Biocause Pharma(SZ:000627) Mei Ri Jing Ji Xin Wen·2025-08-17 13:13Core Viewpoint - The company *ST Tianmao plans to voluntarily delist from the Shenzhen Stock Exchange due to significant uncertainties in its business restructuring, which may have a major impact on the company and its shareholders [1][2] Group 1: Company Actions and Financial Situation - The company announced a cash option for shareholders at a price of 1.6 yuan per share, with an estimated total cost not exceeding 26.07 billion yuan to acquire up to approximately 1.629 billion shares, representing about 33% of the total share capital [1] - The company has been under delisting risk warning since July 8 due to failure to disclose its 2024 annual report and the first quarter report for 2025 within the stipulated time [1][2] - The stock price has significantly declined from over 3 yuan to as low as 1.35 yuan, currently standing at 1.58 yuan as of August 13 [2] Group 2: Investor Decision-Making - Investors face three scenarios for decision-making: significant losses reported, normal operations of the main subsidiary despite losses, or severe losses necessitating drastic measures like delisting [3] - The lack of timely financial reports has severely limited investors' ability to make rational decisions [3][4] Group 3: Risks and Concerns - There is a concern that the company's financial difficulties may lead to a situation where the actual controller acquires shares at a low cost due to the forced selling of shares by investors facing delisting risks [4] - The total assets of Tianmao Group exceed 280 billion yuan, with financial investments amounting to 122.9 billion yuan, indicating that slight changes in discount rates could lead to significant value fluctuations [4] - The planned acquisition price implies a total valuation of only 7.8 billion yuan, raising questions about the fairness of the transaction [4]