Biocause Pharma(SZ:000627) Shang Hai Zheng Quan Bao·2025-08-11 05:22Core Viewpoint - *ST Tianmao has announced its intention to voluntarily delist from the Shenzhen Stock Exchange, becoming the first insurance company to initiate a voluntary delisting process in 2025, primarily to protect the rights of its 111,900 minority shareholders [1][2][9]. Group 1: Delisting Process - The company plans to withdraw its A-share listing due to significant uncertainties affecting its business structure, and will apply to transfer to the National Equities Exchange and Quotations (NEEQ) after delisting [2][8]. - The voluntary delisting proposal requires approval from two-thirds of the voting rights, including two-thirds from minority shareholders holding less than 5% [2][3]. Group 2: Shareholder Protection Mechanism - A cash exit option will be provided to all A-share shareholders, excluding certain major shareholders, regardless of their vote on the delisting proposal [4][6]. - The cash option will be priced at 1.60 yuan per share, representing a 10% premium over the last trading price of 1.45 yuan per share, with a total potential payout not exceeding 2.606 billion yuan for up to 1.629 billion shares [6][9]. Group 3: Risks and Consequences - If the delisting proposal is not approved, the company may still face mandatory delisting due to its failure to disclose annual reports on time, which could lead to significant losses for minority shareholders [8][9]. - The company is currently under investigation by the China Securities Regulatory Commission for failing to disclose periodic reports, indicating that delisting does not exempt the company or its major shareholders from potential legal liabilities [9].