Biocause Pharma(SZ:000627) Zheng Quan Zhi Xing·2025-08-25 19:07Core Viewpoint - The company, Tianmao Industrial Group Co., Ltd., is at risk of being delisted due to its failure to disclose the 2024 annual report and the 2025 first-quarter report within the statutory deadline, leading to a series of risk warning announcements [1][3]. Group 1: Reasons for Potential Delisting - The company has been unable to disclose the 2024 annual report and the 2025 first-quarter report, resulting in a trading suspension since May 6, 2025. The stock resumed trading on July 8, 2025, but was subject to delisting risk warnings [3][5]. - If the company does not disclose a majority of the board's assurance of the accuracy and completeness of the 2024 annual report within two months from the delisting risk warning, the Shenzhen Stock Exchange will decide to terminate the company's stock listing [3][5]. Group 2: History of Risk Warning Announcements - The company has issued multiple risk warning announcements regarding the potential delisting, with the first announcement made on July 15, 2025, and subsequent announcements on July 22, July 29, August 5, August 12, and August 19, 2025 [4][5]. - This announcement is the seventh risk warning regarding the potential delisting, indicating ongoing compliance issues [4]. Group 3: Shareholder Meeting and Delisting Application - The company has held a temporary shareholder meeting where a resolution was passed to voluntarily withdraw its A-share listing on the Shenzhen Stock Exchange. Following this, the company will submit a delisting application within fifteen trading days after the shareholder resolution [2][5]. - The Shenzhen Stock Exchange will make a decision on whether to accept the delisting application within five trading days of receipt and will notify the company accordingly [2].