Group 1 - The company *ST Tianmao (000627.SZ) announced that it will hold its first extraordinary general meeting of shareholders in 2025 on August 25 to review the proposal for voluntary termination of its listing [1] - The record date for shareholders to attend the meeting is set for August 13, 2025 [1] - Following regulations, the company will apply for its stock to be suspended from trading starting from the next trading day after the record date, which is August 14, 2025 [1]

由于天茂实业集团股份有限公司（以下简称"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《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，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 股股票在深圳证券交易所（以下简称"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。具体详见公司在指定 信息披露媒体《中国证券报》《证券时报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn） 上披露的《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的公告》 （公告编号：2025-033）。 公司将于 2025 年 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《深交所股票上市规则》 第 9.7.4 条相关规定，以股东会决议方式主动终止上市的，公司应当申请其股票自股东会股 权登记日的次一交易日起停牌。因此，经公司向深圳证券交易所申请，公司股票（股票简称： *ST 天茂， ...

金融界消息 截至2025年8月13日收盘，*ST天茂（000627）报收于1.58元，上涨1.28%，换手率8.07%， 成交量364.52万手，成交金额5.71亿元。 资金流向方面，今日主力资金净流入1.69亿元，占比成交额29.6%。其中，超大单净流入5724.79万元、 占成交额10.02%，大单净流入1.12亿元、占成交额19.57%，中单净流出流出10157.14万元、占成交额 17.78%，小单净流出6747.43万元、占成交额11.81%。 *ST天茂最新一期业绩显示，截至2024三季报，公司营业总收入335.96亿元、同比减少18.43%，归属净 利润33310.49万元，同比减少56.39%，扣非净利润33369.96万元，同比减少59.18%，流动比率2.017、速 动比率1.795、资产负债率87.37%。 天眼查商业履历信息显示，天茂实业集团股份有限公司，成立于1993年，位于荆门市，是一家以从事化 学原料和化学制品制造业为主的企业。企业注册资本494062.9165万人民币，实缴资本6482万人民币。 公司法定代表人为刘益谦。 通过天眼查大数据分析，天茂实业集团股份有限公司共对外投资 ...

证券之星消息，8月12日保险板块较上一交易日上涨0.71%，*ST天茂领涨。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。保险板块个股涨跌见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000627 | *ST天茂 | n 1.27亿 | 18.06% | -7808.91万 | -11.15% | -4841.55万 | -6.91% | | 601601 | 中国太保 | 9971.19万 | 8.72% | -1958.54万 | -1.71% | -8012.65万 | -7.01% | | 601318 中国平安 | | 5167.26万 | 2.06% | -2197.17万 | -0.88% | -2970.09万 | -1.18% | | 601628 中国人寿 | | 4726.59万 | 9.76% | 2128.42万 | 4.4 ...

瑞财经 严明会 8月11日，*ST天茂（000627.SZ，以下简称"天茂集团"）复牌后股价一字涨停，截至收盘，公司股价收于1.52元/股，总市值约为75亿元。 | 最高: 1.52 | 今开: 1.52 | 涨停: 1.52 | 成交量: 67.7 | | --- | --- | --- | --- | | 最低:1.52 | 昨收:1.45 | 跌停: 1.38 | 成交额:1.03 | | 量比： 0.41 | 换手:1.50% | 市盈率(动): 亏损 | 市盈率(TTM): | | 委比： 100.00% | 振幅:0.00% | 市盈率(静)：亏损 | 市净率:0.34 | | 每股收益: -0.16 | 股息(TTM): -- | 总股本:49.04亿 | 总市值:74.5 | | 每股净资产:4.41 | 股息率(TTM): -- | 流通股: 45.16亿 | 流通值:68.6 | | 2周最高:5.42 | 52周最低: 1.35 | 注册制:否 | 货币单位:C | 天茂集团公司将撤回A股股票在深交所的上市交易。退市后，公司将申请转入股转系统代为管理的退市板块。 对于主动退市的原因，天茂 ...

