皮海洲：现金选择权行权价格低 *ST天茂主动退市方案不利于保护投资者

Core Viewpoint - *ST Tianmao has chosen to voluntarily delist due to the risk of forced delisting, as the company faces significant uncertainties and aims to protect the interests of minority shareholders [1][2]. Group 1: Delisting Decision - The company announced its decision to voluntarily withdraw its A-share listing on the Shenzhen Stock Exchange and will apply to transfer to the National Equities Exchange and Quotations (NEEQ) for management in the delisting segment [1]. - The decision was made after the company failed to disclose its 2024 annual report and 2025 Q1 report within the legal timeframe, leading to a two-month suspension of trading [2]. Group 2: Cash Option for Shareholders - The company has provided a cash option for shareholders to sell their shares at a price of 1.60 yuan per share to Jingmen Weituo Hongcheng Management Partnership [1]. - The cash option's registration date is set for September 2, 2025, allowing shareholders an exit opportunity [1]. Group 3: Investor Protection - Voluntary delisting allows the company to maintain some control over the re-listing process, as it can apply for re-listing at any time if it meets the necessary conditions, unlike companies that are forced to delist [3]. - The provision of a cash option is intended to protect investors from greater financial losses during the transition to the NEEQ market [3]. Group 4: Cash Option Pricing Concerns - The cash option price of 1.60 yuan per share is considered low and does not align with the company's net asset value of 4.41 yuan per share as per the last quarterly report [4][5]. - The stock price has been under pressure due to the company's inability to disclose financial reports and ongoing investigations, leading to a significant drop from 3.38 yuan to a low of 1.35 yuan [4].