天茂实业集团股份有限公司 关于深圳证券交易所受理公司股票主动终止上市申请的公告 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。 天茂实业集团股份有限公司（以下简称"天茂集团"或"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（以下简称"本次终止上市"）。本次终止上市事项已于2025年8月 25日经公司2025年第一次临时股东会审议通过。 证券代码：000627 证券简称：*ST天茂 公告编号：2025-056 1 天茂实业集团股份有限公司董事会 2025 年 9 月 10 日 2 根据《深交所股票上市规则》的相关要求，公司已于2025年9月4日向深交所提 交了本次终止上市申请。2025年9月10日，公司收到深交所《关于同意受理天茂实 业集团股份有限公司股票终止上市申请的函》（公司部函〔2025〕第281号），深 交所正式受理公司股票终止上市申请。 根据《深交所股票上市规则》的相关规定，深交所在受理公司申请后的十五个 交易日内，深 ...

证券代码：000627 证券简称：*ST天茂 公告编号：2025-055 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 2、现金选择权申报期间为2025年9月15日至2025年9月19日之间的交易日上午 9:30-11:30和下午13:00-15:00内。获得现金选择权的股东可在申报期间内以其所持 有的天茂集团股票按照现金选择权的行权价格（1.60元/股）全部或部分行使现金 选择权，相应将其持有的公司股票过户给现金选择权提供方荆门市维拓宏程管理 合伙企业（有限合伙）。若有权行使现金选择权的A股股东在现金选择权申报期间 未申报或未有效申报行使现金选择权，则无法取得相应的现金对价。 1 3、截至2025年8月13日，即本公告刊登之日的前一个交易日，天茂集团收盘 价为1.58元/股，现金选择权行权价格为1.60元/股，有效申报行使现金选择权的股 东将以1.60元/股的行权价格获得现金对价。标的股票（即天茂集团股票）参考股 价与现金选择权约定价格溢价比未超过50%，同时，本次现金选择权所含权利的 Delta值的绝对值未低于5%，根据《深圳证券交易所上市公司自律监管指南第1 号——业务办理》的相关 ...

又有两家深市公司锁定退市。近日，*ST紫天（300280.SZ）发布公告称，深交所对其依规作出终止上 市决定。另外，*ST天茂（000627.SZ）称已向深交所提交主动终止上市申请材料。 Wind数据显示，截至9月7日，今年以来A股已有24家上市公司退市，其中超过八成的公司均因触及重大 违法、财务类、规范类、交易类强制退市规定而走向退市。 不过，退市并非上市公司的"免责金牌"。如存在违法违规行为，上市公司退市后仍可能面临行政、刑事 及民事"立体化"追责。 据了解，*ST紫天此前已被行政处罚，但未来仍可能面临刑事及民事追责。另外，今年7月已摘牌的退 市龙宇也于近日遭到重罚。 *ST紫天被终止上市 根据*ST紫天9月5日发布的公告，因触及规范类强制退市规定，深交所决定终止公司股票上市交易。该 公司股票将于9月15日复牌并进入退市整理期，退市整理期的交易期限为15个交易日，预计最后交易日 期为10月13日。 公告显示，*ST紫天因财务会计报告存在虚假记载，被证监会责令改正但未在要求期限内完成整改，且 在股票停牌两个月内仍未完成整改，该公司股票交易被实施退市风险警示。但该公司股票交易被实施退 市风险警示之日起的两个月 ...

Core Points - Two companies in the Shenzhen Stock Exchange, *ST Zitian and *ST Tianmao, are facing delisting, with *ST Zitian being forced to delist due to regulatory violations and *ST Tianmao voluntarily applying for delisting [2][5] - A total of 24 companies have been delisted from the A-share market this year, with over 80% of these companies delisted due to severe violations related to financial, regulatory, and trading rules [2][5] - Delisting does not exempt companies from legal responsibilities, as they may still face administrative, criminal, and civil liabilities post-delisting [2][5] Summary of *ST Zitian - *ST Zitian's stock will be suspended from trading on September 15 and will enter a delisting preparation period lasting 15 trading days, with the last trading day expected to be October 13 [3] - The company was found to have falsified financial reports, inflating revenue by 2.499 billion yuan and profits by over 100 million yuan through fraudulent activities [3][4] - The company and its management faced fines totaling 38.4 million yuan, with key executives banned from the securities market for life due to continuous financial fraud and obstruction of regulatory inspections [4] Summary of *ST Tianmao - *ST Tianmao has submitted a voluntary delisting application after failing to disclose its 2024 annual report and 2025 Q1 report within the legal timeframe [5] - The company offered a cash option to dissenting shareholders at a price of 1.60 yuan per share as part of its delisting plan [5] - The trend of regular delistings has accelerated, with a significant number of companies facing strict enforcement of delisting regulations [5] Post-Delisting Accountability - Companies that have been delisted, such as Longyu, continue to face penalties for past violations, with fines imposed for financial misconduct and market bans for key individuals [6] - Regulatory bodies are emphasizing the importance of accountability for delisted companies to prevent evasion of responsibilities [5][6]

