Biocause Pharma(SZ:000627) Zheng Quan Shi Bao·2025-08-11 22:43Core Viewpoint - The company, Tianmao Group, is moving towards voluntary delisting from the Shenzhen Stock Exchange due to significant uncertainties arising from business restructuring and poor financial performance [1][11]. Group 1: Delisting Process - Tianmao Group announced plans to voluntarily withdraw its A-share listing, with a shareholder meeting scheduled for August 25, 2025, to vote on the delisting proposal [1][3]. - The proposal requires approval from more than two-thirds of the voting rights held by shareholders present at the meeting, excluding certain major shareholders and company executives [3][4]. - The company will provide cash options to shareholders who dissent from the delisting decision, with a cash option price set at 1.60 yuan per share, potentially totaling around 2.6 billion yuan if all eligible shareholders exercise their options [4]. Group 2: Financial Performance - Tianmao Group has faced declining financial performance, reporting a revenue of 49.699 billion yuan in 2023, a slight increase of 0.17% year-on-year, but a net loss of 0.652 billion yuan compared to a profit of 0.274 billion yuan in 2022 [8]. - The company anticipates continued losses in 2024, projecting revenues between 40 billion and 43 billion yuan, down from 49.699 billion yuan in 2023, with expected net losses between 0.5 billion and 0.75 billion yuan [8]. - The decline in performance is attributed to a low interest rate environment affecting the company's insurance subsidiary, which has led to increased reserve provisions [8]. Group 3: Reporting Issues - The company has been unable to release its 2024 financial report on time, which has contributed to its stock being flagged for delisting risk since July 8, 2023 [9][10]. - Despite ongoing operations, the company has faced challenges in completing its financial reporting, leading to multiple risk warnings regarding potential delisting [10].