Core Viewpoint - The A-share market has seen a significant increase in both voluntary and involuntary delistings, indicating a tightening regulatory environment and a shift towards higher quality standards in the capital market [3][4]. Group 1: Voluntary Delistings - As of August 10, 2023, there have been five companies that voluntarily delisted through shareholder resolutions or mergers, surpassing the annual average of 1-4 cases from 2020 to 2024 [3]. - Companies such as 中航产融 (AVIC Capital) and 玉龙股份 (Yulong Co.) have already completed their delistings, while *ST天茂 (ST Tianmao) is in the process of withdrawing its listing due to failure to disclose financial reports [3]. - The proactive delisting of *ST天茂 is attributed to its inability to disclose the 2024 annual report, which could trigger mandatory delisting if not resolved by early September [3]. Group 2: Involuntary Delistings - Ten companies have triggered mandatory delisting criteria due to serious violations, with *ST高鸿 (ST Gaohong) being a notable case involving systematic financial fraud, including inflated revenues of 3.5 billion and profits of 4 billion [3]. - The chairman of *ST高鸿 has been fined 7.5 million and banned from the market for life, with total penalties for responsible parties amounting to 167 million [3]. Group 3: Regulatory Changes - New regulations effective in 2024 will raise the financial delisting revenue threshold from 100 million to 300 million, and introduce new criteria for delisting due to severe fraud [4]. - Eight companies have already been delisted this year for failing to meet the new market capitalization requirement of 500 million or for having share prices below par [4]. Group 4: Market Trends - A total of 30 companies have been delisted this year, with a balanced distribution among those delisted for major violations, financial issues, and trading problems [5]. - The regulatory body has initiated investigations against 35 out of 55 delisted companies, reflecting a more stringent enforcement approach [5]. - Policies encouraging market-driven delistings and discouraging "shell protection" behaviors have led to 12 cases of mergers, such as the absorption of 海通证券 (Haitong Securities) by 国泰君安 (Guotai Junan) [5].

Core Viewpoint - *ST Tianmao (000627.SZ), controlled by Liu Yiqian, has announced its intention to voluntarily delist from the stock market due to its inability to disclose financial reports for 2024 and Q1 2025, which could lead to mandatory delisting by regulatory authorities [1][2][4]. Group 1: Company Actions and Financial Situation - The board of *ST Tianmao has approved a proposal to terminate the company's stock listing and transfer to the National Equities Exchange and Quotations (NEEQ) after delisting [1]. - Liu Yiqian and his wife control over 66% of the company's shares, with an estimated cost of 2.6 billion yuan based on an exercise price of 1.6 yuan per share [2]. - The company has set up mechanisms to protect dissenting shareholders, offering cash options to all A-share shareholders except for the actual controller Liu Yiqian [1]. Group 2: Investor Concerns and Market Reactions - Investors have expressed concerns that the company intentionally suppressed stock prices to trigger delisting rules, leading to significant losses for shareholders [3]. - As of now, *ST Tianmao has approximately 111,900 shareholders, and the stock price has been drastically reduced, with a valuation of 0.27 yuan per share by a fund company, down over 90% from the pre-suspension price of 2.74 yuan [3]. - The stock price reached a limit-up of 1.52 yuan on August 11, attributed to the exercise price being higher than the suspended price [3]. Group 3: Financial Reporting Issues - The company has been under investigation by the China Securities Regulatory Commission (CSRC) for failing to disclose periodic reports on time [4]. - The inability to obtain auditor approval for financial reports is typically linked to discrepancies in financial data or insufficient evidence [5]. - Despite generating stable revenue figures over the years, the company relies heavily on its subsidiary, Guohua Life Insurance, which has reported a decline in premium income [5][6]. Group 4: Investment Strategies and Risks - Guohua Life Insurance has been criticized for its high policy surrender rates, with significant amounts returned to policyholders over the past three years [6]. - The company has engaged in unconventional investment strategies, primarily through trust plans, raising questions about its operational model as an insurance company [8]. - Guohua Life's investments in real estate and trust loans have raised concerns about compliance with regulatory standards for insurance fund investments [11][15]. Group 5: Leadership and Future Outlook - Liu Yiqian has begun liquidating personal assets, including art collections, to raise funds amid the company's financial struggles [23]. - The loss of control over Changjiang Securities marks a significant shift for Liu Yiqian, reducing his influence in the financial sector [24][25]. - The potential delisting of *ST Tianmao raises questions about the company's future and its ability to meet the requirements for trading on the NEEQ [26].

