每经评论员 杜恒峰 缺少财报方面的关键信息，投资者便难以作出最理性的决策。天茂集团是一家控股公司，旗下国华人寿 才是其经营主体。目前，投资者可基于三种情形进行决策：一是1月21日公司公告2024年预亏5亿元~7.5 亿元，尽管亏损额较大，但当天股价仅下跌5.54%，次日则出现涨停，此后年报难产使得相关数据的可 信度大打折扣。二是国华人寿业绩亏损较大，但整体运营正常（8月5日的公告称"公司正常经营"），考 虑到保险公司的长久期负债对利率高度敏感，这些亏损可能只是账面情况而非现金流亏损，一旦利率企 稳，业绩或将反弹。三是国华人寿业绩亏损过于巨大，需要通过天茂集团退市这样的特殊措施来挽救局 面。笔者认为，如果是情形一和情形二，继续持股似乎相对合理一些；若是情形三，则行使现金选择权 相对有利。 当然，对投资者而言，还会存在另一种假设：年报难产导致股价跌至低位，退市风险倒逼投资者卖出手 中的低价筹码，实控人借此以最低成本获得上市公司尽可能多的股权，年报实际上被异化成达成这一目 的的工具。无论属于上述哪种情形，投资者的知情权都受到了极大损害，未来在对退市决议进行投票 时，他们内心更多的是对未知信息和退市风险的恐惧，而无法 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 8月13日晚间，*ST天茂（000627）公告，公司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。 公司将于8月25日召开2025年第一次临时股东会，审议公司以股东会决议方式主动终止上市相关议案。本次股东会股权登记日为8月13日。根据 相关规则，公司股票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。 *ST天茂此前公告，由于公司拟进行业务结构调整，面临重大不确定性，可能对公司造成重大影响。为保护中小股东利益，根据相关规定，经 公司董事会审议通过，公司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。 除了拟主动退市外，公司目前也处于退市危机中。8月12日，公司发布了《股票可能被终止上市的第五次风险提示公告》。公告显示，公司无 法在法定期限内披露2024年年度报告和2025年第一季度报告，公司股票已自2025年5月6日开市起停牌，公司在股票停牌的两个月内仍未 ...

Core Viewpoint - The decision of whether *ST Tianmao will voluntarily delist is crucially dependent on the votes of minority shareholders holding less than 5% of the shares, as they will play a key role in the upcoming shareholder meeting [5][8]. Group 1: Shareholder Meeting and Delisting Proposal - *ST Tianmao will hold its first extraordinary general meeting of 2025 on August 25 to discuss the proposal for voluntary delisting [3][10]. - The stock will be suspended from trading starting August 14, 2025, following the registration date for shareholders [3][10]. - The proposal requires approval from two-thirds of the voting rights of all shareholders and two-thirds of the voting rights of minority shareholders [6][10]. Group 2: Current Financial Situation and Risks - The company has not released its 2024 annual report, which poses a risk of being forced to delist [12][13]. - If the company fails to disclose the required annual report within two months after being warned, it will face mandatory delisting [14]. - The stock has been under risk warning since July 8, 2025, due to the failure to disclose financial reports [12][14]. Group 3: Shareholder Dynamics and Cash Option - As of July 18, 2025, *ST Tianmao had approximately 111,900 shareholders, with a significant portion being minority shareholders [9][8]. - A cash option is being offered to all shareholders, including dissenting ones, at a price of 1.60 yuan per share, which provides a potential exit strategy for investors [10][16]. - Following the announcement of the voluntary delisting, the stock price increased nearly 9%, closing at 1.58 yuan per share on August 13, 2025, just below the cash option price [10][16].

Core Viewpoint - Tianmao Group has announced its intention to voluntarily delist from the A-share market due to significant operational uncertainties and the inability to publish its 2024 annual report on time, which has led to considerable delisting pressure [1][4]. Group 1: Delisting Announcement - Tianmao Group's board has approved a resolution to voluntarily withdraw its A-share listing on the Shenzhen Stock Exchange, pending approval from shareholders [2]. - The delisting requires a two-thirds majority vote from shareholders, with the controlling shareholder holding 66.78% of the shares, making the support of the remaining 33.23% crucial for the resolution's passage [2][3]. Group 2: Reasons for Delisting - The company cited business restructuring and significant uncertainties as the primary reasons for the delisting decision [2]. - Tianmao Group has faced pressure due to the failure to disclose its 2024 annual report within the legal timeframe, leading to a delisting risk warning from the Shenzhen Stock Exchange [4]. Group 3: Financial Performance - Tianmao Group has reported declining performance over the years, with net profits decreasing by 67.32%, 18.88%, 41.78%, and 337.82% from 2020 to 2023, culminating in a net loss of 6.52 billion yuan in 2023 [5]. - For the first three quarters of 2024, the company has projected a net loss of 3.33 billion yuan, with expectations of a total loss between 5 billion to 7.5 billion yuan for the year [6]. Group 4: Investor Protection Mechanism - The company has established an investor protection mechanism, allowing shareholders to exercise a cash option for their shares post-delisting, ensuring they receive cash compensation for their holdings [3]. Group 5: Industry Context - Several companies have voluntarily delisted from the A-share market this year, including Haitong Securities and Yulong Co., due to operational uncertainties and financial difficulties [7]. - The trend of voluntary delisting is seen as a move to reduce "shell speculation" and optimize market ecology, reflecting the maturity of market mechanisms [8].

