Group 1 - Several A-share listed companies are facing delisting risks due to suspected financial fraud or information disclosure violations, with *ST Zitian, *ST Suwu, *ST Tianmao, and *ST Gaohong being the focus of investor attention [1] - *ST Gaohong has been subjected to mandatory delisting procedures by the Shenzhen Stock Exchange due to serious financial fraud and has incurred an administrative fine of 160 million yuan [1] - *ST Tianmao announced its intention to voluntarily withdraw its A-shares from trading on the Shenzhen Stock Exchange through a shareholders' meeting resolution [1] Group 2 - A total of 23 companies have been delisted from the A-share market this year, primarily due to financial-related delisting, trading-related delisting, major illegal mandatory delisting, and voluntary delisting [2] - Companies such as Zhonghang Chanyin and Yulong Co. are categorized as voluntary delisting, while companies like Tuishe Zhuolang and Tuishe Jinguang are classified under major illegal mandatory delisting [2] - Several companies, including *ST Furun, *ST Dongfang, *ST Xulan, *ST Jiayu, and *ST Jiyuan, have been delisted due to stock prices falling below par value [2]

Core Viewpoint - *ST Tianmao has applied for voluntary delisting from the Shenzhen Stock Exchange due to significant uncertainties arising from business restructuring, aiming to protect the interests of minority shareholders [2][5][7]. Group 1: Delisting Announcement - *ST Tianmao's board has approved a resolution to withdraw its A-share listing and will apply to transfer to the National Equities Exchange and Quotations for management in the delisting section [1]. - The company will provide cash options to shareholders, with an exercise price of 1.60 CNY per share, representing a premium of approximately 10.34% over the suspension price of 1.45 CNY [6]. Group 2: Financial Performance - The company has faced continuous declines in performance, with net profits dropping for four consecutive years, including a significant loss of 11.55 billion CNY in 2023, a year-on-year decline of 338.6% [13][14]. - From 2020 to 2023, the company's net profit attributable to shareholders decreased by 67.32%, 18.88%, 41.78%, and 337.82%, respectively [14]. Group 3: Historical Context - Established in November 1993 and listed in November 1996, *ST Tianmao primarily engages in various life insurance businesses [10]. - The company underwent significant changes in ownership and control, with New Liyi Group becoming the major shareholder in 2002 [10][11]. - The acquisition of a 43.86% stake in Guohua Life Insurance in 2016 marked a turning point, leading to substantial revenue growth, peaking at over 500 billion CNY in 2019 [12]. Group 4: Industry Context - As of 2025, a total of 24 companies have completed delisting, with various reasons including financial issues and voluntary applications [17][20]. - The primary reasons for delisting include financial performance issues and violations of regulations, indicating a challenging environment for companies in the market [20].

Group 1 - The A-share market is facing increased scrutiny as multiple listed companies are at risk of delisting due to suspected financial fraud or information disclosure violations, with *ST Zitian, *ST Suwu, *ST Tianmao, and *ST Gaohong being the focal points for investors [1] - On August 8, *ST Gaohong was subjected to mandatory delisting procedures by the Shenzhen Stock Exchange due to serious financial fraud and was fined 160 million yuan, while *ST Tianmao announced its intention to voluntarily withdraw its A-share listing [1] - *ST Zitian's stock price has plummeted by 87.01% this year, and it received a notice from the Shenzhen Stock Exchange regarding the potential termination of its stock listing [1] Group 2 - A total of 23 companies have been delisted from the A-share market this year, primarily due to financial-related delistings, trading-related delistings, and major illegal activities leading to mandatory or voluntary delistings [2] - Companies such as *ST Furun, *ST Dongfang, *ST Xulan, *ST Jiayu, and *ST Jiyuan have been delisted for having stock prices below par value, while others like *ST Boxin and *ST Dayao were delisted for having market capitalizations below 500 million yuan [2]

Core Viewpoint - *ST Tianmao has announced its intention to voluntarily delist from the A-share market due to ongoing financial difficulties and a prolonged inability to disclose annual reports, leading to a significant decline in stock price and market value [1][6][7]. Group 1: Company Background - *ST Tianmao, established in 1993 and listed on the Shenzhen Stock Exchange in 1996, is primarily an investment holding company engaged in insurance business through its subsidiaries Guohua Life and Huarui Insurance [3][4]. - The company is controlled by Liu Yiqian, who holds 10.47% of the shares directly and 44.56% through his holding company, New Liyi Group [3][5]. Group 2: Financial Performance - The company reported revenues of approximately 495.83 billion, 496.16 billion, and 496.99 billion from 2021 to 2023, with corresponding net profits of 4.71 billion, 2.74 billion, and a loss of 6.52 billion [7]. - A forecast for the 2024 fiscal year indicates a potential loss between 5 billion and 7.5 billion [7]. Group 3: Delisting Process - The decision to delist requires approval from at least two-thirds of the voting rights at the shareholders' meeting, which introduces uncertainty regarding the outcome [3]. - The stock has been suspended since May 6 due to the failure to disclose the 2024 annual report and the 2025 quarterly report, leading to a risk warning and a name change to *ST Tianmao [6][7]. Group 4: Market Context and Strategic Considerations - The competitive landscape of the A-share market is described as exceptionally fierce, with the company potentially lacking core competitiveness, which may hinder its ability to attract investors and maintain stock price [8]. - The voluntary delisting may be part of a broader strategic shift aimed at restructuring and improving financial health, allowing the company to operate away from public scrutiny [8].

