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 ...

Core Viewpoint - Tianmao Group is approaching delisting as it plans to voluntarily withdraw its A-share listing on the Shenzhen Stock Exchange due to significant uncertainties arising from business restructuring [2][13]. Group 1: Delisting Process - Tianmao Group announced its intention to terminate its stock listing, with a shareholder meeting scheduled for August 25, 2025, to vote on the proposal [2][4]. - 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 [4]. - A cash option will be provided to eligible shareholders, allowing them to receive cash compensation for their shares at a price of 1.60 yuan per share, with a total potential payout of approximately 2.6 billion yuan if all eligible shares are exercised [5]. Group 2: Financial Performance - Tianmao Group has faced poor 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, reversing from a profit of 0.274 billion yuan in 2022 [8][9]. - For the first three quarters of 2024, the company reported a revenue of 33.596 billion yuan, a decline of 18.43% year-on-year, with a net loss of 0.333 billion yuan [8]. - The company anticipates a revenue of 40 to 43 billion yuan for 2024, down from 49.699 billion yuan in 2023, with expected net losses between 0.5 billion and 0.75 billion yuan [8][9]. Group 3: Reporting Issues - Tianmao Group has been unable to release its 2024 financial report, which has contributed to its delisting risk, as the company failed to disclose necessary information by the regulatory deadline [10][12]. - The company has issued multiple risk warnings regarding the potential termination of its stock listing due to the ongoing delays in financial reporting [10][12]. - As of now, the financial report for 2024 remains unpublished, further complicating the company's situation [11].

Core Viewpoint - *ST Tianmao has announced its intention to voluntarily delist from the Shenzhen Stock Exchange due to ongoing financial difficulties and the inability to disclose its annual and quarterly reports on time [1][2][5] Group 1: Delisting Decision - The company plans to withdraw its A-share listing through a shareholder resolution, which requires approval from more than two-thirds of the attending shareholders [2][3] - As of August 8, the controlling shareholder and related parties hold 66.78% of the shares, just meeting the two-thirds threshold needed for the resolution [2][3] Group 2: Financial Performance - The company has reported continuous net losses in recent years, with an asset-liability ratio exceeding 85% [1][5] - For the fiscal year 2024, the company anticipates a net loss of between 500 million to 750 million yuan [1][6] - Historical revenue figures show that from 2021 to 2023, the company generated approximately 49.58 billion yuan, 49.62 billion yuan, and 49.70 billion yuan in revenue, while net profits were 471 million yuan, 274 million yuan, and a loss of 652 million yuan respectively [5][6] Group 3: Reporting Issues - The company has faced challenges in disclosing its 2024 annual report and 2025 first-quarter report, leading to a risk warning for delisting [1][5] - The stock was suspended on May 6 due to the failure to disclose reports on time, and the China Securities Regulatory Commission has initiated an investigation [5]

本文字数：1700，阅读时长大约4分钟 作者 |第一财经周斌 继玉龙股份、中航产融后，A股又一家上市公司拟主动退市。 近日，*ST天茂发布公告称，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。不过，目前以股东会决议方式主动退市尚需股东表决通 过。 2025.08.11 在计划主动退市前，*ST天茂已经因无法在法定期限内披露2024年年报和2025年一季报，被实施退市风险预警。 从业绩情况来看，近年来该公司净利润持续亏损，资产负债率超过85%。据*ST天茂2024年度业绩预告，该公司去年归母净利润预计亏损5亿-7.5亿元。 *ST天茂拟主动退市 因财报"难产"拉响退市风险预警一个月后，*ST天茂作出了主动退市的决定。 根据*ST天茂近日公告，该公司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》，拟以股东会决议方式 主动撤回天茂集团A股股票在深交所的上市交易。 不过，以股东会决议方式主动退市尚需出席股东会的三分之二以上股东表决通过，且还需除持股5%以上股东及董监高以外的三分之二以上中小股东通 过。 公告显示，截至8月8日，该公司控股股东新理益集团、实控人刘益谦及 ...

