Biocause Pharma(SZ:000627) Mei Ri Jing Ji Xin Wen·2025-08-10 12:50Core 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].