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 ...

Group 1 - Huang Renxun's children, Huang Minshan and Huang Shengbin, have become key players in Nvidia's emerging business sectors, particularly in simulation software and robotics [3] - Huang Renxun acknowledged the presence of "nepotism" in the company but expressed confidence in the capabilities of employees' children, stating that many outperform their parents [3] Group 2 - OpenAI has launched GPT-5 for all Plus, Pro, Team, and free users, with increased rate limits for Plus and Team users [5] - The mini version of GPT-5 and GPT-5 thinking will be available next week [5] Group 3 - Huang Renxun topped the 2025 Fortune list of the world's most influential business leaders, replacing Elon Musk [6][7] - Chinese entrepreneurs Wang Chuanfu and Ren Zhengfei ranked 5th and 7th respectively, marking the best performance for Chinese business leaders on this list [9] Group 4 - Baiguoyuan's chairman, Yu Huiyong, emphasized the importance of educating consumers about fruit quality rather than simply catering to their price sensitivity [10] - Baiguoyuan maintains a high-quality approach, believing that good fruit is in short supply, which justifies higher prices [10] Group 5 - ST Tianmao, controlled by Liu Yiqian, plans to voluntarily withdraw from A-share trading after facing regulatory scrutiny, leading to a significant drop in its stock price and market value [11] - Liu Yiqian, known for his investments in multiple listed companies, has seen his family's wealth ranked at 39 billion yuan [11] Group 6 - The global first robot 4S store and robot-themed restaurant opened in Beijing, showcasing advanced robotic technology in everyday life [16] - The 2025 World Robot Conference is taking place in Beijing, highlighting advancements in robotics [18] Group 7 - Harvard University invested $116 million in BlackRock's Bitcoin ETF, indicating growing institutional interest in cryptocurrency [18] - Brown University also increased its exposure to Bitcoin through investments in the same ETF [18] Group 8 - Minghui Pharmaceutical completed a $131 million Pre-IPO financing round to advance its clinical projects in oncology and autoimmune diseases [19] - Lif Biological Technology successfully raised several hundred million yuan in its C round financing [19] Group 9 - Changan Automobile launched its third-generation UNI-V, featuring L2-level driving assistance systems and a price range of 102,900 to 119,900 yuan [20] - The new model aims to enhance competitiveness in the fuel sports sedan market [20] Group 10 - UBTECH released the Cruzr S2, a full-size humanoid robot with advanced mobility features [22] - The robot stands 176 cm tall and weighs 185 kg, showcasing 44 degrees of freedom [22] Group 11 - The total box office for the summer film season in China has exceeded 8.2 billion yuan, with "Nanjing Photo Studio" leading the charts [24] - The overall box office for 2025 has surpassed 35.5 billion yuan [24]

Group 1 - The meeting between Russian President Putin and US President Trump is scheduled for August 15 in Alaska, focusing on achieving long-term peace in Ukraine [10][11] - The Chinese National Bureau of Statistics reported that the Consumer Price Index (CPI) rose by 0.4% month-on-month in July, while the Producer Price Index (PPI) decreased by 3.6% year-on-year [3] - The Henan Provincial Development and Reform Commission announced the establishment of a 3 billion yuan artificial intelligence industry fund to support the development of the AI ecosystem [4] Group 2 - Sichuan Province has launched a new "immediate refund" service for outbound tax refunds, allowing international travelers to shop and receive refunds at various airports [5] - The total box office for the summer film season in 2025 has exceeded 8.2 billion yuan, with the film "Nanjing Photo Studio" leading with over 2 billion yuan [6] - The Gansu Province experienced severe flooding, resulting in 15 fatalities and 28 individuals missing, prompting a response from the Ministry of Natural Resources [6][7] Group 3 - The company *ST Tianmao, controlled by capital mogul Liu Yiqian, announced plans to voluntarily withdraw its A-share listing on the Shenzhen Stock Exchange [16][17] - The private equity firm Jinglin Asset's recent holdings reveal a shift in investment strategy, including new positions in Nvidia and a complete exit from Apple [18][19] - Harvard's endowment fund invested approximately $116 million in BlackRock's Bitcoin ETF, becoming the fifth-largest investor in the fund [21]

