Biocause Pharma(SZ:000627) Zheng Quan Ri Bao Zhi Sheng·2025-08-25 14:40Core Viewpoint - *ST Tianmao (000627) is taking steps towards voluntary delisting due to continuous performance decline and inability to meet disclosure obligations, with a significant majority of shareholders supporting this decision [1][2][4] Company Actions - On August 25, *ST Tianmao announced that its shareholders approved the proposal to voluntarily terminate the company's stock listing, with 98.06% of attending shareholders in favor, including 91.62% of minority investors [1] - The company plans to apply for delisting from the Shenzhen Stock Exchange and enter the cash option exercise phase [1] - A cash option will be provided to investors at a price of 1.6 CNY per share, which is a 10.34% premium over the last closing price before suspension [3] Financial Performance - The company reported a net loss of 652 million CNY for the year 2023, with a projected loss of 500 million to 750 million CNY for 2024 [5] - The core business, primarily insurance, accounted for 99.99% of the company's main revenue [5] Market Reaction - Following the announcement of the inability to disclose regular reports, the stock price dropped significantly, reaching a low of 1.39 CNY per share, a decline of approximately 50% from the price before the suspension [2] - Over 8,000 investors have sold their shares since the announcement of the delisting risk [2] Regulatory Context - The company is under investigation by the China Securities Regulatory Commission (CSRC) for failing to disclose regular reports within the legal timeframe, which constitutes a violation of securities law [6] - Other companies, such as Hengli Industrial Development Group and Fujian Zitian Media Technology, have faced similar issues, with Hengli already delisted and facing penalties for non-compliance [6][7]