Core Viewpoint - *ST Tianmao has announced its intention to voluntarily delist from the Shenzhen Stock Exchange, pending approval from shareholders, following a series of financial difficulties and regulatory warnings [3][4][6]. Financial Performance - The company has reported continuous net profit losses in recent years, with a projected loss of 500 million to 750 million yuan for the 2024 fiscal year [4][13]. - From 2021 to 2023, *ST Tianmao's revenue remained relatively stable, with figures of approximately 49.58 billion yuan in 2021, 49.62 billion yuan in 2022, and 49.70 billion yuan in 2023, while net profits showed a significant decline from 4.71 billion yuan in 2021 to a loss of 6.52 billion yuan in 2023 [11][12]. Debt and Financial Health - The company's asset-liability ratio has exceeded 85%, reaching 87.37% as of September 30, 2024, indicating a high level of debt relative to its assets [12]. - As of August 8, 2025, *ST Tianmao's major shareholders, including its controlling shareholder, hold 66.78% of the shares, just meeting the two-thirds threshold required for the delisting vote [7][8]. Regulatory and Operational Challenges - The company faced a delisting risk warning due to its inability to disclose the 2024 annual report and the 2025 first-quarter report within the legal timeframe, leading to a suspension of its stock [4][10]. - Following a two-month suspension, the company was placed under delisting risk warning, which could lead to mandatory delisting if it fails to meet reporting requirements [10][11]. Shareholder Dynamics - The upcoming shareholder meeting will be crucial, as the approval of the delisting proposal requires a two-thirds majority vote from shareholders, excluding major shareholders and executives [6][8]. - The company has offered a cash option to dissenting shareholders at a price of 1.60 yuan per share, as part of its delisting strategy [8].

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。 5、2025 年 8 月 8 日，公司第十届董事会第四次会议审议通过《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》：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《深圳证券交易所股票上市规则》等相关法 律、法规及规范性文件的规定，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。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（即 8 月 14 日开始停牌）。公司将设置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）向除新理益集团有限公司、王薇、刘益 谦 ...

Core Viewpoint - *ST Tianmao has announced its decision to voluntarily delist from the Shenzhen Stock Exchange due to significant uncertainties in its business structure, aiming to protect the interests of minority shareholders [1][3]. Company Overview - *ST Tianmao, established in November 1993 and listed in November 1996, primarily engages in various life insurance businesses [5]. - The company was previously known as Baike Pharmaceutical and underwent a significant ownership change in December 2002 when New Liyi Group acquired a controlling stake [5][6]. Financial Performance - The company experienced a dramatic increase in revenue after acquiring a 43.86% stake in Guohua Life Insurance in 2016, leading to revenues soaring from several hundred million to over 500 billion in 2019 [6]. - However, 2020 marked a turning point, with Guohua Life's net profit dropping to 1.11 billion, followed by continuous declines, resulting in a net loss of 1.155 billion in 2023, a year-on-year decrease of 338.6% [7]. - The company's net profit has declined for four consecutive years, with figures showing a drop of 67.32%, 18.88%, 41.78%, and 337.82% from 2020 to 2023 [7]. Delisting Process - The company has set up mechanisms to protect dissenting shareholders, offering a cash option at a price of 1.60 CNY per share, which is approximately 10.34% above the suspension price of 1.45 CNY [3]. - If the shareholders do not approve the delisting resolution, they will not be eligible for the cash option and cannot claim any compensation [3]. - The stock has been suspended since May 6, 2025, due to the company's failure to disclose its annual report and quarterly report within the legal timeframe [4]. Industry Context - As of 2025, a total of 24 companies have completed the delisting process, with various reasons including financial issues and voluntary applications [8][10]. - The primary reasons for delisting include financial performance failures and significant legal violations, indicating a challenging environment for companies in the market [10].