Core Viewpoint - *ST Tianmao, once a prominent player in the capital market, is set to voluntarily withdraw from A-share trading due to a prolonged "annual report crisis" and significant financial losses, leading to a drastic decline in its stock price and market value [1][2][3] Company Overview - *ST Tianmao, originally established as a chemical factory in 1993, has transitioned to the financial and insurance sector, with 99.99% of its revenue derived from its subsidiaries, Guohua Life and Huarui Insurance [2] - The company has faced regulatory scrutiny after failing to disclose its annual report on time, resulting in a stock price drop of over 50% since late April [2][3] Financial Performance - The company is projected to incur a loss of between 500 million to 750 million yuan for the year 2024, attributed to a declining interest rate environment affecting its life insurance subsidiary [9][10] - The latest financial data indicates a significant drop in revenue, with expected operating income between 4 billion to 4.3 billion yuan, down from approximately 4.97 billion yuan in the previous year [10] Voluntary Delisting Decision - On August 8, *ST Tianmao announced its intention to voluntarily delist, citing business restructuring and significant uncertainties that could impact the company [3][6] - The decision requires approval from the shareholders' meeting, with a cash option offered to shareholders at a price of 1.60 yuan per share, representing a 10% premium over the current stock price [1][12] Shareholder Dynamics - The controlling shareholder, Liu Yiqian, and associated entities hold approximately 66.78% of the company's shares, which is just above the two-thirds threshold needed for the delisting vote [11] - The company has approximately 111,900 shareholders, many of whom face difficult choices regarding accepting the cash option or retaining their shares [12][15] Regulatory Implications - Even after delisting, *ST Tianmao will remain a public company and must continue to fulfill its reporting obligations, with potential legal repercussions for past regulatory violations [15]

Core Viewpoint - The company, Tianmao Group, is moving towards voluntary delisting from the Shenzhen Stock Exchange due to significant uncertainties arising from business restructuring and poor financial performance [1][11]. Group 1: Delisting Process - Tianmao Group announced plans to voluntarily withdraw its A-share listing, with a shareholder meeting scheduled for August 25, 2025, to vote on the delisting proposal [1][3]. - The proposal requires approval from more than two-thirds of the voting rights held by shareholders present at the meeting, excluding certain major shareholders and company executives [3][4]. - The company will provide cash options to shareholders who dissent from the delisting decision, with a cash option price set at 1.60 yuan per share, potentially totaling around 2.6 billion yuan if all eligible shareholders exercise their options [4]. Group 2: Financial Performance - Tianmao Group has faced declining financial performance, reporting a revenue of 49.699 billion yuan in 2023, a slight increase of 0.17% year-on-year, but a net loss of 0.652 billion yuan compared to a profit of 0.274 billion yuan in 2022 [8]. - The company anticipates continued losses in 2024, projecting revenues between 40 billion and 43 billion yuan, down from 49.699 billion yuan in 2023, with expected net losses between 0.5 billion and 0.75 billion yuan [8]. - The decline in performance is attributed to a low interest rate environment affecting the company's insurance subsidiary, which has led to increased reserve provisions [8]. Group 3: Reporting Issues - The company has been unable to release its 2024 financial report on time, which has contributed to its stock being flagged for delisting risk since July 8, 2023 [9][10]. - Despite ongoing operations, the company has faced challenges in completing its financial reporting, leading to multiple risk warnings regarding potential delisting [10].

证券代码：000627 证券简称：*ST天茂 公告编号：2025-038 天茂实业集团股份有限公司 股票可能被终止上市的第五次风险提示公告 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。 特别提示： 票交易被实施退市风险警示暨停复牌安排的公告》（公告编号：2025-022），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能披露 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 日复牌并被实施退市风险警示。 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。 险警示期间，公司应当至少每五个交易日披露一次公司股票可能被终止上市的风险提示公告。 敬请广大投资者理性投资，注意风险。 告》（公告编号：2025-015），公司收到中国证券监督管理委员会下发的《立案告知书》（证 监立案字 00502025004 号），因涉嫌未按期披露定期报 ...