Core Viewpoint - *ST Tianmao, a company controlled by Liu Yiqian, plans to voluntarily withdraw from A-share trading due to ongoing financial difficulties and a "annual report crisis" that has led to a significant drop in stock price and market capitalization [3][5][12]. Group 1: Company Background and Financial Issues - *ST Tianmao, originally a chemical factory, has transitioned to the financial and insurance sector, with 99.99% of its revenue coming from its subsidiaries, Guohua Life and Huarui Insurance [4]. - The company has faced a "annual report crisis" since April 2023, leading to a 50% drop in market capitalization and a stock price decline from 3.38 yuan to 1.45 yuan [4][12]. - The company is expected to report a loss of 500 million to 750 million yuan for 2024, primarily due to declining interest rates affecting its insurance subsidiary [8]. Group 2: Voluntary Delisting and Shareholder Impact - The decision to voluntarily delist requires approval from at least two-thirds of shareholders, with the controlling shareholders already holding 66.78% of the total shares [9]. - Liu Yiqian's group has offered a cash option to shareholders at a price of 1.60 yuan per share, which is approximately 10% above the current market price, potentially costing up to 2.606 billion yuan [5][12]. - Shareholders face a difficult choice: accept the cash option and realize losses or reject it and risk greater losses if the company is forced to delist [12][13]. Group 3: Regulatory and Future Considerations - The company has stated that it has no plans for major asset restructuring or a timeline for potential re-listing after delisting [14]. - Even after delisting, *ST Tianmao will remain a public company and must continue to fulfill its reporting obligations, with ongoing regulatory scrutiny for past violations [14].

Core Viewpoint - *ST Tianmao plans to voluntarily delist from the A-share market and transfer to the national SME share transfer system after the delisting, marking the third company to propose voluntary delisting in the A-share market this year [1][6]. Company Overview - *ST Tianmao, established in 1993 and listed on the Shenzhen Stock Exchange in 1996, is an investment holding company primarily engaged in insurance business through its subsidiaries Guohua Life and Huarui Insurance [4]. - The company is controlled by Liu Yiqian, who holds 10.47% of the shares directly, while his group, Xinliyi Group, holds 44.56% [4][5]. Financial Performance - As of August 6, prior to suspension, *ST Tianmao's stock price was 1.45 CNY per share, with a total market capitalization of approximately 71.11 billion CNY [4]. - The company reported revenues of approximately 495.83 billion CNY, 496.16 billion CNY, and 496.99 billion CNY for the years 2021 to 2023, respectively, with corresponding net profits of 4.71 billion CNY, 2.74 billion CNY, and a loss of 6.52 billion CNY in 2023 [7]. - The company anticipates a loss of 500 million to 750 million CNY for the 2024 fiscal year [8]. Delisting Rationale - The decision to voluntarily delist is seen as a strategy to mitigate negative public exposure and market volatility due to ongoing performance issues, allowing the company time to adjust its business strategy and improve its financial situation [8]. - The competitive landscape of the A-share market is described as exceptionally fierce, with the company potentially lacking core competitiveness in its industry, making continued trading challenging [8].

Core Viewpoint - Tianmao Industrial Group Co., Ltd. has announced the decision to voluntarily terminate its listing on the Shenzhen Stock Exchange and plans to transition to the National Equities Exchange and Quotations system after delisting [1] Group 1 - The company's board has approved the proposal to terminate its listing, with the stock set to resume trading on August 11 [1] - A subsequent shareholders' meeting will require a two-thirds majority approval from all shareholders, including minority shareholders, for the proposal to be finalized [1] - The decision is influenced by the controlling shareholder, Xinliyi Group, which is planning significant matters that may affect the company [1]

Core Viewpoint - Tianmao Industrial Group Co., Ltd. plans to voluntarily terminate its stock listing on the Shenzhen Stock Exchange due to significant business restructuring and uncertainties, aiming to protect minority shareholders' interests [2][4]. Group 1: Company Financials and Reporting Issues - The company has not disclosed its 2024 annual report and 2025 Q1 report, leading to a risk of termination of its stock listing. The stock has been suspended since May 6, 2025, and will face delisting if the reports are not submitted by September 8, 2025 [4][5]. - The company reported a total loss of 9.8 billion yuan from 2023 and the first nine months of 2024, with losses of 6.5176 billion yuan in 2023 and 3.331 billion yuan in 2024 [12][13]. Group 2: Shareholder Structure and Control - The controlling shareholder is New Liyi Group Co., Ltd., holding 44.56% of the shares, while the actual controller is Liu Yiqian [6][7]. Group 3: Cash Option for Dissenting Shareholders - To protect investors, the company will offer a cash option for dissenting shareholders at a price of 1.60 yuan per share, which is 10% higher than the last trading price of 1.45 yuan [9]. Group 4: Future Plans Post-Delisting - The company has no current plans for major asset restructuring or a specific timeline for re-listing after the voluntary delisting [11].

值得一提的是，*ST天茂目前尚未披露2024年年报和2025年一季报。此前，因*ST天茂无法在法定期限 内披露2024年年报和2025年一季报，公司股票已自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年年报和2025年一季报，公司股票于7月8日复牌并被实施退市风险警示。根据规定，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 年报，深交所将决定终止公司股票上市交易。 *ST天茂表示，本次以股东会决议方式主动终止公司股票上市事项的议案尚需经出席天茂集团股东会的 全体股东所持有效表决权的三分之二以上通过，且经出席天茂集团股东会的除单独或者合计持有上市公 司5%以上股份的股东和上市公司董事、监事、高级管理人员以外的其他股东所持表决权的三分之二以 上通过。上述事项能否最终实施完成及实施结果尚存在不确定性。 北京商报讯（记者 马换换 王蔓蕾）继玉龙股份（601028）、中航产融（600705）后，A股市场出现年 内第三家拟主动退市公司。8月9日，*ST天茂（000627）披露公告称，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，并 ...

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