Biocause Pharma(SZ:000627) Bei Jing Shang Bao·2025-08-10 16:34Core 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].