Biocause Pharma(SZ:000627) Zheng Quan Shi Bao·2025-08-08 23:48Core 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]