Core Viewpoint - The acceleration of delisting in A-shares is driven by regulatory policies aimed at "retreating as necessary," with a total of 23 companies delisted this year due to various reasons, including financial issues and major violations [1][2][3]. Group 1: Delisting Trends - A total of 23 A-share companies have been delisted this year, with reasons including financial delisting, trading delisting, major violations, and voluntary delisting [1][2]. - The diversification of delisting types has led to an increase in companies choosing voluntary delisting, with *ST Tianmao being the fifth company to do so this year [1][2]. - The delisting process is becoming more streamlined and efficient, with a focus on enhancing the market's price mechanism and resource allocation capabilities [1][3]. Group 2: Regulatory Impact - The tightening of delisting regulations is seen as beneficial for investor protection, reducing "shell speculation" and optimizing market ecology [2][3]. - The new delisting rules have established clearer and stricter standards for major violations, particularly concerning financial fraud, which has led to an increase in companies being forced to delist due to financial issues [3]. - The number of companies delisted from 2020 to 2024 is projected to increase significantly, indicating a trend towards normalization and diversification of the delisting process [3]. Group 3: Recommendations for Improvement - Suggestions have been made to further clarify the delisting process and compress overlapping steps, enhancing the regulatory functions of exchanges to prevent companies from remaining inactive [4]. - There is a call for the establishment of a robust mechanism for accountability and penalties post-listing, as well as improved investor compensation mechanisms to protect the rights of small investors [4].

Group 1: Company Announcements - Chipone Technology plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [1] - Good Products' controlling shareholder is involved in a lawsuit with a disputed amount of 1.023 billion yuan [2] - Zhengfan Technology intends to acquire 62.23% of Hanjing Semiconductor for a total of 1.12 billion yuan [3] - Yitang Co. has filed a lawsuit against Applied Materials for the infringement of core technology secrets, seeking 99.99 million yuan in damages [4] - ST Jinggu reported a loss of approximately 19 million yuan in inventory due to alleged misconduct by a former actual controller [5][6] Group 2: Financial Performance - Tencent Holdings reported Q2 revenue of 184.504 billion yuan, a year-on-year increase of 15% [7] - Hatou Co. achieved a net profit of 380 million yuan in the first half of the year, a year-on-year increase of 233.08% [8] Group 3: Shareholding Changes - Anlu Technology announced that the National Integrated Circuit Industry Investment Fund and others plan to reduce their holdings by up to 3.25% [9]

Group 1: Company Announcements - Yongji Co., Ltd. is planning to acquire control of Nanjing Turnafly Electronics Technology Co., Ltd. through a combination of issuing shares and cash payments, with trading suspension starting from August 14, 2025, expected to last no more than 10 trading days [2] - Chip Microelectronics plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy and diversify financing channels [3] - Huakang Clean received notification that its controlling shareholder and chairman, Tan Pingtao, is under investigation and has been placed under detention, with management responsibilities temporarily assumed by the general manager [4] Group 2: Financial Performance - Hato Co., Ltd. reported a revenue of approximately 984 million yuan for the first half of 2025, a slight decrease of 5.31% year-on-year, while net profit increased by 233.08% to approximately 380 million yuan [6] - Dongfang Precision reported a revenue of 2.159 billion yuan for the first half of 2025, a minor decrease of 0.1%, with net profit rising by 142.52% to approximately 397 million yuan [6] - Aiwei Electronics reported a revenue of approximately 1.37 billion yuan for the first half of 2025, a decrease of 13.40%, while net profit increased by 71.09% to approximately 156 million yuan [6] - Langbo Technology reported a revenue of approximately 121 million yuan for the first half of 2025, an increase of 18.03%, with net profit rising by 60.18% to approximately 19 million yuan [6] Group 3: Capital Raising and Restructuring - Yuguang Jin Lead plans to issue shares to its controlling shareholder to raise no more than 400 million yuan, with proceeds used for working capital and repaying bank loans [9] - *ST Baoshi is undergoing a share transfer process where its controlling shareholder intends to transfer 206.9 million shares, representing 18.17% of the total share capital, to another state-owned entity [11] - Ruixin Technology has completed the transfer of 40.3 million shares, representing 24.22% of its total share capital, to a new controlling shareholder [12] Group 4: Important Corporate Actions - *ST Tianmao will hold a temporary shareholders' meeting on August 25, 2025, to discuss the voluntary termination of its listing [13] - Jiangfeng Electronics is planning a collaboration with Japan's Aifake to integrate their flat panel display target material businesses, currently in the planning stage [14] - KZ Precision is planning to invest up to 250 million yuan in establishing a subsidiary and new production base in Thailand [16]

