Biocause Pharma(SZ:000627) Mei Ri Jing Ji Xin Wen·2025-08-26 08:36Core 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 passing at a shareholder meeting with 98.0562% approval [1][9][11]. Group 1: Shareholder Meeting Details - The shareholder meeting lasted over two hours, with many minority shareholders traveling long distances to attend, raising concerns about the delayed annual report [1][4]. - Despite some dissent, the proposal for voluntary delisting was approved, with 6901 shareholders present, representing 4.263 billion shares, or 86.9313% of the total voting shares [6][11]. - The voting results showed 4.180 billion shares in favor, accounting for 98.0562% of the valid votes, while 8063 million shares opposed, representing 1.8913% [13]. Group 2: Financial and Operational Context - *ST Tianmao's total assets decreased by 5.56% from the previous year, amounting to approximately 285.15 billion yuan, while the equity attributable to shareholders increased by 5.87% to about 21.80 billion yuan [2]. - The company primarily engages in insurance business through subsidiaries, with insurance-related revenue constituting 99.99% of its main business income [4]. Group 3: Cash Option and Shareholder Concerns - The cash option for shareholders is set at 1.60 yuan per share, which represents a premium of approximately 10.34% over the last trading day's closing price of 1.45 yuan [8]. - Some minority shareholders expressed concerns regarding the cash option price, noting it is only about 36% of the company's net asset value of 4.41 yuan per share, indicating a significant discount [8].