Core Viewpoint - *ST Tianmao plans to voluntarily withdraw from A-share trading due to ongoing financial difficulties and a "annual report production crisis," which has led to a significant decline in stock price and market capitalization [1][4][11] Group 1: Company Background and Financial Situation - *ST Tianmao, originally established as a chemical company, has transitioned to the financial and insurance sector, with 99.99% of its revenue coming from its subsidiaries, Guohua Life and Huarui Insurance [3][4] - The company has faced regulatory scrutiny since failing to disclose its annual report on time, resulting in a stock price drop from 3.38 yuan to 1.45 yuan, a decline of over 50% [1][15] - The company anticipates a net loss of 500 million to 750 million yuan for the 2024 fiscal year, attributed to declining interest rates affecting its life insurance subsidiary [10][11] Group 2: Voluntary Delisting and Shareholder Impact - The decision to voluntarily delist 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][15] - Approximately 66.78% of the company's shares are held by major stakeholders, including Liu Yiqian, which is just above the two-thirds threshold needed for the decision to pass [12][18] - Shareholders face a difficult choice: accept the cash option and realize losses or reject it and risk total loss if the company is forced to delist [16][18] Group 3: Regulatory and Market Reactions - The announcement of voluntary delisting is rare in the A-share market, as companies typically strive to avoid delisting [7] - The company has stated that it is not planning any major asset restructuring or specific timelines for re-listing after delisting [17] - Legal experts suggest that while the cash option may provide a buffer for shareholders, it could also affect their rights to claim compensation for past regulatory violations [19][20]

Core Viewpoint - *ST Tianmao (000627.SZ) announced its intention to voluntarily delist from the Shenzhen Stock Exchange, marking the third company to apply for voluntary delisting in A-shares this year [1][2]. Group 1: Delisting Announcement - The company plans to withdraw its A-share listing through a shareholder resolution and subsequently apply for management in the delisting section of the National Equities Exchange and Quotations [1]. - The decision to delist is attributed to significant uncertainties arising from the restructuring of Tianmao Group, which may have a substantial impact on the company [1][2]. Group 2: Shareholder Protection Mechanism - To protect investors, the company will implement a mechanism for dissenting shareholders and other shareholder protection measures [2]. - A cash option will be provided to all A-share shareholders, excluding certain major shareholders, at a price of 1.60 CNY per share, representing a premium of approximately 10% over the last trading price of 1.45 CNY per share [2]. Group 3: Comparison with Other Companies - In comparison, Yulong Co. (601028.SH) offered a cash option at 13.2 CNY per share, a premium of about 1.23% over its last trading price, while AVIC Capital (600705.SH) offered 3.54 CNY per share, a premium of approximately 2.91% [2]. Group 4: Company Profile - *ST Tianmao operates primarily as an investment holding company, with 99.99% of its main business revenue derived from insurance operations through its subsidiaries, Guohua Life and Huarui Insurance [2].

Core Viewpoint - *ST Tianmao, controlled by capital tycoon Liu Yiqian, plans to voluntarily delist from the Shenzhen Stock Exchange to protect the interests of minority shareholders amid significant business restructuring uncertainties [2][5][10]. Group 1: Delisting Announcement - On August 8, *ST Tianmao's board approved a resolution to withdraw its A-share listing and will apply to transfer to the National Equities Exchange and Quotations (NEEQ) for management in the delisting section [2][5]. - The company aims to protect the interests of its 111,900 shareholders, with a total share capital of 4.904 billion shares [5][7]. Group 2: Financial Performance - As of July 18, the stock price was 1.45 CNY per share, with a total market value of 7.111 billion CNY [5]. - The company reported a total revenue of 33.6 billion CNY, a year-on-year decline of 18.43%, and a net loss of 333 million CNY, down 56.39% year-on-year [6]. Group 3: Shareholder Protection Mechanism - To safeguard investor interests, *ST Tianmao will implement a mechanism for dissenting shareholders, allowing them to opt for cash compensation at a price of 1.60 CNY per share, which is a 10.34% premium over the last trading price [7][9]. - The cash option will be available to all A-share shareholders except for certain major shareholders, including Liu Yiqian [7][9]. Group 4: Historical Context - *ST Tianmao, established in 1993 and listed in 1996, has undergone significant changes, including a shift from pharmaceutical to insurance business under Liu Yiqian's control [11][13]. - The company has faced continuous losses, particularly from its subsidiary, Guohua Life, which reported a revenue of 49.8 billion CNY and a loss of 1.155 billion CNY in 2023 [14][16]. Group 5: Regulatory Issues - The company has been under pressure due to the inability to disclose its 2024 annual report, leading to a risk warning and potential delisting by the Shenzhen Stock Exchange [16][18]. - Additionally, *ST Tianmao received a notice from the China Securities Regulatory Commission regarding an investigation for failing to disclose periodic reports on time [18].

