Biocause Pharma(SZ:000627) Sou Hu Cai Jing·2025-08-12 07:24Core Viewpoint - Tianmao Group will withdraw its A-share listing on the Shenzhen Stock Exchange due to significant uncertainties and business restructuring, with plans to transfer to a delisted segment managed by the stock transfer system [1][2] Group 1: Delisting Reasons and Mechanism - The company cites major uncertainties impacting its operations as the reason for the voluntary delisting [2] - A dissenting shareholder protection mechanism will be established, allowing certain shareholders to exercise a cash option at a price of 1.6 CNY per share [2] - The controlling entity, Weituo Hongcheng, will need to allocate approximately 2.607 billion CNY if all eligible shareholders accept the cash option [2] Group 2: Company Background and Financial Performance - Tianmao Group was established in the 1990s and gained control by Liu Yiqian in 2002, subsequently acquiring a majority stake in Guohua Life Insurance [2] - Over 90% of Tianmao Group's revenue is derived from Guohua Life Insurance, which has faced declining investment returns [2] - As of the end of 2023, Guohua Life's trust plan investment balance was 48.584 billion CNY, while its premium income was only 40.378 billion CNY, indicating a reliance on trust plans for investment [2]