Group 1: Company Announcements - Yongji Co., Ltd. is planning to acquire control of Nanjing Turnafly Electronic Technology Co., Ltd. through a share issuance and cash payment, with trading suspension starting from August 14, 2025. The acquisition may constitute a major asset restructuring but will not change the actual controller of Yongji [1] - Chip Microelectronics plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy and diversify financing channels [2] - Huakang Clean received notification that its controlling shareholder and chairman, Tan Pingtao, is under investigation and has been placed under detention. The company assures that its operations will continue normally under the management team [3] Group 2: Financial Performance - Harbin Investment Co. reported a revenue of approximately 984 million yuan for the first half of 2025, a slight decrease of 5.31% year-on-year, while net profit increased by 233.08% to approximately 380 million yuan [4] - Dongfang Precision Engineering achieved a revenue of 2.159 billion yuan, a minor decline of 0.1%, with net profit rising by 142.52% to approximately 397 million yuan [4] - Awei Electronics reported a revenue of approximately 1.37 billion yuan, down 13.40% year-on-year, but net profit increased by 71.09% to approximately 157 million yuan [4] - Langbo Technology's revenue reached approximately 121 million yuan, up 18.03%, with net profit increasing by 60.18% to approximately 19 million yuan [4] Group 3: Capital Raising and Restructuring - Yuguang Jin Lead plans to issue shares to its controlling shareholder to raise up to 400 million yuan, which will be used for working capital and repaying bank loans [6] - *ST Baoshi is undergoing a share transfer process where its controlling shareholder intends to transfer 206.9 million shares, representing 18.17% of the total share capital, to another state-owned entity [7] - Ruixin Technology has completed the transfer of 40.3 million shares, representing 24.22% of its total share capital, to a new controlling shareholder [8] Group 4: Important Projects and Investments - Jiangfeng Electronics is collaborating with Japan's Aifake to integrate their flat panel display target material businesses, aiming for high-quality development in this sector [10] - KZ Precision plans to invest up to 250 million yuan in Thailand to establish a subsidiary and new production base for precision components [12] - Yueyang Lin Paper approved a debt-to-equity conversion of 1.4 billion yuan to its wholly-owned subsidiary, which will reduce its debt ratio significantly [12]

Core Viewpoint - *ST Tianmao plans to voluntarily withdraw its A-shares from the Shenzhen Stock Exchange and transfer to the National Equities Exchange and Quotations (NEEQ) after delisting, with a shareholder meeting scheduled for August 25, 2025, to discuss the matter [1][4][6]. Group 1: Delisting Announcement - The company will suspend trading starting August 14, 2025, following the shareholder meeting's registration date of August 13, 2025 [2]. - The decision to withdraw from the stock exchange is aimed at protecting the interests of minority shareholders amid significant business uncertainties [4][6]. - A cash option will be provided to eligible shareholders at a price of 1.60 yuan per share, excluding certain restricted shares [4][6]. Group 2: Current Financial Status - The company is currently facing a delisting crisis, having failed to disclose its 2024 annual report and 2025 Q1 report within the legal timeframe [7]. - Following a trading suspension on May 6, 2025, the stock was resumed on July 8, 2025, but was subject to delisting risk warnings [7]. - The company has not yet disclosed its financial reports, citing ongoing verification and completion of the report preparation [7].

Core Viewpoint - *ST Tianmao plans to voluntarily withdraw its A-shares from the Shenzhen Stock Exchange and transfer to the National Equities Exchange and Quotations (NEEQ) after delisting, with a shareholder meeting scheduled for August 25, 2025, to vote on this decision [1][6]. Summary by Sections Company Announcement - On August 13, *ST Tianmao announced its decision to withdraw its A-shares from trading, with the stock suspension starting on August 14, 2025, following the shareholder meeting [1][2]. - The company aims to protect minority shareholders' interests by implementing a cash option for eligible shareholders at a price of 1.60 yuan per share, contingent on the approval of the delisting proposal [4][6]. Business Structure Adjustment - The company is undergoing a business structure adjustment due to significant uncertainties that may impact its operations, prompting the decision to withdraw from the stock exchange [4][7]. - The company has faced challenges in disclosing its 2024 annual report and 2025 Q1 report, leading to a risk of delisting [7][8]. Stock Performance - Following the announcement of the delisting plan, *ST Tianmao's stock hit the daily limit up on August 11, with a cumulative increase of nearly 9% over three trading days, closing at 1.58 yuan per share [4][6]. Regulatory Issues - The company is under investigation by the China Securities Regulatory Commission (CSRC) for failing to disclose periodic reports on time, which has contributed to its current delisting crisis [7][8].