Core Viewpoint - The article discusses the recent trend of delistings in the A-share market, highlighting that companies are facing stricter regulations and potential legal consequences even after delisting due to financial misconduct and other violations [3][10]. Group 1: Recent Delistings - Two companies, *ST Zitian and *ST Tianmao, have recently been involved in delisting activities, with *ST Zitian facing a forced delisting due to regulatory violations [3][11]. - As of September 7, 2023, a total of 24 companies have been delisted this year, with over 80% of these cases attributed to severe legal, financial, and regulatory breaches [3][11]. Group 2: Regulatory Actions and Consequences - *ST Zitian was found to have inflated its revenue by CNY 2.499 billion and profits by over CNY 100 million through fraudulent accounting practices, leading to administrative penalties and potential criminal charges [7][9]. - The company has been penalized a total of CNY 38.4 million, and its former chairman and CFO have been banned from the securities market for life due to their involvement in the misconduct [9]. - Following its delisting, *ST Longyu also faced significant penalties for similar financial misreporting, indicating a trend of continued regulatory scrutiny post-delistings [12]. Group 3: Market Trends and Future Implications - The article notes an acceleration in the pace of delistings, with a clear emphasis from regulators on enforcing strict delisting rules and holding companies accountable for their actions [11][12]. - The proactive delisting by *ST Tianmao, which offered cash options to dissenting shareholders, reflects a growing trend among companies to manage their exit from the market strategically [11].

New Stock Listings - Huaxin Jingke (603370) listed at an issuance price of 18.6 on September 5, 2025[1] Rights Issues and Offers - Fushun Special Steel (600399) has a tender offer period from August 12 to September 10, 2025[1] - Cash option for *ST Tianmao (000627) is available from September 15 to September 19, 2025[1] Stock Performance Alerts - Significant abnormal fluctuations reported for KaiPu Cloud (688228) on August 30, 2025[1] - New stock listings and trading alerts include various companies with specific announcement links for further details[1] Trading Volume Insights - Notable trading volumes for several stocks, including Dongjie Intelligent (300486) at 6241 and Kedi Shares (605255) at 6820[1] - Other stocks with significant trading volumes include Huawen Technology (001380) at 9056 and ST Jinfeng (000908) at 9022[1]

上海市静安区山西北路 99 号苏河湾中心 25-28 层 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai 200085, China 国浩律师（上海）事务所 关 于 天茂实业集团股份有限公司主动终止上市 之 法律意见书 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 5243 3320 网址/Website: http://www.grandall.com.cn 2025 年 9 月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所（以下简称"本所"）接受天茂实业集团股份有限 公司（以下简称"天茂集团"或"公司"）的委托，在天茂集团拟主动终止上市 项目中担任天茂集团的专项法律顾问。 本所根据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券 交易所股票上市规则》（以下简称《深交所股票上市规则》）等中国境内法律法 规的有关规定，按照《律师事务所从事证券法律业务管理办法》和《律师事务所 证券法律业务执业规则（试行）》的要求，现就天茂集团拟以股东会决议方 ...

中信建投证券股份有限公司 关于 天茂实业集团股份有限公司 二〇二五年九月 重要提示 天茂实业集团股份有限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。 中信建投证券股份有限公司接受天茂集团的委托，担任本次公司申请以股东会决 议方式主动终止上市的财务顾问，依照相关法律法规规定，按照行业公认的业务标 准、道德规范，本着诚实信用和勤勉尽责的原则，在审慎调查的基础上出具财务顾 问意见。 天茂集团已声明向本财务顾问提供了为出具本财务顾问意见所必需的资料， 保证所提供的资料真实、准确、完整，不存在任何虚假记载、误导性陈述或重大 遗漏，并承诺对所提供资料的合法性、真实性和完整性承担全部责任。 本财务顾问意见是基于上述声明以及截至本财务顾问意见出具日可公开获取 的信息作出的，对日后该等情形出现的不可预见的变化，本财务顾问不承担任何责 任。 本财务顾问意见仅供本次天茂集团主动终止上市使用，不得用于任何其他目的。 本财务顾问意见不构成对天茂集团的任何投资建议，对投资者根据本意见所作出 的任何投资决策可能产生的风险，本财务顾问 ...

Core Viewpoint - Tianmao Group announced its decision to voluntarily withdraw its A-share listing on the Shenzhen Stock Exchange, citing significant uncertainties due to business restructuring, which may have a major impact on the company [2]. Group 1: Voluntary Delisting - The company plans to apply for transfer to the National Small and Medium Enterprises Share Transfer System after the termination of its stock listing [2]. - The decision to voluntarily delist is pending approval from the Shenzhen Stock Exchange [2]. Group 2: Reasons for Delisting - The inability to disclose the 2024 annual report within the two-month period following the delisting risk warning on July 7 is a key trigger for the voluntary delisting [2]. - The company faces major uncertainties that could significantly affect its operations [2]. Group 3: Shareholder Protection Mechanism - The plan includes a mechanism to protect dissenting shareholders, offering cash options at a price of 1.60 yuan per share, with an estimated total cost not exceeding 2.606 billion yuan [2].

2025.09. 05 （注：我们会对线索进行核实。您的隐私将严格保密。） 对于主动退市原因，*ST天茂表示，因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。 年报"难产"是天茂集团此次主动退市的导火索。按照规定，被实施退市风险警示之日（7月7日）起的两个月内仍无法披露2024年年报，天茂集团股票 将被终止上市。 根据方案中"异议股东及其他股东保护机制"内容，刘益谦方面为*ST天茂股东提供了现金选择权，行权价格为1.60元/股，预计耗资不超过26.06亿元。 微信编辑 | 夏木 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。 专用邮箱： bianjibu@yicai.com 本文字数：437，阅读时长大约1分钟 作者 | 第一财 经 魏中原 封图 | AI生成 9月4日晚，天茂集团发布公告称，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，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。本次主动终止上市尚需取得深交所终止股票上市的决定。 推荐阅读 "国家队"操作路线曝光 11 en review = ...