Biocause Pharma(SZ:000627) Mei Ri Jing Ji Xin Wen·2025-08-26 08:18Core Viewpoint - *ST Tianmao, controlled by Liu Yiqian, plans to voluntarily delist after failing to disclose its annual report and facing delisting risk warnings, with a shareholder meeting held on August 25 to vote on the proposal [1][3]. Group 1: Shareholder Meeting and Voting - The shareholder meeting lasted over two hours, with many minority shareholders traveling long distances to attend, including some from Inner Mongolia [1][6]. - Despite some dissent from minority shareholders regarding the annual report issues, the voluntary delisting proposal was approved with a high vote of 98.0562% [3][10]. - A total of 6,901 shareholders attended the meeting, representing 4.26 billion shares, with 85.64% voting online [8][10]. Group 2: Financial and Operational Context - *ST Tianmao's main business is insurance, with revenue from insurance operations accounting for 99.99% of its main business income [5]. - The company reported a net asset value of 21.8 billion yuan as of the latest quarterly report, with total assets of 285.15 billion yuan, reflecting a decrease of 5.56% from the previous year [4][5]. - The cash option for shareholders is set at 1.60 yuan per share, which is a 10.34% premium over the last trading day's closing price of 1.45 yuan [9][11]. Group 3: Shareholder Concerns and Reactions - Minority shareholders raised concerns about the lack of substantial responses to their questions regarding the delayed annual report and the company's operational status [2][6]. - Some shareholders expressed dissatisfaction with the cash option price, arguing it represents a significant discount compared to the company's net asset value [9][11]. - Following the announcement of the voluntary delisting, some shareholders indicated plans to exercise their rights on part of their holdings, while others chose to sell their shares [11].