Biocause Pharma(SZ:000627) 3 6 Ke·2025-08-12 02:23Core Viewpoint - *ST Tianmao (000627.SZ), controlled by Liu Yiqian, has announced its intention to voluntarily delist from the stock market due to its inability to disclose financial reports for 2024 and Q1 2025, which could lead to mandatory delisting by regulatory authorities [1][2][4]. Group 1: Company Actions and Financial Situation - The board of *ST Tianmao has approved a proposal to terminate the company's stock listing and transfer to the National Equities Exchange and Quotations (NEEQ) after delisting [1]. - Liu Yiqian and his wife control over 66% of the company's shares, with an estimated cost of 2.6 billion yuan based on an exercise price of 1.6 yuan per share [2]. - The company has set up mechanisms to protect dissenting shareholders, offering cash options to all A-share shareholders except for the actual controller Liu Yiqian [1]. Group 2: Investor Concerns and Market Reactions - Investors have expressed concerns that the company intentionally suppressed stock prices to trigger delisting rules, leading to significant losses for shareholders [3]. - As of now, *ST Tianmao has approximately 111,900 shareholders, and the stock price has been drastically reduced, with a valuation of 0.27 yuan per share by a fund company, down over 90% from the pre-suspension price of 2.74 yuan [3]. - The stock price reached a limit-up of 1.52 yuan on August 11, attributed to the exercise price being higher than the suspended price [3]. Group 3: Financial Reporting Issues - The company has been under investigation by the China Securities Regulatory Commission (CSRC) for failing to disclose periodic reports on time [4]. - The inability to obtain auditor approval for financial reports is typically linked to discrepancies in financial data or insufficient evidence [5]. - Despite generating stable revenue figures over the years, the company relies heavily on its subsidiary, Guohua Life Insurance, which has reported a decline in premium income [5][6]. Group 4: Investment Strategies and Risks - Guohua Life Insurance has been criticized for its high policy surrender rates, with significant amounts returned to policyholders over the past three years [6]. - The company has engaged in unconventional investment strategies, primarily through trust plans, raising questions about its operational model as an insurance company [8]. - Guohua Life's investments in real estate and trust loans have raised concerns about compliance with regulatory standards for insurance fund investments [11][15]. Group 5: Leadership and Future Outlook - Liu Yiqian has begun liquidating personal assets, including art collections, to raise funds amid the company's financial struggles [23]. - The loss of control over Changjiang Securities marks a significant shift for Liu Yiqian, reducing his influence in the financial sector [24][25]. - The potential delisting of *ST Tianmao raises questions about the company's future and its ability to meet the requirements for trading on the NEEQ [26].