Biocause Pharma(SZ:000627) Mei Ri Jing Ji Xin Wen·2025-08-26 08:31Core Viewpoint - *ST Tianmao, controlled by Liu Yiqian, plans to voluntarily delist after failing to disclose its annual report and facing delisting risk warnings, with the proposal approved by 98.0562% of shareholders at a meeting on August 25 [2][8][11]. 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 [2][5]. - Despite some dissent, the proposal for voluntary delisting was passed with 98.0562% approval, with 41.80 billion shares in favor [9][11]. - A total of 6,901 shareholders attended the meeting, representing 4.26 billion shares, while 6,892 participated via online voting, representing over 4.2 billion shares [6][9]. Group 2: Financial and Operational Context - *ST Tianmao's main business is insurance, with revenue from this sector accounting for 99.99% of its total income [4]. - The company reported total assets of approximately 285.15 billion yuan, a decrease of 5.56% from the previous year, while the equity attributable to shareholders increased by 5.87% to about 21.80 billion yuan [3]. Group 3: Cash Option and Shareholder Concerns - The cash option for shareholders is set at 1.60 yuan per share, which is a 10.34% premium over the last closing price of 1.45 yuan before the delisting announcement [7]. - Some minority shareholders expressed concerns about the fairness of the cash option price, which is only about 36% of the company's net asset value of 4.41 yuan per share [7].