Biocause Pharma(SZ:000627) Guo Ji Jin Rong Bao·2025-08-11 09:02Core Viewpoint - *ST Tianmao has announced its decision to voluntarily delist from the Shenzhen Stock Exchange due to significant uncertainties in its business structure, aiming to protect the interests of minority shareholders [1][3]. Company Overview - *ST Tianmao, established in November 1993 and listed in November 1996, primarily engages in various life insurance businesses [5]. - The company was previously known as Baike Pharmaceutical and underwent a significant ownership change in December 2002 when New Liyi Group acquired a controlling stake [5][6]. Financial Performance - The company experienced a dramatic increase in revenue after acquiring a 43.86% stake in Guohua Life Insurance in 2016, leading to revenues soaring from several hundred million to over 500 billion in 2019 [6]. - However, 2020 marked a turning point, with Guohua Life's net profit dropping to 1.11 billion, followed by continuous declines, resulting in a net loss of 1.155 billion in 2023, a year-on-year decrease of 338.6% [7]. - The company's net profit has declined for four consecutive years, with figures showing a drop of 67.32%, 18.88%, 41.78%, and 337.82% from 2020 to 2023 [7]. Delisting Process - The company has set up mechanisms to protect dissenting shareholders, offering a cash option at a price of 1.60 CNY per share, which is approximately 10.34% above the suspension price of 1.45 CNY [3]. - If the shareholders do not approve the delisting resolution, they will not be eligible for the cash option and cannot claim any compensation [3]. - The stock has been suspended since May 6, 2025, due to the company's failure to disclose its annual report and quarterly report within the legal timeframe [4]. Industry Context - As of 2025, a total of 24 companies have completed the delisting process, with various reasons including financial issues and voluntary applications [8][10]. - The primary reasons for delisting include financial performance failures and significant legal violations, indicating a challenging environment for companies in the market [10].