Di Yi Cai Jing·2025-08-11 14:03Core Viewpoint - *ST Tianmao has announced its intention to voluntarily delist from the Shenzhen Stock Exchange due to ongoing financial difficulties and the inability to disclose its annual and quarterly reports on time [1][2][5] Group 1: Delisting Decision - The company plans to withdraw its A-share listing through a shareholder resolution, which requires approval from more than two-thirds of the attending shareholders [2][3] - As of August 8, the controlling shareholder and related parties hold 66.78% of the shares, just meeting the two-thirds threshold needed for the resolution [2][3] Group 2: Financial Performance - The company has reported continuous net losses in recent years, with an asset-liability ratio exceeding 85% [1][5] - For the fiscal year 2024, the company anticipates a net loss of between 500 million to 750 million yuan [1][6] - Historical revenue figures show that from 2021 to 2023, the company generated approximately 49.58 billion yuan, 49.62 billion yuan, and 49.70 billion yuan in revenue, while net profits were 471 million yuan, 274 million yuan, and a loss of 652 million yuan respectively [5][6] Group 3: Reporting Issues - The company has faced challenges in disclosing its 2024 annual report and 2025 first-quarter report, leading to a risk warning for delisting [1][5] - The stock was suspended on May 6 due to the failure to disclose reports on time, and the China Securities Regulatory Commission has initiated an investigation [5]