressed concerns about the fairness of the cash option price, which is only about 36% of the company's net asset value of 4.41 yuan per share [7].