000627，主动退市通过

Core Viewpoint - *ST Tianmao has made significant progress in its voluntary delisting process, with shareholders overwhelmingly approving the proposal to terminate the company's stock listing at a recent extraordinary general meeting [1][2]. Group 1: Delisting Decision - On August 25, *ST Tianmao's extraordinary general meeting resulted in a 98.06% approval rate for the proposal to voluntarily terminate the company's stock listing [1]. - The company will submit the delisting application to the Shenzhen Stock Exchange within fifteen trading days following the shareholder resolution [1]. - The last trading day for *ST Tianmao was August 13, and over 110,000 shareholders will have the option to receive a cash payout of 1.60 yuan per share [1][2]. Group 2: Reasons for Delisting - The company cited business restructuring and significant uncertainties as reasons for the voluntary delisting, aiming to protect the interests of minority shareholders [2]. - The cash option provided to shareholders, excluding certain major stakeholders, is priced at 1.60 yuan per share, with an estimated total cost of 2.607 billion yuan for the company [2]. Group 3: Shareholder Voting Dynamics - The voting results from the August 25 meeting showed that 91.62% of minority shareholders (those holding less than 5% of shares) supported the delisting proposal, which was crucial for the decision [3][4]. - Historical context suggests that forced delisting often leads to significant declines in stock value, making the decision to voluntarily exit the market a prudent choice for minority shareholders [4]. Group 4: Regulatory Context - *ST Tianmao has been at risk of forced delisting due to its failure to disclose required financial reports, leading to trading suspensions and risk warnings [5][6]. - The company has issued multiple risk warnings regarding the potential termination of its stock listing if it fails to meet reporting obligations within specified timeframes [6].