Core Viewpoint - *ST Tianmao plans to voluntarily delist from the Shenzhen Stock Exchange due to significant uncertainties in its business restructuring, aiming to protect the interests of minority shareholders [1][3]. Group 1: Delisting Announcement - On August 8, *ST Tianmao's board approved a resolution to withdraw its A-share listing and transfer to the national SME share transfer system after delisting [1]. - The company has a total share capital of 4.904 billion shares, with a market capitalization of 7.111 billion yuan as of July 18, with the stock price at 1.45 yuan per share before suspension [3]. Group 2: Cash Option for Shareholders - To protect investors, *ST Tianmao will provide a cash option to dissenting shareholders, facilitated by an affiliate of Liu Yiqian, the actual controller of the company [6]. - The cash option's exercise price is set at 1.60 yuan per share, representing a premium of approximately 10.34% over the last trading price [7]. Group 3: Shareholder Structure - The top three shareholders of *ST Tianmao are New Liyi Group (44.56%), Wang Wei (11.25%), and Liu Yiqian (10.47%) [6]. - Liu Yiqian is the actual controller of New Liyi Group, and Wang Wei is his spouse [6]. Group 4: Business Transition and Financial Performance - *ST Tianmao transitioned from a pharmaceutical focus to the insurance sector after Liu Yiqian took control in 2002, becoming the largest shareholder of Guohua Life Insurance [10][11]. - The company has faced continuous losses since 2020, with Guohua Life's revenue dropping to 49.8 billion yuan in 2023, resulting in a loss of 1.155 billion yuan [13]. - The company anticipates a loss of 500 million to 750 million yuan for the 2024 fiscal year due to increased reserve provisions [13]. Group 5: Regulatory Challenges - *ST Tianmao is under pressure to disclose its 2024 annual report, which has not been completed, leading to a risk of delisting [15]. - The company received a notice from the China Securities Regulatory Commission for failing to disclose periodic reports on time [17].

Core Viewpoint - Tianmao Industrial Group Co., Ltd. has announced its decision to voluntarily delist from the Shenzhen Stock Exchange to protect shareholder interests amid ongoing financial difficulties and regulatory scrutiny [1][2][4]. Group 1: Delisting Announcement - The company plans to withdraw its A-share listing and will apply to transfer to the National Small and Medium Enterprises Share Transfer System after delisting [1]. - A cash option will be provided to dissenting shareholders, with an exercise price of 1.60 CNY per share, representing a 10.34% premium over the last closing price of 1.45 CNY [1][5]. - The company will hold a temporary shareholders' meeting on August 25, 2025, to review the delisting proposal [1][5]. Group 2: Financial Struggles - The company has faced continuous declines in performance, with net profits dropping by 67.32%, 18.88%, 41.78%, and 337.82% from 2020 to 2023, culminating in a net loss of 6.52 billion CNY in 2023 [3]. - For the first three quarters of 2024, the company reported a net loss of 3.33 billion CNY, with forecasts indicating a potential loss of 5 to 7.5 billion CNY for the full year [3]. Group 3: Regulatory Issues - The company is on the verge of forced delisting due to failure to disclose its 2024 annual report, which was originally due on April 29, 2024 [2]. - The China Securities Regulatory Commission (CSRC) has initiated an investigation into the company for failing to timely disclose regular reports, leading to a suspension of trading since May 6, 2024 [2]. Group 4: Market Context - The number of companies voluntarily delisting has increased, with Tianmao being the third company to do so in 2023, reflecting stricter delisting regulations and increased operational pressures [7]. - The new regulations aim to reduce "shell" companies and enhance investor protection through mechanisms like cash options for shareholders [7].

Core Viewpoint - *ST Tianmao (000627) has announced its intention to voluntarily delist from the Shenzhen Stock Exchange, transitioning to the National Equities Exchange and Quotations (NEEQ) for management in the delisting sector [2][3] Group 1: Delisting Process - The voluntary delisting proposal requires approval from more than two-thirds of the voting rights held by shareholders present at the *ST Tianmao shareholders' meeting, excluding certain major shareholders and company executives [3] - Following the approval, Liu Yiqian's affiliated company, Jingmen Weituo Hongcheng Management Partnership, will offer cash options to dissenting shareholders at a price of 1.60 CNY per share, representing a premium of approximately 10.34% over the last closing price before suspension [3][5] Group 2: Shareholder Structure - *ST Tianmao has a total share capital of 4.904 billion shares, with New Liying holding 2.202 billion shares (44.89%), Liu Yiqian directly holding 518 million shares (10.55%), and his spouse Wang Wei holding 556 million shares (11.33%) [5] - Liu Yiqian, a prominent figure in the A-share capital market, has a wealth of 34.5 billion CNY, ranking 678th on the 2024 Hurun Global Rich List [5] Group 3: Business Transformation and Challenges - *ST Tianmao was listed in November 1996 and underwent a business transformation from chemical to pharmaceutical sectors after New Liying became the controlling shareholder in December 2002 [6] - The company established Guohua Life Insurance in May 2007, which became a significant revenue source, contributing 96.64% of the company's total revenue by the end of 2016 [8] - However, Guohua Life's performance has deteriorated since 2020, with a reported loss of 1.155 billion CNY in 2023 and a projected loss of 500 million to 750 million CNY for 2024 [8][9]

Core Viewpoint - The company *ST Tianmao (000627)* has announced its decision to voluntarily withdraw its A-share listing on the Shenzhen Stock Exchange and will apply to transfer to the delisting segment managed by the National Equities Exchange and Quotations after the termination of its listing [1] Group 1 - The company's board of directors has approved the resolution to withdraw from the A-share market [1] - The stock is set to resume trading on August 11, 2025 [1]